Top Research Papers on Finance

After emerging from the U.S. housing, finance and eventually real sectors, financial crisis has gradually become global. Although problems of structured finance are not new, primary and secondary mortgage market problems in U.S. are essential reasons of the current crisis. In this context, structured finance products/transactions, based on extremely optimistic expectations, light regulation and supervision framework and weak valuation and reporting structure, are of particular place in the process of crisis. In this paper, the author argues that global finance industry needs better regulatory ...

In the 2010/11 financial year, for example, the Auditor General of South Africa (AGSA) found that only 13 of 283 municipalities achieved a clean audit.

Finance orthodoxy views finance capital as privately supplied, inherently scarce, and limited to assets accumulated by rentiers and held in financial institutions to be “intermediated” between virtuous savers and needful end users. But this “intermediated scarce private capital” orthodoxy is false and profoundly antagonistic to both democracy and productive investment. This article offers a more accurate portrayal that captures the critical role the public plays in generating and allocating its own full faith and credit in monetized form. The financial system then looks like a franchise arrang...

Finance has evolved historically as a distinctive system of activities. If production, consumption, and distribution or exchange – the market interface between production and consumption – are three different spheres of economic activity, then finance is a fourth sphere. It fulfills a specialized function: that of supplying and controlling credit. In a capitalist economy, credit needs to be obtained before a production cycle can start; credit, Keynes argued, is prior to production. Only after production has been financed can it result in employment income, part of which could then be used to g...

The textbook systematizes basic knowledge in the field of finance, financial analysis and financial management, presented in their direct relationship and significance from the point of view of evaluation, diagnosis, forecasting and monitoring of the continuity of the organization's activities. It includes seven chapters grouped into three sections. The first section is devoted to the theoretical foundations of the organization's financial management, stakeholders and sources of the organization's activities. The second section discusses the basics of financial analysis, providing knowledge of...

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In response to the financial crisis of 2007 – 2009, governments in the United States, Europe and elsewhere have invested billions of dollars in financial institutions to prevent them from going bankrupt and from further disrupting the global economy. Despite these massive public bail-outs, a government and "elite" consensus has emerged that these nationalized or quasi-nationalized financial institutions should be privatized as soon as possible, and that, apart from modest changes in financial regulation, our economies should return to the status quo ante financial structure as soon as possible...

Your broker is responsible to compare products and propose options to provide you with enough information to make an informed decision regarding the best suitable financial product for your unique requirements.

[About the book]: The Routledge Companion to Accounting History shows how the seemingly innocuous practice of accounting has pervaded human existence in fascinating ways at numerous times and places; from ancient civilisations to the modern day, and from the personal to the political. Placing the history of accounting in context with other fields of study, the collection gives invaluable insights to subjects such as the rise of capitalism, the control of labour, gender and family relationships, racial exploitation, the functioning of the state, and the pursuit of military conflict. An en...

Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area. It begins with an overview of financial markets and their operation. It then covers asset pricing for standard assets and derivatives, and analyses what modern finance says about firm behaviour and capital structure. The book covers money, exchange rates, electronic payments methods, and cryptocurrencies. The book then covers financial intermediation. The book then examines the role played by finance and financial intermediation in ...

In this response to the commentaries, I extend my critique in a new direction, arguing that work on financialization has had the perverse effect of black boxing ‘finance’ and crucial dimensions thereof. In developing this argument, I draw explicitly on, while seeking to generalize from, incisive observations contained in the commentaries. In doing so, I argue that it is important to address limits to financialization—political limits—not identified and addressed in the original article.

Doing business in Africa is no less complex than anywhere else around the world - especially when it comes to understanding some of the critical financial complications.

The development of digital finance in China has significantly reduced enterprise financial risk, and for enterprises with low debt levels and enterprises located in the eastern region, digital finance plays a more critical role in reducing financial risk.

This study is based on the financial performance of Cholamandalam Finance and Muthoot Finance. The aim of the study is to compare the financial performance of both the company for the period of ten years using CAMEL approach, this study helps in understanding the importance of financial management and analyzing the overall performance using the camel rating system for NBFC sector. <br><br>The crucial part of analysis is collection of data and analyzing the data from the company point of view because different company considers different aspect of the calculations of the financials. <br><br>The...

