Information asymmetry is an important reason that causes external financing constraints. Because reputation has the function of signal transmission, a better reputation of an entrepreneur can reduce the degree of the firm information asymmetry and alleviate financing constraints of the firm. Based on the grouped sample of 94 listed companies of China from 2007 to 2009, this paper did empirical ...

Over the past 15 years, performance-based financing has been implemented in an increasing number of developing countries, particularly in Africa, as a means of improving health worker performance. Scaling up to national implementation in Burundi and Rwanda has encouraged proponents of performance-based financing to view it as more than a financing mechanism, but increasingly as a strategic tool...

A firm is sold in a cash auction in which cash-constrained bidders must raise external financing if they win the takeover contest. This paper shows that a bidder’s expected payoff after paying the seller and repaying his financier does not depend on the financier’s ability to extract rent. For any given security type, an increase in the cost of financing (e.g., a higher interest rate) is fully ...

BACKGROUND Shortage and maldistribution of the health workforce is a major problem in the Thai health system. The expansion of healthcare access to achieve universal health coverage placed additional demand on the health system especially on the health workers in the public sector who are the major providers of health services. At the same time, the reform in hospital payment methods resulted i...

We study the effect of asset liquidity (“tangibility”) on firm policies in the presence of financing constraints. We do so in a real options framework that allows for the simultaneous determination of investment and financing. In the presence of financing imperfections, firms that operate more tangible assets have larger credit capacity. By expanding the firm’s capital base, the investment proc...

At present, there is no consensus in the literature concerning the influence of different credit financing on investment efficiency of enterprises, especially the lack of empirical evidence in developing countries. In this paper, based on the World Bank enterprise survey data, using the Heckman sample selection model, we study the effects of bank credit and trade credit on investment efficiency...

For several decades, International development and financing institutions have considered gross national income (GNI) the economic touchstone for assessing and evaluating countries’ eligibility for development assistance. TheWorld Bank first developed the metric in 1960s as the basis for decisions on concessional financing through International Development Association (IDA). Since its establish...

BACKGROUND In Austria, financing health care -and even more so mental health care- is characterized by a mix of federal and provincial responsibilities, lack of uniformity in service provision and service providers, and diverse funding arrangements. The division between financing structures for health care and social care makes the situation even more complex. This state of affairs results in v...

Both market timing and investment-based theories of corporate financing predict underperformance after firms raise capital, but only market timing predicts that the composition of financing (equity compared to debt) should also forecast returns. In cross-sectional tests, we find that the amount of net financing is more important than its composition in explaining future stock returns. In the ti...

Ample evidence points to a negative relation between internal funds (profitability) and the demand for external funds (debt issuance). This relation has been interpreted as evidence supporting the pecking order theory. We show, however, that the negative effect of internal funds on the demand for external financing is concentrated among firms that are least likely to face high external financin...