This two-day program teaches behavioral finance principles through lectures from renowned experts. Participants will learn how behavioral factors influence investment decisions and how to develop strategies that incorporate behavioral insights. Topics include financial bubbles, earnings manipulation, implementing behavioral approaches, and avoiding decisions with large downside risks. The program enables attendees to better understand investor behavior and market responses.
The document discusses the differences between finance and accounting careers. Finance focuses on decision making using financial statements, economics, statistics, and management. Common finance careers include commercial and investment banking, real estate, corporate finance, insurance, and consulting. The document then provides examples of main activities in various finance careers such as valuation, risk management, research, and portfolio management.
Performance and character of swedish funds dahlquistbfmresearch
This document analyzes the performance and characteristics of Swedish mutual funds from 1993 to 1997. It finds that small equity funds and funds with lower fees tended to perform better, while large equity funds may have been too large to trade aggressively. Actively managed equity funds outperformed passively managed funds. Money market funds showed some persistence in performance, but other fund categories did not. The study uses various statistical methods to establish robust relationships between estimated fund performance and attributes like size, fees, trading activity, and past returns.
The document discusses portfolio management and outlines the key phases in the portfolio management process. It defines portfolio management as the process of creating and maintaining investment portfolios. The five phases of portfolio management are: 1) security analysis, 2) portfolio analysis, 3) portfolio selection, 4) portfolio revision, and 5) portfolio evaluation. The goal is to optimize investments and make the investment activity more rewarding and less risky.
The INFLUENCE OF FINANCIAL MARKETS ON INVESTMENT IN VENTURE CAPITALBABACAR SECK
This paper examines the influence of financial markets on the investment in venture capital. It highlights the evolution of the number of exit of U.S. venture capital companies in financial markets as well as the European one. Moreover it sheds the light the simultaneous evolutions of fund raising of venture capital and stock indexes in the U.S and Europe. The study focuses on a range of data on US and European venture capital firms covering the period of 1984 to the first quarter of 2012. It relies on the VentureXpert private equity and venture capital performance database, maintained by Thomson Financial data for American Venture Capital markets, and Chausson finance indicator for French venture capital market. It also considers developments in the venture capital markets in Europe and the United States. Indeed our analysis shows that favourable anticipations of Initial public offerings, synonyms for significant capital gains for venture capitalists, are key incentives for the venture capital market. However, when considering the recent investment behavior of European venture capitalists, the relationship between financial markets and venture capital activity is much less clear: the invested amounts seem to be significantly and permanently disconnected from the
The document analyzes the investment strategies of sovereign wealth funds (SWFs). It finds that SWFs with greater political leader involvement in management are more likely to invest domestically and in high P/E markets and industries, especially domestically. However, these investments see subsequent declines in P/E, suggesting poor timing. SWFs relying more on external managers invest in lower P/E markets and see P/E increases after investing. Politically connected SWFs also take larger stakes in investments. The findings suggest political pressures lead SWFs to support local firms rather than maximize returns.
Imperial College 2016 Brochure Finance-Short-ProgrammesMarkus Krebsz
This document provides information on short programmes in finance and risk offered by Imperial College Business School. It describes 3 programmes: 1) Finance for Non-Finance Managers which teaches key finance and accounting fundamentals; 2) The Integration of Finance and Strategy for Value Creation which focuses on financial strategy and creating value; and 3) A Complete Course in Risk Management which provides a foundation in risk measurement, markets, instruments and best practices. The programmes utilize Imperial's Impact Lab approach involving experiential learning through simulations, guest speakers and interactive scenarios. They are taught by internationally renowned faculty and provide professional and organizational benefits.
Impact Of Venture Capital and Research Institute on Entrepreneurialecosystemâ...inventionjournals
This document examines the impact of venture capital and research institutions on entrepreneurial ecosystems by analyzing foreign companies listed on NASDAQ and NYSE. It finds:
1) Venture capital availability is a significant determinant of listings on NASDAQ, suggesting it supports startups, while financial sophistication alone is not sufficient.
2) Innovation variables like the quality of research institutions, university-industry collaboration, and government procurement of technology are significantly associated with NASDAQ listings.
3) Neither financial nor innovation variables show a significant association with NYSE listings, indicating NASDAQ better represents entrepreneurial capitalism requiring venture capital and research support.
This two-day program teaches behavioral finance principles through lectures from renowned experts. Participants will learn how behavioral factors influence investment decisions and how to develop strategies that incorporate behavioral insights. Topics include financial bubbles, earnings manipulation, implementing behavioral approaches, and avoiding decisions with large downside risks. The program enables attendees to better understand investor behavior and market responses.
The document discusses the differences between finance and accounting careers. Finance focuses on decision making using financial statements, economics, statistics, and management. Common finance careers include commercial and investment banking, real estate, corporate finance, insurance, and consulting. The document then provides examples of main activities in various finance careers such as valuation, risk management, research, and portfolio management.
Performance and character of swedish funds dahlquistbfmresearch
This document analyzes the performance and characteristics of Swedish mutual funds from 1993 to 1997. It finds that small equity funds and funds with lower fees tended to perform better, while large equity funds may have been too large to trade aggressively. Actively managed equity funds outperformed passively managed funds. Money market funds showed some persistence in performance, but other fund categories did not. The study uses various statistical methods to establish robust relationships between estimated fund performance and attributes like size, fees, trading activity, and past returns.
The document discusses portfolio management and outlines the key phases in the portfolio management process. It defines portfolio management as the process of creating and maintaining investment portfolios. The five phases of portfolio management are: 1) security analysis, 2) portfolio analysis, 3) portfolio selection, 4) portfolio revision, and 5) portfolio evaluation. The goal is to optimize investments and make the investment activity more rewarding and less risky.
The INFLUENCE OF FINANCIAL MARKETS ON INVESTMENT IN VENTURE CAPITALBABACAR SECK
This paper examines the influence of financial markets on the investment in venture capital. It highlights the evolution of the number of exit of U.S. venture capital companies in financial markets as well as the European one. Moreover it sheds the light the simultaneous evolutions of fund raising of venture capital and stock indexes in the U.S and Europe. The study focuses on a range of data on US and European venture capital firms covering the period of 1984 to the first quarter of 2012. It relies on the VentureXpert private equity and venture capital performance database, maintained by Thomson Financial data for American Venture Capital markets, and Chausson finance indicator for French venture capital market. It also considers developments in the venture capital markets in Europe and the United States. Indeed our analysis shows that favourable anticipations of Initial public offerings, synonyms for significant capital gains for venture capitalists, are key incentives for the venture capital market. However, when considering the recent investment behavior of European venture capitalists, the relationship between financial markets and venture capital activity is much less clear: the invested amounts seem to be significantly and permanently disconnected from the
The document analyzes the investment strategies of sovereign wealth funds (SWFs). It finds that SWFs with greater political leader involvement in management are more likely to invest domestically and in high P/E markets and industries, especially domestically. However, these investments see subsequent declines in P/E, suggesting poor timing. SWFs relying more on external managers invest in lower P/E markets and see P/E increases after investing. Politically connected SWFs also take larger stakes in investments. The findings suggest political pressures lead SWFs to support local firms rather than maximize returns.
Imperial College 2016 Brochure Finance-Short-ProgrammesMarkus Krebsz
This document provides information on short programmes in finance and risk offered by Imperial College Business School. It describes 3 programmes: 1) Finance for Non-Finance Managers which teaches key finance and accounting fundamentals; 2) The Integration of Finance and Strategy for Value Creation which focuses on financial strategy and creating value; and 3) A Complete Course in Risk Management which provides a foundation in risk measurement, markets, instruments and best practices. The programmes utilize Imperial's Impact Lab approach involving experiential learning through simulations, guest speakers and interactive scenarios. They are taught by internationally renowned faculty and provide professional and organizational benefits.