The rapid development of financial industries needs more and more high-quality financial talents. Finance subject establishment should be put in the right place; research on and probe into financial fundamental and forward position theories should be intensified; measures should be taken to renew hardware utilities related to financial teaching, to renew partial textbooks and to reform teaching methods; establishing of finance teaching teams should be put at a high premium; market demand should be taken as primary basis when financial talent fostering goal and mode; coordination rule for finan...

Finansal okuryazarlık üzerine geliştirilecek olan politikalar 2012 yılından beri özellikle Türkiye’nin de dâhil olduğu G20 ve OECD ülkeleri tarafından öncelikli küresel politikalar olarak kabul görmektedir. Son on yılda mobil cihazların kullanımı artmış olmakla beraber bilgiye erişim kolaylaşarak yeni olanaklar ortaya çıkmıştır. Bu araştırma finansal piyasalar ve okuryazarlık üzerine geliştirilmiş olan mobil uygulamaların internet kullanımını yönlendirerek finansal okuryazarlığı etkileyip etkilemediğini ve bireylerin etkin finansal aktör olabilmelerine dair herhangi bir yardımının varlığını in...

The financial crisis of 2008-2009 took place exactly half a century after the publication of the seminal Modigliani and Miller (M&M) theorem, often called the capital structure irrelevance prin ...

The paper aims to study the growth and evolution of finance, as well as how the evolution of  finance theories aids investors in decision-making. The traditional finance model's perfect  mobility and rationality fail to predict the economic events, dot-com bubble, and the European debt crisis. These economic disasters provide the foundation for the development of behavioral finance. Psychology and finance are merged into behavioral finance. It defies the traditional  financial premise. The field provides unique insights into financial and investment decision making models. Behavioral finance a...

This research aims to determine the effect of bank size (SIZE), profitability (ROA), efficiency (EFF), non-performing finance (NPF), interest (INTR), and inflation (INFL) on profit and loss sharing (PLS) financing (equity financing), and sale-purchase (SP) financing (debt financing) Islamic banks in Indonesia. Furthermore, monthly Islamic bank data in June 2014 to July 2020 was used. The autoregressive distributed lag (ARDL) method was used to determine the short and long-term effects of the independent variables on the financing variable. The results showed that ROA and EFF have a positive effect on MRF bu...

The global economic crisis offers a powerful instance of how financial shocks shape the biosphere at the intersection of labour and life. In financial times, capitalism activates two interdependent processes, a process of contamination that somehow blurs the borders between life and financial matters, and a process of abstraction, which increases the emotional distance between object and subject, thus interrupting the potential for change embedded in experiences of fear that accompany environmental crises. These processes involve key tenets of contemporary neo-liberal capitalism, namely financ...

As early as 2000, development partners embarked on a decade-long search for 'innovative' or alternative sources of official development assistance to help finance achievement of the millennium development goals. For their part, developing countries have sought not only more financial flows but better financial solutions, for example, through partnerships that mobilize private finance for public service delivery, risk mitigation efforts that promote private entry in the productive sectors, and support for carbon trading. This paper offers a framework to organize and understand this heterogeneou...

Many corporate finance researchers have avoided analyzing financial institutions, perhaps on the grounds that they are “unique” or “different” from other types of firms. This assessment reflects some unusual features of financial firms' liabilities and a set of governmental regulatory restrictions that have become less pervasive in recent years. In fact, corporate finance theory applies equally well to financial firms, although some modifications are required to recognize the effects of government safety and soundness regulation. Regulated firms' private incentives account for most of the diff...

Among the lessons that can be drawn from the global financial crisis is that private financial institutions have failed to promote the capital development of the affected economies, and to dampen financial fragility. This chapter analyses the macroeconomic role that development banks can play in this context, not only providing long-term funding necessary to promote economic development, but also fostering financial stability. The chapter discusses, in particular, the need for public financial institutions to provide support for infrastructure and sustainable development projects. It concludes...

In 1976, an entirely new model of development finance emerged not from Delhi’s halls of power but from the forgotten back streets of Jobra, an impoverished village in Bangladesh. Abandoning his classroom, Muhammad Yunus, a professor of economics, ventured out to meet directly with the poor and learn exactly what factors kept them from earning their way out of poverty. By 1983, Yunus had founded Grameen Bank as a formal financial institution. It offered small loans to the poor with no collateral required. The bank successfully employed a group lending model, which holds borrowers accountable to...

