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Abstract or Overview |
Author or Information Producer |
Web Page |
| 2008 IFAC Global Leadership Survey on the Accountancy Profession Summary of Results December 2, 2008
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The International Federation of Accountants (IFAC) invited the Presidents and Chief Executives of its member bodies and associates, as well as regional accountancy organizations and acknowledged regional groupings, to respond to the online Global Leadership Survey between October and November 2008. The survey sought their views on trends in the profession, focusing specifically on the supply and demand for professional accountants, perceived needs for specific services, and how the profession is and should be addressing the credit crisis. IFAC received a total of 130 responses from member body Presidents and Chief Executives, representing 104 IFAC member bodies and associates in 73 countries. In addition, six leaders representing three regional accountancy organizations and three acknowledged regional groupings completed a regional version of the survey. The majority of respondents serve as Chief Executives of their respective organizations.
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International Federation of Accountants (IFAC)
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http://web.ifac.org/download/2008_ifac_global_leadership_survey.pdf
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| ACHIEVING SUSTAINABLE COMMUNITIES IN A GLOBAL ECONOMY Alternative Private Strategies and Public Policies
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Explores alternative strategies in agricultural and rural development to address the impacts of globalization processes on smallholder agriculturalists and marginalized rural people. Its goal is twofold: (1) to identify and assess the key processes by which globalization is affecting the smallholder agricultural and rural sectors; and (2) to identify and propose both micro- and macro-level policies and other strategies to deal with the problems that arise. This volume presents writings of leading scholars and practitioners working in the private and public sectors. Their work focuses on major crosscutting issues in the developing world and on country-specific case studies.
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edited by Ralph D Christy (Cornell University, USA)
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http://www.worldscibooks.com/economics/5511.html
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| Actor-Network Theory – the Market Test
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Examines assumptions about markets
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Michel Callon, published by the Department of Sociology, Lancaster University, Lancaster LA1 4YL, UK
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http://www.lancs.ac.uk/fss/sociology/papers/callon-market-test.pdf
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| Advice for SMEs Pursuing Procurement Opportunities Financed By The World Bank and The Inter-American Development Bank
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This business guide is intended for individuals and companies that are new to the operations of the World Bank and the IDB. It will: I) provide the context in which contracts are won and lost so companies can realistically assess whether they can make the commitment required to pursue World Bank and IDB opportunities; and 2) for committed companies, outline a number of basic steps to pursuing World Bank and IDB-financed contracts, and some sources of information and support available to Canadians.
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Office of Liaison with International Financial Institutions Canadian Embassy, Washington, D.C. Revised August 1999
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http://www.dfait-maeci.gc.ca/ifiwashington/sme-e.pdf
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| Agency Costs and Ownership Structure: Evidence From the Small Business Finance Survey
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Agency problems arise when a corporate organization (the principal) employs a professional manager (the agent) and thereby separates the business owner from control of the business, according to a study released by the Office of Advocacy. The study’s findings have significant implications for small business owners. It is important for owners of small firms to participate actively in investment and financial decision-making. Because owner-managers are the most effective mechanism for eliminating agency costs.
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by Jackie So, Texas A&M International University
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http://www.sba.gov/advo/research/rs268tot.pdf
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| Amameda VC Whitepapers
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VC Process by Managing Director Po Chi Wu There are a number of myths/truths about the venture capital industry and the process of securing investment from a venture capitalist (VC) that are important to understand. Fundamentals of the venture capital process. How to raise money from venture firms.
Suggestions for Being a Successful Entrepreneur by Managing Director Po Chi Wu Secrets from a Silicon Valley venture capitalist.
Lessons Learned from the Internet Boom and Bust by Managing Director Po Chi Wu Experience really counts. Both the experiences of success and failure are important and valuable. Only the naïve can value ignorance.
Visions of Trends for the Next Decade by Managing Director Po Chi Wu The first decade of the new Millennium will be characterized by unexpected changes and challenges, accompanied by unintended consequences. Many of the attributes of human society are being examined and possibly re-defined from new points of view.