Impact Of Venture Capital and Research Institute on Entrepreneurialecosystemâ...inventionjournals
This document examines the impact of venture capital and research institutions on entrepreneurial ecosystems by analyzing foreign companies listed on NASDAQ and NYSE. It finds:
1) Venture capital availability is a significant determinant of listings on NASDAQ, suggesting it supports startups, while financial sophistication alone is not sufficient.
2) Innovation variables like the quality of research institutions, university-industry collaboration, and government procurement of technology are significantly associated with NASDAQ listings.
3) Neither financial nor innovation variables show a significant association with NYSE listings, indicating NASDAQ better represents entrepreneurial capitalism requiring venture capital and research support.
Determinants of Cash holding in German MarketIOSR Journals
Cash is usually known as the blood of any business entity that is why it is very important policy matter in the modern corporate financial decision and policy matters. An appropriate level of cash is required within the firm for the good and smooth operations of any sort of business entity. This research report investigates the determinants of cash holding in non-financial firms of Germany across different firm sizes and industries. Furthermore the data set for the period of 2000 to 2010 for the firm size, log of total assets, EBIT, Capital expenditure percentage of sales, working capital, liquidity (current ratio), and leverage has been taken to study the impact of these on level of corporate cash holdings. It is shown that cash holdings must be analysed from a dynamic point of view: A strong empirical support was found for the hypothesis of implicit cash targets. Financial determinants influence the corporate cash holdings, but it’s not clear which model, the transaction cost model or the managerial opportunism, thesis supports best the empirical findings. The findings of this study are consistent with the predictions of the trade-off theory, pecking order theory, and agency cost theory. The result gave strong evidence that firm size, working capital, and leverage significantly affect the cash holdings decisions of non-financial firms and that are in conformity with the existing literature on the determinants of corporate cash holdings
The Relationship between Financial Structure and GDP.Stefano Valeri
This document analyzes the relationship between different financial structures and GDP levels across countries. It identifies three main types of financial systems: bank-based, market-based, and government-based. These systems are characterized by five factors: solvency, profitability, market efficiency, foreign presence, and core revenue/cost structure. The document uses factor analysis to develop indexes for these factors. It then performs cluster analysis to group countries into the three financial system types. Finally, it uses regression analysis to test if each system type is related to GDP levels, finding that only market-oriented systems are strongly related to economic development as measured by GDP.
Organizational behavior is the study of individual and group behavior within an organization. It examines how individuals and groups interact and how their interactions affect organizational performance. Organizational behavior aims to apply knowledge about human behavior to improve an organization's effectiveness. It considers the impact of individuals, groups, and organizational structure on behavior within organizations.
Investment management refers to handling financial assets by buying and selling them to achieve investment objectives over short or long term time horizons. It involves devising investment strategies, managing investment portfolios, and providing additional services like banking, budgeting, and taxes. The main goals of investment are safety of principal, income generation, growth, and maintaining liquidity. Common types of investments include stocks, bonds, and cash equivalents. The investment process involves assessing one's financial situation, setting objectives, allocating assets, selecting strategies, and ongoing monitoring.
This document provides a summary of the paper "It Ain't Broke: The Past, Present, and Future of Venture Capital" by Steven N. Kaplan and Josh Lerner. The paper presents a history of the US venture capital industry, discusses its current state, and makes predictions about its future. It finds that the US VC model has been very successful in funding many high-growth companies and IPOs. Historically, VC investments have remained a consistent small percentage of the total stock market value. The paper also finds that returns on VC funds this decade have not been unusually low compared to stock market returns overall, despite a decline in IPOs. It predicts that future returns on recent VC funds may be
Investment - Meaning, Characteristics, Objectives, Investment V/s Speculation, Investment V/s Gambling and Types of Investors Portfolio Management – Meaning, Evolution, Phases, Role of Portfolio Managers, Advantages of Portfolio Management. Investment Environment in India and factors conducive for investment in India
This document summarizes a seminar on portfolio analysis presented to a professor. It discusses key concepts related to portfolio analysis including diversification, asset allocation, risk analysis, systematic and unsystematic risk, and risk management. It provides definitions and explanations of these terms. The document also outlines the contents, introduction, advantages and disadvantages of portfolio analysis.
This document discusses reasons why companies invest abroad. It identifies four main reasons for foreign direct investment: seeking resources, markets, efficiency, or strategic assets. It also outlines some risks of investing abroad like economic, exchange rate, and political risks. Companies evaluate factors such as taxes, labor costs, regulations, and access to markets when deciding where to invest internationally.
This document discusses investment management. It defines investment as committing funds with an expectation of positive return. The two main forms of investment are real investments in assets like land and machinery, and financial investments in contracts. Investment management aims to meet clients' investment goals through activities like asset allocation, portfolio strategy, and monitoring holdings. It also coordinates investments with other financial planning. Risk and return are important considerations in investment decisions, as there is generally a tradeoff between higher risk and higher potential returns.
Hedge funds are private investment vehicles that invest in publicly traded securities to hedge risk for investors. They are structured as limited partnerships with high net worth individuals and institutions as investors. Hedge funds aim to produce absolute returns regardless of market performance through various strategies like arbitrage, emerging markets, short selling, and macroeconomic analysis. Successful hedge funds have generated high returns compared to mutual funds, leading to rapid growth in assets under management since the 1990s.
This document discusses a study on the determinants of capital structure for Pakistani textile companies. Specifically, it analyzes 30 spinning sector companies listed on the Karachi Stock Exchange from 2004-2009. Size, growth, financing costs, profitability, and tangibility are examined as independent variables influencing leverage, the dependent variable. The results found that smaller Pakistani spinning companies prefer internal financing over external financing due to their size and capitalization.
2017.03.13 Financialisation as a Strategic Action Field: An Historically Info...NUI Galway
Seminar presentation by Sven Modell and ChunLei Yang of the Alliance Manchester Business School, UK, on Financialisation as a Strategic Action Field informed by corporate governance reforms in Chinese State-Owned Enterprises. This seminar was delivered to the Performance Management research cluster of the Whitaker Institute, NUI Galway on 13th march 2017.
The document discusses how applying principles of Austrian economics can help investors make better decisions. It outlines several key Austrian concepts that are relevant to investing, including:
1) Understanding subjective value, preferences, and marginal utility to gauge how consumer demand drives stock prices.
2) Recognizing the uncertainty of markets and that quantitative history cannot predict the future. Investors must understand human action and entrepreneurship.
3) Anticipating the typical boom, crisis, bust economic cycle and how interest rates and malinvestment influence this.
4) Factoring in how government policies and coercion, like inflation, subsidies or regulations, impact specific industries and companies.
5) Realizing prices do not always reflect
Determinates of capital structure in the retailing sectorAisha Dalmouk
This document summarizes a study examining the determinants of capital structure in UK firms. Section 1 introduces the topic and outlines the subsequent sections. Section 2 discusses theoretical perspectives on capital structure. Section 3 describes the database and variables. Section 4 details the results of regressing various measures of gearing on determinants like size, profitability and tangibility. Section 5 further decomposes the debt components and Section 6 concludes.
The document outlines the process of portfolio management in 4 parts:
Part 1 discusses background principles like risk tolerance and investment policy.
Part 2 covers portfolio construction including diversification and asset allocation.