On the background that the national economic information is much promoted by IT,the financial activities,its contents,scope and ways are deeply changed by the informational process of finances.The author intends to deal with in the paper the possible,wide and deep impacts of financial information on finances.

he structural changes that have occurred in national and international finance during the past two decades can be seen as part of a complex process best described as the globalization of finance and financial risk. The key elements of this ongoing transformation have been (1) an increase in the technical capabilities for engaging in precision finance, that is, for unbundling, repackaging, pricing, and redistributing financial risks; (2) the integration of national financial markets, investor bases, and borrowers into a global financial market place; (3) the blurring of distinctions between fin...

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An approach would be to relax this MILP to an LP and then use a randomized rounding technique to obtain a valid solution and show that the expected value of the objective after randomized rounding is within some approximation factor of the objectives in the relaxed LP solution.

Despite its major advances, finance theory has had scant impact on strategic planning. Strategic planning needs finance and should learn to apply finance theory correctly. However, finance theory must be extended in order to reconcile financial and strategic analysis.

This paper discusses on the financing risks and financial risks faced by enterprises, and expounds some represent forms of these risks and risk preventive measures.

Due to the limitation of operation scale,management,and many other factors,the problems to finance have not been fundamentally resolved,and furthermore,the unpredictable attack of financial crisis increased the difficulty of SMEs′ access to finance.It is the current important task for local and national governments to help SMEs get out of trouble quickly,and encourage them to deepen reform to improve themselves constantly and grow gradually.Therefore,this paper tries to raise reasonable policy suggestions for the financing problem of SMEs as a good reference for their development by the analys...

This outstanding collection of Michael Brennan’s writing spans almost thirty years and reflects the rapid development and growing importance of the field of finance over this period.

Pushpalatha.V Assistant Professor in Economics Sree Narayana College, Nattika Abstract Financial inclusion is an important ingredient for social and economic progress in developing countries. micro level financial inclusion helps poor households and small businesses to generate income, build assets, smooth consumption and better manage risks. An inclusive financial system also helps governments to better execute social policy in other priority areas such as education and health for example through more targeted financial transfers. Indian rural poor women are deprived of rural institutional cr...

The provision of public services and infrastructure has evolved over the years and currently, the ever-increasing demand for public services and the greater levels of required renewal and repair of infrastructure have created unsustainable strains on limited public sector resources, leading to a resurgence of private sector involvement in such projects, to a much larger degree than ever before. The key to the success of such privately financed projects is the structure of the financing package. This thesis traces the evolution of project financing, exploring the financial engineering of fun...

After the entry into WTO, with the acceleration of the open finance, the financial supervision of China is confronted with the severe challenges . In order to ensure the development of finance in ways of safety, stability, higher efficiency and good order, it is necessary for China to perfect the measures of financial supervision and (strengthen) it for improving the efficiency by drawing on the experience of the international community.

Corporate finance play a role in determining the capital structure of the firms, this study has been examined the relationship between corporate finance and the use of debt financing. The study shown that funds holdings have a negative and significant impact on leverage, suggesting that financial leverage degree decreased with the increased monitoring power of funds and institutional stockholdings. In this study, a number of explanations by viewing that entrenched managers may obtain a better access to debt market and then they can finance with extra debt this possibly is consider as an outcom...

According to PPI World Bank Database that infrastructure investment in East Asia (China, Indonesia, Philippine, Malaysia, and Thailand) from 1998 to 2005 was stagnant, where infrastructure investment in Indonesia slowed down after financial crises, total investment in 1996 was 7,492.6 million US dollar but in 2000 fell down to 642.3 million US dollar and in 2005 raised on 1,445 million US dollar. To create a more efficient and encourage the growth of infrastructure investment market, infrastructure financing needs a financial innovation. The potential of innovation in infrastructure financing ...

The last eighteen months have witnessed extraordinary financial market disruptions, a contagion of bank failures or near failures, an unprecedented loss of confidence in the global financial system, and wide-ranging strategies by governments of major economies to unlock credit markets and restore confidence in their respective banking systems. Relative unpreparedness for the disruptions triggered by the subprime mortgage crisis originating in the Unites States in 2007 has prompted serious questioning of the focus and usefulness of academic finance and the lack of transparency in some component...

This study by the WTO explains the basic links between trade and the financial sector, and how financial crises are interrelated with trade.