Attention is the Path from Interest to Commitment by Managing Director Po Chi Wu Do you know what commitment to a goal really involves? Finding ways to measure attention, where it is placed, how it is used can be enlightening. This paper discusses an approach to developing the kind of laser-sharp focus needed to be successful, as an individual or as a team.
The Value of Intellectual Capital by Managing Director Po Chi Wu Intellectual Capital is a new form of productive asset, a concept that has been created in the Information Age. How is Intellectual Capital valued and how is it different from Intellectual Property? This paper discusses how a business can build on its Intellectual Capital.
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Po Chi Wu, Managing Director Amameda Venture Capital
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http://www.alamedavc.com/whitepapers.html
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| Angel Investor Market Analysis
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Angel Investor Market Analysis by year beginning in 2002
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http://www.unh.edu/cvr
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http://wsbe.unh.edu/Centers_CVR/Q1Q22005analysisreport.cfm
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| Auditors Survey and Research Report About Small Business Issuer SEC Reporting: Challenges and Solutions
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This 60 page research report's findings are based on surveying PCAOB Registered Accounting Firms that work under the SEC's Regulation S-B securities regime on SB-2 registrations and 10KSB filings and analyzing input from expert informants and reviewing SOX information sources and examples of existing SOX compliance solutions. It examines what auditors believe must be done to help small public companies meet public reporting compliance requirements, particularly under the Sarbanes-Oxley Act. The report and its related SOX Information Sources Worksheet will be useful to officers, directors and audit committee members as they develop SOX compliance plans and auditors, attorneys, regulators, policy makers and small public company stakeholders who are working on SOX compliance issues.
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Brad Smith, SME Capital Markets
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http://smecapitalmarkets.net/AuditorsResearchReport.aspx
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| Auditors Survey and Research Report About Small Business Issuer SEC Reporting: Challenges and Solutions SOX Information Worksheet
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This worksheet lists information to help third-parties undertake their own SOX implementation research. The worksheet lists more than 200 SOX information pieces and in most instances provides URLs where they can be downloaded. It has been compiled as a starting point to help others undertake Sarbanes-Oxley compliance projects or develop audit policy research projects. This is not a definitive list and you are invited to recommend new information pieces to enhance this list.
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Brad Smith, SME Capital Markets
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http://smecapitalmarkets.net/AuditorsResearchWorksheet.aspx
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| Automated Trading Systems: Developed and Emerging Capital Markets
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Automated trading systems on developed and emerging capital markets are studied in this paper. The standard for developed market is automated trading system with 40-days simple moving average. We tested it for the index SIX Industrial for 1000 and 730 trading days. The Buy and Hold trading system was 7.80 times more profitable than this etalon trading system for active trading. Simple taking of profitable standard trading system from a developed capital market does not lead to optimal results on the emerging capital markets. We then studied optimized standard trading system based on the simple moving average. The parameter of optimization was the number of weeks. We took the range from 1 to 100 weeks. An optimal system was that with 5 weeks. This trading system has some of its characteristics comparable with the etalon trading system on the NYSE Composite Index. The emerging market is more risky than the developed market. The profit on the emerging market is also higher. The range of optimized system parameter is quite robust. Observed was increase of number of trades in the range from the 21 weeks to the 25 weeks. This indicates creation of a new optimal middle range.
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O. Hudak, Department of Corporate Finance, Faculty of Finance, Cesta na amfiteater 1, SK - 974 01 Banska Bystrica, Slovak Republic
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http://arxiv.org/PS_cache/physics/pdf/0505/0505032.pdf
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| Best Markets for Entrepreneurial Finance, Capital Studies, Milken Institute, October 2005
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2005 Capital Access Index Securitization in Financing Economic Activities
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James R. Barth, Tong Li, Sangeetha Malaiyandi, Donald McCarthy, Triphon Phumiwasana and Glenn Yago
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http://www.milkeninstitute.org/pdf/ca_2005.pdf
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| BOLOGNA 2000 SME CONFERENCE, BUSINESS SYMPOSIUM, ROUNDTABLE 4:, Enhancing the Competitiveness of SMEs in Transition Economies and Developing Countries in the Global Economy and their Partnership with SMEs of OECD Countries ISSUES PAPER
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This paper is intended to provide a basis for business participants in the Business Symposium Roundtable on SMEs in Transition and Developing Economies to be held in Bologna on 13 June. Roundtable presentations and discussions will highlight specific suggestions for concrete initiatives in the spirit of those included in the final declaration of the conference and will be presented to Ministers during the 14-15 June Bologna Conference.