Part 3 is about portfolio maintenance through active or passive management and performance evaluation.
Part 4 addresses portfolio protection strategies and contemporary issues such as derivatives.
The document outlines the process of portfolio management in 4 parts:
Part 1 discusses background principles like risk tolerance and investment policy.
Part 2 covers portfolio construction including diversification and asset allocation.
Part 3 is about portfolio maintenance through active or passive management and performance evaluation.
Part 4 addresses portfolio protection strategies and contemporary issues such as derivatives.
A Study on Performance Analysis of Nestle India Limited with Specific Referen...paperpublications3
Abstract: “Finance is the blood of the organization” Finance is used by individuals (personal finance), by government (public finance), by business (corporate finance), as well as by a wide variety of organization including school and non-profit organizations. Finance is one of the most important aspects of business management. Financial management is two way process in which finances manager obtain funds and money at low cost and risk and use it in higher earning project at minimum risk.
Financial performance analysis is the process of identifying the financial strengths and weaknesses of the firm by properly establishing the relationship between the items of balance sheet and profit and loss account. It also helps in short-term and long term forecasting and growth.
This study has aimed in identifying the financial performance of Nestle India Limited through DuPont analysis using the three factors, viz., profit margin, asset turnover and financial leverage.
This study very clearly implies through DuPont analysis, the Nestle India Limited profit is fluctuating and was stagnant consecutively for three years.
This document discusses different types of informal risk capital and venture capital for financing businesses at various stages of development. It outlines three main types of funding sources: early stage financing, development financing, and acquisition financing. The informal risk capital market, venture capital market, and public equity market are described as potential sources of funds, though public equity is generally only available for high-potential ventures. The stages of business development funding from seed/angel investors to venture capital to private equity are then explained in more detail.
Investment involves putting money into assets with the goal of generating income or appreciation over time. Characteristics of investments include potential return, risk, safety, and liquidity. Objectives of investing are maximizing returns, minimizing risk, and hedging against inflation. Investment banks help corporations raise capital by facilitating securities trading and providing advisory services for mergers, acquisitions, and divestitures. They are organized into front offices that work with customers, middle offices that manage risk and compliance, and back offices that handle operations.
O poema descreve as aventuras de um homem que foi condenado à morte, mas acabou por ser enviado como explorador solitário para a costa da Guiné. Após meses difíceis, onde quase morreu, acabou por se adaptar e fazer amizade com as gentes locais. Regressou a Portugal e partiu novamente como feitor, onde contribuiu para aumentar a cristandade naquela região.
Este documento resume las causas y desarrollo de la Segunda Guerra Mundial. Entre las causas se encuentran el resentimiento alemán por el Tratado de Versalles, el ascenso del nazismo en Alemania y el fascismo en Italia, y la expansión territorial de estos regímenes. La guerra comenzó con la invasión alemana de Polonia en 1939 y eventualmente involucró a la mayoría de las potencias mundiales hasta 1945, dejando aproximadamente 50 millones de muertos y una destrucción generalizada.
Determinants of Cash holding in German MarketIOSR Journals
Cash is usually known as the blood of any business entity that is why it is very important policy matter in the modern corporate financial decision and policy matters. An appropriate level of cash is required within the firm for the good and smooth operations of any sort of business entity. This research report investigates the determinants of cash holding in non-financial firms of Germany across different firm sizes and industries. Furthermore the data set for the period of 2000 to 2010 for the firm size, log of total assets, EBIT, Capital expenditure percentage of sales, working capital, liquidity (current ratio), and leverage has been taken to study the impact of these on level of corporate cash holdings. It is shown that cash holdings must be analysed from a dynamic point of view: A strong empirical support was found for the hypothesis of implicit cash targets. Financial determinants influence the corporate cash holdings, but it’s not clear which model, the transaction cost model or the managerial opportunism, thesis supports best the empirical findings. The findings of this study are consistent with the predictions of the trade-off theory, pecking order theory, and agency cost theory. The result gave strong evidence that firm size, working capital, and leverage significantly affect the cash holdings decisions of non-financial firms and that are in conformity with the existing literature on the determinants of corporate cash holdings
The Relationship between Financial Structure and GDP.Stefano Valeri
This document analyzes the relationship between different financial structures and GDP levels across countries. It identifies three main types of financial systems: bank-based, market-based, and government-based. These systems are characterized by five factors: solvency, profitability, market efficiency, foreign presence, and core revenue/cost structure. The document uses factor analysis to develop indexes for these factors. It then performs cluster analysis to group countries into the three financial system types. Finally, it uses regression analysis to test if each system type is related to GDP levels, finding that only market-oriented systems are strongly related to economic development as measured by GDP.
Organizational behavior is the study of individual and group behavior within an organization. It examines how individuals and groups interact and how their interactions affect organizational performance. Organizational behavior aims to apply knowledge about human behavior to improve an organization's effectiveness. It considers the impact of individuals, groups, and organizational structure on behavior within organizations.
Investment management refers to handling financial assets by buying and selling them to achieve investment objectives over short or long term time horizons. It involves devising investment strategies, managing investment portfolios, and providing additional services like banking, budgeting, and taxes. The main goals of investment are safety of principal, income generation, growth, and maintaining liquidity. Common types of investments include stocks, bonds, and cash equivalents. The investment process involves assessing one's financial situation, setting objectives, allocating assets, selecting strategies, and ongoing monitoring.
This document provides a summary of the paper "It Ain't Broke: The Past, Present, and Future of Venture Capital" by Steven N. Kaplan and Josh Lerner. The paper presents a history of the US venture capital industry, discusses its current state, and makes predictions about its future. It finds that the US VC model has been very successful in funding many high-growth companies and IPOs. Historically, VC investments have remained a consistent small percentage of the total stock market value. The paper also finds that returns on VC funds this decade have not been unusually low compared to stock market returns overall, despite a decline in IPOs. It predicts that future returns on recent VC funds may be
Investment - Meaning, Characteristics, Objectives, Investment V/s Speculation, Investment V/s Gambling and Types of Investors Portfolio Management – Meaning, Evolution, Phases, Role of Portfolio Managers, Advantages of Portfolio Management. Investment Environment in India and factors conducive for investment in India
This document summarizes a seminar on portfolio analysis presented to a professor. It discusses key concepts related to portfolio analysis including diversification, asset allocation, risk analysis, systematic and unsystematic risk, and risk management. It provides definitions and explanations of these terms. The document also outlines the contents, introduction, advantages and disadvantages of portfolio analysis.
This document discusses reasons why companies invest abroad. It identifies four main reasons for foreign direct investment: seeking resources, markets, efficiency, or strategic assets. It also outlines some risks of investing abroad like economic, exchange rate, and political risks. Companies evaluate factors such as taxes, labor costs, regulations, and access to markets when deciding where to invest internationally.
This document discusses investment management. It defines investment as committing funds with an expectation of positive return. The two main forms of investment are real investments in assets like land and machinery, and financial investments in contracts. Investment management aims to meet clients' investment goals through activities like asset allocation, portfolio strategy, and monitoring holdings. It also coordinates investments with other financial planning. Risk and return are important considerations in investment decisions, as there is generally a tradeoff between higher risk and higher potential returns.
Hedge funds are private investment vehicles that invest in publicly traded securities to hedge risk for investors. They are structured as limited partnerships with high net worth individuals and institutions as investors. Hedge funds aim to produce absolute returns regardless of market performance through various strategies like arbitrage, emerging markets, short selling, and macroeconomic analysis. Successful hedge funds have generated high returns compared to mutual funds, leading to rapid growth in assets under management since the 1990s.
