Financial Structure

The U.S. Department of Energy (DOE) launched the Contract Reform Initiative in 1994 in order to improve the effectiveness and effkiency of managing major projects and programs. The intent of this initiative is to help DOE harness both technical and market forces to reduce the overall cost of accomplishing DOE's program goals. The new approach transfers greater risk to private contractors in order to develop incentives that align contractor performance with DOE's objectives. In some cases, this goal can be achieved through public-private partnerships wherein the govermhent and the contractor share risks associated with a project in a way that optimizes its economics. Generally, this requires that project risks are allocated to the party best equipped to manage and/or underwrite them. While the merits of privatization are well documented, the question of how privatized services should be financed is often debated. Given the cost of private sector equity and debt, it is difficu...

The study has evaluated the benefits and financial structure of the project in the village Johranpur, district Solan (Himachal Pradesh) where a project under the NATP on ‘Rainwater Management on Micro Watershed basis’ was undertaken in the year 2000. It has also studied the extent of employment generated by the project and has assessed the changes in the land-use pattern in the project area. The results have revealed that technology of diverting run-off from agricultural fields to renovated ponds and its recycling to the same area with peoples’ participation and other technological interventions could produce remarkable results and have tripled the net agricultural income. The project was implemented at an initial cost of 9.21 lakhs and farmers incurred additional annual cost on inputs ranging from Rs 4963 to Rs 6346 per hectare due to supplemental irrigation, increased cropping intensity and higher input-use. The benefit cost ratio has been found as 1.71 using a discount valu...

We provide empirical evidence on the determinants of the number of bank lenders using a sample of more than 3000 loans to firms from 24 European countries. Our testable hypotheses are built upon different theoretical frameworks drawn from the existing financial intermediation literature relative to the determinant of the optimal number of lenders. They concern firm characteristics, strategic considerations, bank

We examine the interaction between financial and microeconomic decisions in a differentiated duopoly where the exa ct position of the right-end of the consumers location interval is uncertain. Firm loca tion is endogenous . As it turns out, debt moves both locations to the left, bringing the levered firm closer to the center, and the other firm further away from it. Both produ ct prices increase, as does the profit of the levered firm.

Theoretical literature suggests that firms’ financial structure affects their real decisions because of capital markets imperfections. Several empirical studies have been conducted to test this hypothesis. This survey illustrates the main results of this literature focusing on the effects of capital markets imperfections on firms’ real decisions: fixed capital investments, F&D investments, inventory investments, labour demand and profit margins determination.

This paper investigates the structural and strategic determinants of firm growth using a unique data set for French firms employing between 10 and 250 employees in 1997 and active over the period 1997-2007. Starting from the idea that firm growth is not only a random process but that some regularities may be emphasized, we consider a growth model that combines

... Alberto LANZAVECCHIA alberto.lanzavecchia@unipd.it Assistant Professor Ph.D. Lucia POLETTI lucia.poletti@unipr.it Assistant Professor Ph.D. Beatrice RONCHINI beatrice.ronchini@unipr.it Full Professor Giulio TAGLIAVINI giulio.tagliavini@unipr.it Faculty of Economics ...

The work aims to investigate the issue of creating value, a fundamental objective for the survival of the company, accompanied by the ability of the same to attract financial resources, so as to define a capital structure that reflects the business strategy which does not compromise its competitive ability. The research question is whether there is a link between value creation and firms financial structure. In order to solve the question the methodology adopted is of desk type, or analysis of the scientific-literary reference. As finding of the research, note that the optimal financial structure is oriented to the search for balance between the different forms of financing that at different times of firm life are available. The study conducted shows, finally, the limit of lack in a quali-quantitative approach as a case study aimed to verify the theoretical framework. Therefore, this integration between theoretical and practical approach will be the subject of future research.

Using longitudinal panel farm-level data, this study finds that income variability may be materially influenced by farm size. Econometric results suggest that policy analyses and other considerations of the distributional effects of, and response to, income variability for commercial scale family farms may concentrate on farm size and other structural variables.

This paper reports on an investigation into the potential to use the financial ratios of New Zealand small businesses to discriminate their location as an aid in the accurate targeting of regional economic development programs. To the extent that there are clearly identifiable differences in performance and financial structure for urban and rural firms this could be significant for small

European defence firms are progressively being privatized and the recourse to private finance in the defence sector is increasing. We use data on French firms to examine at the firm level the impact of defence dependence on firms' financial structure at the end of a period characterised by a decline of defence purchasing. In terms of leverage and financial ratios, we find many significant differences between defence and non-defence firms but also between different categories of defence firms. The results provide some support for the hypothesis of a relationship between defence dependence and financial structure.

This paper addresses the question of how important officially supported export credits (OSECs) were, both in quantity and quality, in Sub-Saharan Africa's (SSA) external financing during the last two decades, and examines the prospects for the 1990s. The paper begins ...

This pilot study was designed to describe the clinical areas of collaboration, financial structures, and sources of conflict for certified nurse-midwives (CNMs) involved in nurse-midwife and physician collaborative practice (CP). A questionnaire was posted on an electronic bulletin board maintained by the Community-Based Nurse Midwifery Education Program of the Frontier School of Nursing. The nonrandom, convenience sample consisted of 78 respondents. Their mean age was 42 years; they had been in practice for a mean of 10 years, and 56% had graduate degrees. Eighty-nine percent reported involvement in CP. Eighty-three percent co-managed higher-risk women, and 46% performed vacuum-assisted deliveries or were first assistants at cesarean sections. Forty-eight percent of CNMs did not bill in their own names, and only 12% had full hospital privileges. The most common sources of conflict in CPs were clinical practice issues (100% ever encountered), power inequities (92%), financial issues...