Financing sources of investments in Polish enterprises

Staged Investments in Entrepreneurial Financing

Venture capitalists deliver investments to entrepreneurs in stages. This paper shows staged financing to be efficient. Staging lets investors abandon ventures with low early returns, and thus sorts good projects from bad. The primary implication from staging is that it is efficient to invest more in later rounds. The model yields a number of empirical implications on how the ratio of early to l...

Small and Medium Enterprises Financing in Bangladesh: The Missing Middle

This paper aims to comprehend the intrinsic limitations of the market players in the financial system and how these create a situation of `missing middle` for small and medium industries (SME) financing in Bangladesh. A clear dualism prevails in the manufacturing industry of this country. While the SMEs maintains the biggest share in establishments and employment creation, large enterprises (LE...

Financing small-scale infrastructure investments in developing countries

In most developing countries a shortage of long-term, local-currency fi nancing for small-scale infrastructure projects impedes local economic development. Inadequate fi scal transfers, little own source revenue and low creditworthiness make it diffi cult for local governments to fully fund projects on their own. Th is paper proposes the use of project fi nance as a means to attract fi nancing ...

SOURCES OF ECONOMIC EFFICIENCY FOR CHINA'S TOWNSHIP AND VILLAGE ENTERPRISES

Managing Financial Policy Evidence from the Financing of Extraordinary Investments

How do managers set financial policy? Most popular theories of financial policy are developed in terms of a marginal analysis for a new project available to the firm that is extraordinary in spirit. However, extraordinary investment observations have not been previously isolated for study. This paper uses a sample of firms making extraordinary investments to probe deeper into the driving forces...