This document discusses a study on the determinants of capital structure for Pakistani textile companies. Specifically, it analyzes 30 spinning sector companies listed on the Karachi Stock Exchange from 2004-2009. Size, growth, financing costs, profitability, and tangibility are examined as independent variables influencing leverage, the dependent variable. The results found that smaller Pakistani spinning companies prefer internal financing over external financing due to their size and capitalization.
2017.03.13 Financialisation as a Strategic Action Field: An Historically Info...NUI Galway
Seminar presentation by Sven Modell and ChunLei Yang of the Alliance Manchester Business School, UK, on Financialisation as a Strategic Action Field informed by corporate governance reforms in Chinese State-Owned Enterprises. This seminar was delivered to the Performance Management research cluster of the Whitaker Institute, NUI Galway on 13th march 2017.
The document discusses how applying principles of Austrian economics can help investors make better decisions. It outlines several key Austrian concepts that are relevant to investing, including:
1) Understanding subjective value, preferences, and marginal utility to gauge how consumer demand drives stock prices.
2) Recognizing the uncertainty of markets and that quantitative history cannot predict the future. Investors must understand human action and entrepreneurship.
3) Anticipating the typical boom, crisis, bust economic cycle and how interest rates and malinvestment influence this.
4) Factoring in how government policies and coercion, like inflation, subsidies or regulations, impact specific industries and companies.
5) Realizing prices do not always reflect
Determinates of capital structure in the retailing sectorAisha Dalmouk
This document summarizes a study examining the determinants of capital structure in UK firms. Section 1 introduces the topic and outlines the subsequent sections. Section 2 discusses theoretical perspectives on capital structure. Section 3 describes the database and variables. Section 4 details the results of regressing various measures of gearing on determinants like size, profitability and tangibility. Section 5 further decomposes the debt components and Section 6 concludes.
The document outlines the process of portfolio management in 4 parts:
Part 1 discusses background principles like risk tolerance and investment policy.
Part 2 covers portfolio construction including diversification and asset allocation.
Part 3 is about portfolio maintenance through active or passive management and performance evaluation.
Part 4 addresses portfolio protection strategies and contemporary issues such as derivatives.
The document outlines the process of portfolio management in 4 parts:
Part 1 discusses background principles like risk tolerance and investment policy.
Part 2 covers portfolio construction including diversification and asset allocation.
Part 3 is about portfolio maintenance through active or passive management and performance evaluation.
Part 4 addresses portfolio protection strategies and contemporary issues such as derivatives.
A Study on Performance Analysis of Nestle India Limited with Specific Referen...paperpublications3
Abstract: “Finance is the blood of the organization” Finance is used by individuals (personal finance), by government (public finance), by business (corporate finance), as well as by a wide variety of organization including school and non-profit organizations. Finance is one of the most important aspects of business management. Financial management is two way process in which finances manager obtain funds and money at low cost and risk and use it in higher earning project at minimum risk.
Financial performance analysis is the process of identifying the financial strengths and weaknesses of the firm by properly establishing the relationship between the items of balance sheet and profit and loss account. It also helps in short-term and long term forecasting and growth.
This study has aimed in identifying the financial performance of Nestle India Limited through DuPont analysis using the three factors, viz., profit margin, asset turnover and financial leverage.
This study very clearly implies through DuPont analysis, the Nestle India Limited profit is fluctuating and was stagnant consecutively for three years.
This document discusses different types of informal risk capital and venture capital for financing businesses at various stages of development. It outlines three main types of funding sources: early stage financing, development financing, and acquisition financing. The informal risk capital market, venture capital market, and public equity market are described as potential sources of funds, though public equity is generally only available for high-potential ventures. The stages of business development funding from seed/angel investors to venture capital to private equity are then explained in more detail.
Investment involves putting money into assets with the goal of generating income or appreciation over time. Characteristics of investments include potential return, risk, safety, and liquidity. Objectives of investing are maximizing returns, minimizing risk, and hedging against inflation. Investment banks help corporations raise capital by facilitating securities trading and providing advisory services for mergers, acquisitions, and divestitures. They are organized into front offices that work with customers, middle offices that manage risk and compliance, and back offices that handle operations.
O poema descreve as aventuras de um homem que foi condenado à morte, mas acabou por ser enviado como explorador solitário para a costa da Guiné. Após meses difíceis, onde quase morreu, acabou por se adaptar e fazer amizade com as gentes locais. Regressou a Portugal e partiu novamente como feitor, onde contribuiu para aumentar a cristandade naquela região.
Este documento resume las causas y desarrollo de la Segunda Guerra Mundial. Entre las causas se encuentran el resentimiento alemán por el Tratado de Versalles, el ascenso del nazismo en Alemania y el fascismo en Italia, y la expansión territorial de estos regímenes. La guerra comenzó con la invasión alemana de Polonia en 1939 y eventualmente involucró a la mayoría de las potencias mundiales hasta 1945, dejando aproximadamente 50 millones de muertos y una destrucción generalizada.
El documento trata sobre la resiliencia. Define la resiliencia como la capacidad de superar situaciones adversas y desarrollarse de manera positiva. Explica que la resiliencia se manifiesta en situaciones de riesgo y depende de factores internos como la autoestima y externos como el apoyo social. También describe diversos estudios sobre los factores que favorecen la resiliencia en niños y adultos, como las expectativas positivas, las oportunidades de participación y la presencia de personas de apoyo.
Este documento apresenta a ordem do dia para uma reunião da Câmara Municipal de Salvaterra de Magos, incluindo 32 pontos a discutir como aprovação de protocolos, isenções de taxas para eventos, ocupação de espaços públicos e decisões sobre projetos e concursos urbanísticos.
El documento describe los tres estados de la materia: sólido, líquido y gaseoso. Los sólidos mantienen su forma incluso cuando cambian de recipiente, mientras que los líquidos cambian de forma al cambiar de recipiente. Los gases ocupan todo el volumen disponible del recipiente que los contiene. Además, el documento menciona brevemente que existen procesos que permiten pasar de un estado de la materia a otro.
Este documento contém 6 problemas sobre termodinâmica de gases ideais. Os problemas envolvem cálculos de massa de gás, trabalho realizado em processos isotérmicos e isobáricos, equilíbrio de pressões em sistemas conectados e variação de pressão com a altura em um campo gravitacional. As soluções utilizam equações como a lei dos gases ideais e a equação de Clapeyron.
I - O documento descreve exercícios de deslocamento cósmico consciente utilizando a luz do Sol e da Merkabah. O objetivo é treinar a capacidade de se projetar espiritualmente para outros lugares através da concentração e visualização.
II - Antes de ativar a Merkabah, é necessário ativar as células temporais do corpo para permitir a expansão da consciência. Isto é feito em Marte, onde também há a ativação da Estrela de Vênus.
III - Os exercícios pro
Challenge 3FM Serious Request; Inleiding John MeulemansMedia Perspectives
De inleiding met inspirerende online video of social media acties die John Meulemans gaf tijdens de Challenge 3FM Serious Request op donderdag 24 april.
O documento apresenta a ordem do dia para uma reunião da Câmara Municipal de Salvaterra de Magos, contendo 37 pontos a serem discutidos, incluindo aprovação de atas, relatórios financeiros, protocolos, isenções de taxas para eventos locais, alterações a estruturas organizacionais e pedidos de pareceres.
Los estudiantes se presentaron y jugaron juegos de adivinanzas y gestos para conocerse mejor. Luego crearon historias y diarios imaginando lugares para jugar. Decidieron hacer un pionono de fiambre siguiendo cada paso de la receta, con cada estudiante aportando una parte, y finalmente disfrutaron de su creación.