Using a “plug” figure or “slack term” within a pro forma analysis is the standard method to allow a forecasted balance sheet to have assets equal to liabilities and equity. Seemingly, different types of plug values are demonstrated to be mathematically linked to each other. Further, by exploring cash as a plug figure, a solution emerges for a “target revenue growth rate” in which cash is not depleted. If a private equity venture can generate revenue growth above the target revenue growth rate, cash will accumulate and improve the return on the private equity investment.

Foreword by Paul A. Volcker Introduction by Hans R. Stoll International Imbalances and International Policy Coordination Exchange Rates and International Imbalances by John H. Makin Exchange Rates and Balance-of-Payments Adjustment: The Post-1945 Experience by Samuel I. Katz Deficits and Imbalances by Knut Anton Mork Future Challenges to the International Monetary System by Richard N. Cooper The U.S. Trade Deficit and the U.S. Fiscal Deficit: Cause and Effect by Robert Z. Aliber International Economic Policy: The Role of Exchange Rates by Edwin M. Truman Understanding the Foreign Exchange Mark...

The 2007–08 financial crisis has posed substantial challenges for bankers, economists and regulators: was it preventable, and how can such crises be avoided in future? This book addresses these questions. The Financial Crisis and the Regulation of Finance includes a comprehensive overview of the crisis and reviews the theory and practise of regulation in the UK and worldwide. The contributors – all international experts on financial markets and regulation – provide perspectives and analysis on macro-prudential regulation, the regulation of financial firms, and the role of shareholders and disc...

This article rebuilds the process of the institutionalization process ofthe financing of Unified Health System (SUS), impaired, initially, by the macroeconomic policy conditions developed during the decades of 1990 and 2000, and, ultimately, byThe effects caused by the present phase of capitalism, concerning financial capital supremacy.

The objective of this article is to examine the scope of financial innovation and engineering within an Islamic financial system. The article concludes that, contrary to common belief, Islamic finance provides the basic building blocks that can be used to construct more complex instruments that will enhance liquidity and offer risk management tools. With the introduction of asset securitization and swap transactions conforming to Islamic principles, the issues of secondary markets and risk management can be addressed. The first section discusses the significance of innovation in Islamic financ...

The companies involved in the financial management of all aspects, but can be attributed to the allocation of financial resources, utilization and efficiency related issues, and therefore the allocation of financial resources from the objective, efficient manner, with a focus on financing of the financial resource allocation, with a view to China's corporate financial management from giving

The purpose of this article is to discuss the relationship between public financing and financial regulations in Japan. The article starts with a simple outline of the characteristics of public financing. Next is a discussion of the relationship between government regulations and public financing. Third is an analysis of the roles and limitations of postal savings, postal insurance, and the social security fund. The last part examines the significance of public financing in the present climate of financial liberalization.

Corporate finance play a role in determining the capital structure of the firms, this study has been examined the relationship between corporate finance and the use of debt financing. The study shown that funds holdings have a negative and significant impact on leverage, suggesting that financial leverage degree decreased with the increased monitoring power of funds and institutional stockholdings. In this study, a number of explanations by viewing that entrenched managers may obtain a better access to debt market and then they can finance with extra debt this possibly is consider as an outcom...

The financial system that is described in economics textbooks is one that serves as an amenity for industry, commerce, government and households. The prevailing view among economists is the Schumpeterian one that the financial system is essentially a passive supplier of credit to enterprise in other parts of the economy (the real economy), so that financial disturbances merely reflect disequilibrium in the real economy, or are the outcome of inappropriate monetary policies. The author puts toward an alternative hypothesis, in which the inflation of the market for Iong-term securities becomes t...

This article examines the financial education needed to achieve responsible finance. Responsibility here is considered in the broadest sense, i.e. towards company stakeholders, but also towards society and future generations. Given that finance is not only a social science and that it also includes a moral dimension, we first argue for a minimum financial education for all citizens, a condition for inclusive finance. We then outline some major changes that are intended to structure responsible financial education. The conclusions drawn concern academics and researchers working in financeas wel...

This chapter considers the valuable social purposes that finance can in principle serve and how the processes referred to as financialization may undermine the good functioning of finance. When that happens, the practices internal to finance develop according to the logic of internal profit-seeking rather than supporting what the activities in the rest of the economy and society more widely are intended to achieve. The financial system operating globally today can be criticized in three major respects: it hampers economic productivity, undermines distributive justice, and drives ecological irr...