O documento repete o nome "Evangelina Moreira 3oC" em onze linhas seguidas, indicando que se trata de um registro de presença de uma aluna da 3a série C.
Role of Behavioural Finance in the Financial Marketinventionjournals
This document discusses the role of behavioural finance in financial markets. It begins by outlining some key limitations of traditional finance theories, such as assuming complete rationality of investors and ignoring emotional and psychological factors. It then discusses the development of behavioural finance, which incorporates insights from psychology to develop a more realistic understanding of investor behaviour. Some common cognitive biases and heuristics identified by behavioural finance research that influence investment decisions are also summarized, such as loss aversion and herd behaviour. While behavioural finance does not directly help raise finance, the document argues it could indirectly do so by reducing bubbles and increasing investor confidence by accounting for common irrational biases in decision-making. In conclusion, behavioural finance provides a useful framework but requires further
This document discusses three approaches to nurturing innovative startups in Sweden, France, and Finland. Each approach provides different combinations of financing, networking, and coaching support to startups throughout the stages of their lifecycle from initiation to growth. A literature review establishes that startups have changing needs for technology support, market support, financing, and networking as they progress from an idea to a growing business. The approaches in Sweden, France, and Finland are then compared in terms of how they address these changing needs through financing, networking, and coaching support.
This document provides a summary of key concepts in corporate finance, including:
1) The three fundamental principles of corporate finance - the investment, financing, and dividend principles - which guide business decisions and aim to maximize firm value.
2) The objective of maximizing firm value, which is the unifying goal of corporate financial theory, though it has some limitations and criticisms.
3) The investment principle involves investing in projects with returns above the minimum required rate based on risk, and properly evaluating project risks, returns, and cash flows.
Assignment 1 Discussion QuestionThe management of current asset.docxfredharris32
Assignment 1: Discussion Question
The management of current assets and current liabilities in the short run can lead to several challenges for the financial manager. What are some of the more common challenges or problems encountered by the firm in this regard, and what are the possible solutions? Explain your answers.
Assignment 2: Discussion Question
Financial mangers make decisions today that will affect the firm in the future. The dollars used for investment expenditures made today are different from the cash flows to be realized in the future. What are these differences? What are some of the techniques that can be used to adjust for these differences?
Assignment 3: Discussion Question
Valuation of a firm’s financial assets is said to be based on what is expected in the future, in terms of the future performance of the firm, the industry, and the economy. What types of value would you consider when assigning “value” to a firm’s stock or bond? What is the significance of each of the different types of value in the valuation process? Use examples to support your response.
Assignment 4: Discussion Question
The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the NPV indicated rejection, but the IRR and Payback methods both indicated acceptance. Explain why this conflicting situation might occur and what conclusions the analyst should accept, indicating the shortcomings and the advantages of each method. Assuming the data is correct, which method will most likely provide the most accurate decisions and why?
Course Overview (1 of 3)
Defining Finance
Broadly defined, finance is the study of how people manage scarce resources in general, and money and other financial resources in particular. There are two important features that distinguish financial decisions from other types of decisions. The benefits and costs of financial decisions are spread out over time and usually shrouded in uncertainty.
These decisions are made in a financial environment that includes the financial system, institutions, markets, and participants such as individual households, businesses, and governments. It is important to note that a well developed and properly functioning financial system enables the economy to operate efficiently and contributes to the economic growth and development of the country.
Brief History of Finance
Finance emerged as a separate field of study in the U.S. in the early 1900s. At that time finance was taught primarily as a descriptive subject using anecdotes and rules of thumb. The focus at that time was on the formation of new firms, the various types of securities firms can issue to raise funds and the legal aspects of mergers and acquisitions. This continued to be the focus all through the 1920s.
However, during the 1930s the focus shifted to the study of bankruptcy and reorganization, corporate liqu ...
The second day of the residency will focus on explaining knowledge o.docxjoshua2345678
The second day of the residency will focus on explaining knowledge on raising long-tern capital from various sources of finance entrepreneurial projects. The financial method is generally tied to the firm’s life cycle. For Example, start-up firms are often financed by angel investor, Venture capital fund, debt or combination of these sources. As firms grow, they may want to “Go Public” and raise funds through an initial public offering. Which is called an IPO.
To better understand entrepreneurial finance, evidence of problems and deal with such problems in the face of advancement in technology, you will have the opportunity to:
· Look for peer-reviewed article on
Crowdfunding, venture capital
funds, or
angel investments
(please exclude articles on debt financial IPO)
· Review the article and respond to the following question:
1. What corporate finance problem is the article addressing?
2. What method of study (Qualitative, Quantitative, or mixed study) does the author use to address the problem?
3. what are the significant finding or ideas of the study?
4. What is the conclusion of the study? Does the finding support the conclusion?
5. What are the strength and limitation of the study?
6. Make a proposal for the future research of the topic that needs to be investigated?
Everyone will have the opportunity to present in front of the virtual class. The presentation should not be exceed 30 minutes.
.
Venture capital involves professionally managed pools of equity capital that are invested in small, growing companies. These pools come from wealthy individuals and institutions. Venture capitalists take an equity stake in companies and actively monitor their progress. There are various types of venture capital firms, including private firms, small business investment companies, and corporate venture arms. The venture capital process involves preliminary screening of business plans, negotiating terms, extensive due diligence, and final approval if the venture capitalist decides to invest. Venture capitalists specialize in certain industries and stages of financing like early stage funding or expansion. Entrepreneurs should research which firms focus on their industry or idea.
Residency activity 2 Individual Presentation on Entrepreneurial.docxbrittneyj3
Residency activity 2: Individual Presentation on Entrepreneurial Finance
The second day of the residency will focus on explaining knowledge on raising long-tern capital from various sources of finance entrepreneurial projects. The financial method is generally tied to the firm’s life cycle. For Example, start-up firms are often financed by angel investors, Venture capital funds, debt, or a combination of these sources. As firms grow, they may want to “Go Public” and raise funds through an initial public offering. Which is called an IPO.
To better understand entrepreneurial finance, evidence of problems, and deal with such problems in the face of advancement in technology, you will have the opportunity to:
· Look for a peer-reviewed article on
Crowdfunding, venture capital
funds, or
angel investments
(please exclude articles on debt financial IPO)
· Review the article and respond to the following question:
1. What corporate finance problem is the article addressing?
2. What method of study (Qualitative, Quantitative, or mixed study) does the author use to address the problem?
3. what are the significant finding or ideas of the study?
4. What is the conclusion of the study? Does the finding support the conclusion?
5. What are the strength and limitations of the study?
6. Make a proposal for future research on the topic that needs to be investigated?
Everyone will have the opportunity to present in front of the virtual class. The presentation should not exceed 30 minutes.
.
This document provides an overview of venture capital, including:
1) It discusses the origins of venture capital dating back to funding provided to Christopher Columbus and the development of the modern venture capital industry post-World War 2.
2) It defines venture capital as providing seed funding, start-up funding, and first stage funding to companies with growth potential that don't have access to public markets.
3) It describes venture capitalists as fund managers who invest in companies and provide strategic support to help generate returns for their investors. Venture capitalists consider factors like management strength, growth potential, financial projections, and the entrepreneur's financial stake.
4) It outlines the different stages of venture capital funding including early-
This document summarizes a research paper that examines factors influencing the fund management industry. The key factors identified are front-end/back-end loads, outsourced portfolios, corporate governance, security and privacy, behavioral approaches, fund performance comparison and measurement. Problems associated with each factor are discussed, such as hidden fees reducing investor returns. Potential solutions are proposed, like increasing transparency around fees. The research methodology involves identifying these factors through literature review and analyzing problems and solutions to draw conclusions.
Medici Firma Investment Strategies of Sovereign Wealth Funds Medici Firma
overeign wealth funds have complex objective functions and governance structures where return maximization and strategic political considerations may conflict. SWFs with greater involvement of political leaders in fund management are more likely to support domestic firms and invest in segments and markets with higher P/E levels, especially in their domestic investments. But these investments see a subsequent reversal in P/E levels suggesting that the funds engage in poor market timing. The opposite patterns hold for funds that rely on external managers. Funds that have stated domestic development goals are more likely to invest at home, especially if politicians are involved.
A Bibliometric Review Of Research On Venture CapitalDarian Pruitt
This document presents a bibliometric review of research on venture capital. It analyzes 1,840 publications on venture capital indexed in the Web of Science Core Collection database from 2000 to 2018. The review examines publication trends over time, the most productive countries and institutions, influential authors, citations received, and the main topics addressed. It finds that the US and UK are the most impactful countries, Harvard University the most productive institution, and the Journal of Business Venturing the most active journal. The review aims to provide an overview of venture capital research and support future research and decision-making.
The document provides an introduction to financial management, including definitions of finance, financial intermediaries, and financial accounts. It discusses how finance deals with concepts like time, money, and risk. It also defines different types of financial intermediaries like insurance companies, mutual funds, investment brokers, and pension funds. Finally, it summarizes the key financial statements - the trading account, profit and loss account, and balance sheet - and explains the rules and objectives of financial accounting.
Research Proposal - Developmental Entrepreneurship in Sub-Saharan Africagueste31845
This document contains the preliminary research proposal for identifying developmental entrepreneurship opportunities that will generate both social and financial value. It includes a broad discussion of contextual factors associated with this research, and it proposes a methodology for developing a casual theory for predicting these social and financial returns a given entity would generate when addressing a given opportunity. Lastly, it delineates a range of benefits associated with the intended findings – foremost of which is enhancement of the alleviation of global poverty. Those living in embryonic markets, especially those in extreme poverty, will benefit from a powerful lever to improve standards of living, increase incomes and employment opportunities, and propagate a range of broader societal and developmental benefits. It is for these people – those in greatest need – that this work has the most value and why it is right that we undertake it.
This document provides solutions to end-of-chapter problems for a financial management textbook. It begins with an introduction explaining that the solutions manual provides answers to all review questions and problems in the textbook. The solutions manual then lists the chapter solutions in its table of contents. The first sample problem solved provides the role of an accountant versus a financial analyst and the role of a financial manager in a publicly traded company. The document appears to be a solutions manual for students and instructors using a principles of finance textbook. It provides concise answers and steps to quantitative and conceptual problems at the end of chapters.
This document provides an overview of various topics related to financial markets and institutions. It defines key terms like finance, financial markets, financial services, commercial banking services, and the different types of financial markets. It describes the functions and importance of financial markets in facilitating the transfer of resources, determining security prices, making assets liquid, and lowering transaction costs. It also outlines the primary, secondary and money markets as well as the equity, debt and commodity markets.
Researched AutobiographyPurpose To become familiar with Libr.docxronak56
Researched Autobiography
Purpose: To become familiar with Library sources to help tell the story of your life.
Outline:
Introduction: Introduce your autobiography with a personal story, a meaningful quotation, or a significant statistic.
Thesis: For a narrative essay, the thesis is different than in making an argument. In this case, you need to answer the question “What is this autobiography about, and why is it important to me/a person close to me/my community?” Remember, you’ve chosen either to write about some aspect of your own life, the lives of some of your interesting ancestors, or the life of your community.
Body: Tell the story, incorporating facts you’ve learned from your research. Use the facts to support the main story you have to tell, not to tell it for you. Follow MLA style for this paper.
Conclusion: So what? Why does this story matter to you, your family, or your community? Reflect on this. Whether you’re writing about self, family or community, how does this have a bearing on who you are today?
Works Cited: Sources listed alphabetically by author’s last name.
ENTREPRENEURIAL FINANCE: Midterm
1) Entrepreneurs who establish and go on to create new ventures must classify
types of financing that are in sync with the development stages that the
eventually grow through in its life cycle. While exploring an opportunity phase
of a new plan a firm does not experience significant operating costs, but during
further stages of venture development, financing is crucial.
During the research and development phase, the firm will need major levels of
investment as R&D for innovation of new products, this can be very expensive.
In this stage, bootstrap financing techniques may prove productive. An
interesting example of this type of financing involves the entrepreneur
himself/herself having to put up his/her own resources and funds (also known
as skin in the game). Furthermore, the entrepreneur may receive funds from
their respective families and friends.
During the Start- up stage of a new endeavor, significant efforts are aimed
towards initiating a marketing strategy and launching production of the
company’s offering. Even though at this stage the company is ready to launch
and is experiencing its first revenues, is not profitable. As a result, outside
investors (angels, venture capitalists) are required to help support the firm’s
operating costs and expenses. An angel investment would serve as they are
generally in smaller quantities and can also be presented in accordance with
milestones which are established and agreed upon by investors as well as the
entrepreneur.
During the early-growth stage of the new venture, the business plan has proved
successful so far having launched successfully. The firm must now expand its
operations by recruiting new employees and developing a marketing plan. As a
result, a source of financing in this round could be forthcoming private equity
investors and ...
At the Master or PhD levels, this course examines the framework for return on investment calculation and criteria in new ventures, cash management techniques and controls for small businesses; equity and debt sources and their criteria for investment in new businesses; additional sources of capital and entry strategies for new businesses. This course covers the financial skills needed at each level and phase of a new venture‟s development. Students review the equity and debt markets for startup firms and alternative entry strategies such as franchising and acquisition. At the end of this course, an online assessment will be conducted!
This document presents a counterargument to the position that public policy should exclusively focus on encouraging high-growth ventures. It introduces a typology that categorizes startups into four types: survival, lifestyle, managed growth, and aggressive/high-growth. It then provides seven counterarguments for why all types of startups are important and should be encouraged from a portfolio perspective. This includes arguments around the costs of entry/exit, efficiency/failure rates, employment levels, sector differences, ecosystems, and rates of venture emergence for different types of startups. The document advocates a portfolio approach to policy that balances risks and returns across all four startup types.
Flipkart is an Indian e-commerce company founded in 2007. It started as an online book retailer and has since expanded to sell a wide range of products. Flipkart gained popularity among Indian consumers as it offered access to a large catalog of products at low prices. The company raised over $3 billion from prominent investors, demonstrating strong growth and potential in the Indian e-commerce market. However, Flipkart now faces increasing competition from other players like Amazon that are looking to capitalize on the large untapped e-commerce opportunity in India.
Similar to The development of entrepreneurial finance research. (20)
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. The development of research in entrepreneurial finance is apparent in the proliferation
proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of
similar forms, especially of cells.prolif´erativeprolif´erous
pro·lif·er·a·tion
n. Â of work focusing on the financial aspects of entrepreneurship; a field of management science
which is beginning to organise itself along the same lines as other existing fields such as strategy,
marketing or finance. This surge in interest is reflected not only by the increase in the number of
research papers on entrepreneurial finance being published in the main financial journals but also
by the appearance of scientific magazines, books and conferences dedicated to this field such as
Venture Capital journal (1999), The Journal of Entrepreneurial Finance and Business Ventures
(2000), or the annual conference of The Academy of Entrepreneurial Finances (1989).
According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3.  Denis Denis, king of Portugal: see Diniz.  (2004), entrepreneurship had long been regarded
by finance researchers as a separate field from corporate finance due to the presupposition
pre·sup·pose Â
tr.v. pre·sup·posed, pre·sup·pos·ing, pre·sup·pos·es
1. To believe or suppose in advance.
2. To require or involve necessarily as an antecedent condition. See Synonyms at presume. Â that
problems encountered in entrepreneurial finance are sufficiently different from those faced by listed
companies as to limit the applicability of traditional financial theory. However, more recently,
financiers have recognized that entrepreneurial situations are characterized by the two same
fundamental problems which are at the root of financial theory: agency dilemmas and asymmetric
information Asymmetric Information
Information available to some people but not others.
Notes:
In other words, the asymmetric information is held by only one side, meaning someone is keeping a
secret. . Entrepreneurial finance differs from traditional corporate finance only in that the
importance of these problems is greater, necessitating recourse to contractual solutions distinct
from those put in place in larger, more established companies. Initially confined con·fine Â
v. con·fined, con·fin·ing, con·fines
v.tr.
1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See
3. Synonyms at limit. Â to the study of four main fields (alternative sources of capital, financial
contracting issues, public policy issues, risk and return in private equity investments),
entrepreneurial finance now explores a broader range of fields.
In order to better understand the importance of financial fact in entrepreneurship, it is advisable to
first define entrepreneurship itself. Several authors such as Schildt et al. (2006) have defined
entrepreneurship by its paradigms such as: business opportunity, the creation of an organization,
value creation, innovation, and entrepreneurial risk. But whatever the paradigm selected,
entrepreneurship and finance are inevitably dependant because entrepreneurial projects require
resources. The acquisition of these resources depends on the capacity to finance them. This involves
looking into the financial dimension of entrepreneurial projects.
Faced with the obvious links between entrepreneurship and finance, several questions arise. What is
entrepreneurial finance exactly? What are the issues surrounding it? What research has been or is
being carried out in this area?
To answer these questions, we will approach them from two different angles. Firstly we will try to
specify the scope of entrepreneurial finance by identifying the issues surrounding them which have
already featured in published research work. Then, we will attempt to structure the studies done in
this field and suggest some lines of research.
II. HOW IS THE FIELD OF ENTREPRENEURIAL FINANCE DEFINED?
How can one define the field of entrepreneurial finance? Several studies have attempted to present
the different themes and topics, or to summarize sum·ma·rize Â
intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es
To make a summary or make a summary of.
sum  results obtained in the field of entrepreneurial finance (or within the narrower area of venture
capital). On initial analysis, examining these works closely can help identify the chosen lines of
research and thus gain a greater understanding of the field of entrepreneurial finance. Three studies
have been retained. They are studies by Brophy & Shulman (1992), Saint-Pierre and Mathieu (2003)
and Denis (2004) which provide details of more recent developments.
Brophy & Shulman (1992) consider that venture capital is a field which provides the hub between
finance and entrepreneurship. They identify several specific areas of research:
* the characteristics of investors in new ventures: the company creator and his team, informal
investors (business angels), and formal investors (venture capital).
* the characteristics used by investors as selection criteria for new projects and the ex-post factors
associated with the success or the failure of the new firms, whether concerning operational success
or financing;
* the investment process, including the negotiations and the structuring of the deals, the appraisal of
new ventures and monitoring participation;
4. * the issues involved with the exit of investors, including the sale of all or part of the firm, whether
through strategic alliance, merger, divestment divestment to strip one's investment from an entity.
, organization of a LBO LBO
See: Leveraged buyout
LBO
See leveraged buyout (LBO).
 or by going public.
Saint-Pierre and Mathieu (2003) published a very detailed synopsis A summary; a brief statement,
less than the whole.
A synopsis is a condensation of something--for example, a synopsis of a trial record. Â of the results
of research relating to relating to relate prep -> concernant
relating to relate prep -> bezüglich +gen, mit Bezug auf +acc  venture capital. They identified
six themes:
* The role of venture capital in economic development, legal frameworks and investor sources.
* How the venture capital market works: financing decisions Financing decisions
Decisions concerning the liabilities and stockholders' equity side of the firm's balance sheet, such as
a decision to issue bonds. , measuring risk, contactual aspects.
* The comparison between firms financed by venture capital and those which were not
(performance, sales, job creation, level of innovation, etc).
* The impact of the venture capital company on the company they financed.
* The impact and the rate of survival of the firms financed by VC after divestment by the venture
capital company.
* New trends.
Denis (2004), in a summary focusing on entrepreneurial finance published in the Journal of
Corporate Finances, chose the following themes:
* Contributors of capital, including venture capital, business angels and corporate venture.
* The problems surrounding financing contracts, including signaling and agency dilemmas.
* The influence of public policies, including the development of financial markets and fiscal policy.
* Returns on investment and risks involved when investing in new ventures.
* Other lines of research.
5. As a starting point Noun 1. starting point - earliest limiting point
terminus a quo
commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the
time at which something is supposed to begin; "they got an early start"; "she knew from the , we
used the three contributions above; studies which have been published since, and themes chosen by
the Academy of Entrepreneurial Finance for its annual conference (http://www.aoef.org/). In the
table below we have summed up the different themes encompassed by the field of entrepreneurial
finance.
This summary requires two comments. Firstly, British/American style entrepreneurial finance can be
easily confused with the field of venture capital in its broadest sense (integrating the different
categories of investors such as business angels or corporate venture, and institutional aspects which
could have a bearing on this type of investment). Secondly, one can notice that over time the field of
entrepreneurial finance has expanded. Researchers are now interested in other phases of company
development, before venture capitalists come on the scene, or after they have left, but there is also
interest in firms which are not financed by this type of investor.
III. OBSERVATIONS AND LINES OF RESEARCH
In this section, by defining the field of entrepreneurial finance we will suggest a framework for
organizing the work done in this research area. Then, we will suggest new lines of research.
A. Structuring the Work Done in the Field of Entrepreneurial Finance: A Double Tropism
tropism (tr?p`?z?m), involuntary response of an organism, or part of an organism, involving
orientation toward (positive tropism) or away from (negative tropism) one or more external stimuli.
Â
Firstly, we proceeded with an analysis of the distribution of work on entrepreneurial finance
according to the main themes, which enabled us to highlight a double orientation in this field of
research.
Our analysis of the distribution of academic works relating to the main themes of entrepreneurial
finance used as a starting point the bibliographical databases from SSRN SSRN Social Science
Research Network .com (listing mainly unpublished articles and writings) and EBSCO EBSCO Elton
B. Stephens Company  (primarily articles published in academic peer review journals). The themes
retained were the following: small business finance, SME finance The economic and social
importance of the Small and medium enterprise (SME) sector is well recognized in academic
literature.[1] It is also recognised that these actors in the economy are underserved, largely in terms
of finance. , private companies finance, start-ups, entrepreneurial finance, corporate venture,
venture capital, private equity, IPO (Initial Public Offering) The first time a company offers shares of
stock to the public. While not a computer term per se, many founders, employees and insiders of
computer companies have found this acronym more exciting than any tech term they ever heard. ,
and Business Angels (Table 2).
It appears from this analysis of published works that research in entrepreneurial finance shows a
double orientation. The first orientation is a focusing of works on venture capital financing To start
an own company or to bring a new product to the market, the venture may need to attract financial
funding. There are several categories of financing possibilities. If it is a small venture, then perhaps
the venture can rely on family funding, loans from friends . Indeed, the results show a strong
6. concentration of research work on venture capital. This is despite the fact that figures from the
Global Entrepreneurship Monitor (GEM 2007 Report) measuring the entrepreneurial phenomenon
worldwide, show that overall financing by venture capital only represents $21.2 billion invested in
2514 firms, compared to $1078 billion of informal investment in millions of newly created
companies.
It becomes clear that there is a significant gap between the preoccupations of researchers and
realities on the ground, characterized by the prevalence of 'ordinary' companies, for which a more
informal financing prevails. Moreover, the bulk of research in entrepreneurial finance looked at
American firms and American investors. However, venture capital is also well developed in many
other countries.
The second orientation refers to a concentration of works on the later stages of the entrepreneurial
adventure. An examination of the literature shows that researchers show greater interest in the later
stages of the development of new ventures. The results of the extraction of EBSCO data testify to the
number of works devoted in particular to venture capital financing and to the comparative
performance of new ventures which have depended on this type of financing as opposed to those
which have not. Many studies have been devoted to issues surrounding new ventures which go
public. Comparatively little work has been devoted to financing early stages of the entrepreneurial
adventure (what financial contribution do entrepreneurs need to launch their projects? Does it
depend on their age, training, professional experience? Does it depend on the type of project?). The
lack of work devoted to Business Angels is also regretted (Denis, 2004).
B. Future Lines of Research
This analysis of research in entrepreneurial finance highlights several lines of research which
deserve to be developed further given their contribution to the understanding of the entrepreneurial
phenomena.
1. Financing needs of new firms
Saint Pierre Saint Pi·erre or Saint-Pi·erre Â
The capital of St. Pierre and Miquelon, on St. Pierre Island in the northern Atlantic Ocean.
Population: 6,100. Â and Mathieu (2003) remark on a lack of knowledge about new firms' financing
requirements, according to the type of business, the degree of risk, the stage of development, the
financing alternatives, the development potential (export, expansion, innovation), etc. These lines of
research could be linked to other researches on the merger of personal and professional assets,
belonging to company creators, and CEO (1) (Chief Executive Officer) The highest individual in
command of an organization. Typically the president of the company, the CEO reports to the
Chairman of the Board. Â entrenchment.
2. Sources of alternative financing
Denis (2004) estimates that up until now the bulk of research in entrepreneurial finance related to
companies financed by venture capital. Studies on the role of sources of alternative financing, such
as Business Angels, corporate venture or from individual operators (such as the business incubators)
would make it possible to improve our overall knowledge of the funding of new ventures. This
research will allow us to look into the optimal balance between the sources of funding for early stage
companies and to better understand how corporate venture or business incubators can be integrated
in this balance.
7. 3. Contracts between creator(s) and financier(s)
Although many studies have already been devoted to it, the question of the optimal contract between
creator(s) and financier(s) (in particular venture capital) still needs to be looked into more deeply.
Information asymmetries which can occur between the different parties could cause conflicts of
interests (Denis, 2004). This issue encompasses the nature of contracts, restrictive clauses, the costs
of financing, monitoring the investment, etc. (Rassoul, 2006).
4. The role of the legal and institutional environment
The role of legal and institutional environments deserves to be looked into more closely, in particular
the establishing of optimal financing contracts (Denis, 2004), but also the intervention of the State in
high-risk firms despite their strong potential (innovation, start up, ...), or about the existence of a
stock market for SMEs with strong growth (Saint-Pierre and Mathieu, 2003).
5. Innovating firms
Another line of research is to make an in-depth analysis of the characteristics of innovation projects
and firms with a high level of intangible assets: their development phases, risk, contract, rate of
success, etc. (Saint-Pierre and Mathieu, 2003).
At the end of this presentation, several conclusions can be drawn. Entrepreneurial finance is
developing as a field of research with two main focuses. For researchers in entrepreneurship, it
means taking the financial element more into account as it is indissociable from entrepreneurial fact.
For financiers', the specific requirements of entrepreneurial situations have been better recognized
and an increasing amount of work is being dedicated to this area. However, the analysis of studies
on entrepreneurial finance reveals a double tropism or orientation: on the one hand, a focusing of
publications on topics related to financing by venture capital, on the other hand a concentration of
works on the early stages of the entrepreneurial adventure (entrance of investors, IPO). However,
this type of questioning only concerns a very small portion of new ventures. The new lines of
research which we suggested would enable a better understanding of the indissociable links
between finance and entrepreneurship.
This issue aims to explore these lines of research in entrepreneurial finance. It includes the four
following contributions:
* "The Impact of Business Model Characteristics on IT Firms' Performance" (Redis, 2009)
* "International Comparison of Entrepreneurial Sub-Cultures within Cultures: Effect of Territory on
Entrepreneurial Strategies for Fundraising" (Rantanen anf Bernasconi, 2009)
* "Active Financial Intermediation and Market Efficiency: The Case of Fast-Growing Firms Financed
by Venture Capitalists" (Lantz and Sahut, 2009)
* "The Impact of Corporate Governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders,
directors, and management of a company, as defined by the corporate charter, bylaws, formal policy,
and rule of law. Â on the Performance of U.S. Small-Cap Firms" (Switzer and Tang tang, in zoology
tang:Â see butterfly fish. , 2009)
10. GENERAL THEMES
Behavioural finance and SME
SME finance issues
Alternative source of capital X
INVESTORS CHARACTERISTICS
Business angels X X
Venture Capital X X
Other investors (LBO funds,
public funds ...) X
INVESTMENT
Investment criteria X X
Investment decision process X X
Business models and firm evaluation X X
Financial contracting issues X X
RELATIONSHIP VENTURE CAPITAL/FIRM
Governance and control X X
Determinants of venture capital activity X X
Impacts of venture capital activity X X
EXIT STRATEGIES
IPO, MBO, LBO ... X X
RISK AND RETURN
Performance of firms financed
by private equity X X
Performance of private equity X X
Success/failure criteria X X
OTHER THEMES
11. Influence of technology X
Public policy incentives and issues X X
Rule of stock markets X
Start-up business development
Denis Authors'
(2004) definition
GENERAL THEMES
Behavioural finance and SME X
SME finance issues X
Alternative source of capital X X
INVESTORS CHARACTERISTICS
Business angels X X
Venture Capital X X
Other investors (LBO funds,
public funds ...) X X
INVESTMENT
Investment criteria X X
Investment decision process X X
Business models and firm evaluation X X
Financial contracting issues X X
RELATIONSHIP VENTURE CAPITAL/FIRM
Governance and control X X
Determinants of venture capital activity X X
Impacts of venture capital activity X X
EXIT STRATEGIES
IPO, MBO, LBO ... X X
12. RISK AND RETURN
Performance of firms financed
by private equity X X
Performance of private equity X X
Success/failure criteria X
OTHER THEMES
Influence of technology X
Public policy incentives and issues X X
Rule of stock markets X X
Start-up business development X
Source : summary carried out by the authors.
Table 2
Cartography of research in entrepreneurial finance
Abstract Abstract Titles
Keyword All journals Scientific Scientific
journals journals
Small business finance 86 35 21
SME finance 5 4 4
Private companies finance 0 0 0
Start-ups 10 916 1 569 375
Entrepreneurial finances 33 13 9
Corporate Venture 238 89 48
Capital venture 14 053 1 286 557
Private equity 19 873 771 263
IPO 9 586 1 086 564
Business Angels 188 61 54
13. Source: extraction from Ebsco Database on May 29th, 2008 carried out by
the authors.
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