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http://www.oecd.org/dataoecd/6/35/2753186.pdf
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| Capital and the Small Businessman:, A Proposal for an International Entrepreneurial Exchange
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The mission of an Entrepreneurial Exchange (EntEx) is to create a global capital market for small-to-medium enterprises (SMEs). Entrepreneurs around the world face a common problem—obtaining the "sliver of equity" to enable operations to achieve positive cash flow. The United States has the only capital market that is able to provide this funding to any degree of scale.
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Stephen A. Boyko
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http://www.inthenationalinterest.com/Articles/vol2issue20/vol2issue20boyko.html
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| Capital Flows to Emerging Markets: The Myths and Realities, Paper prepared for the Conference “Myths and Realities of Globalization”, At the Federal Reserve Bank of Dallas, 11/4/2004
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Examines Myths and Realities of Policies to liberalize capital flows
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Bill Block and Kristin Forbes, Council of Economic Advisers
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http://www.dallasfed.org/news/research/2004/04global_forbes1.pdf
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| Capital Market authority pleased with budget allocation,
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Overviews Capital Markets Development Authority thoughts about initiatives that Government provided in the 2006 national budget for the development of capital markets
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Fiji Times Online, (Monday, November 07, 2005)
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http://www.fijitimes.com/story.aspx?id=31555
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| CAPITAL MARKET IMPERFECTIONS, HIGH-TECH INVESTMENT, AND NEW EQUITY FINANCING, THE ECONOMIC JOURNAL, Volume 112 Issue 477 Page F54 - February 2002, doi:10.1111/1468-0297.00683
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Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded US high-tech companies over the period 1981. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and permits a major increase in firm size. After going public, comparatively few firms make heavy use of external financing.
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Robert E. Carpenter & Bruce C. Petersen
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http://www.blackwell-synergy.com/links/doi/10.1111/1468-0297.00683/abs/?cookieSet=1
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| Capital Markets: A Global Perspective
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Comprehensive Overview of Financial Products and Capital Markets
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http://www.amazon.com/exec/obidos/search-handle-url/index=books&field-author-exact=Thomas McInish&rank=-relevance%2C%2Bavailability%2C-daterank/103-4016442-2953424
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http://www.people.memphis.edu/~tmcinish/book.htm
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| CARICOM Capital Market to Become Fully Integrated in January
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Come January 2006, Jamaican investors and by extension the financial sector, will have a significantly wider market for investment, trade and to pursue most financial activities. This, as the CARICOM capital markets will become fully integrated under the CARICOM Single Market (CSM), even while region-wide cross listing, cross border trading and the formation of regional financial conglomerates are already happening.
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KINGSTON (JIS), Tuesday, November 15, 2005
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http://www.jis.gov.jm/foreign_affairs/html/20051113T090000-0500_7325_JIS_CARICOM_CAPITAL_MARKET_TO_BECOME_FULLY_INTEGRATED_IN_JANUARY.asp
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| Changes in small business finance
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Overview of the history of innovation being instilled into business models
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Alan Greenspan
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http://www.bog.frb.fed.us/boarddocs/speeches/1999/19990309.htm
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| China seeks to stabilize capital market to buoy economy
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China State Council urged the completion and start of the Growth Enterprise Board, a NADSAQ-like entity to help small start-ups raise funds.
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China Daily
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http://www.chinadaily.com.cn/china/2008-12/14/content_7302642.htm
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| Comparison and Reconciliation of SIC and NAICS Industry Codes Used To Define Knowledge-Based Industries (KBIs) Prepared for Industry Canada by: E. Wayne Clendenning & Associates, May 2000
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Study using SIC codes to measure bank lending to knowledge based industry (KBI) SMEs
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E. Wayne Clendenning & Associates
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http://strategis.ic.gc.ca/epic/internet/insbrp-rppe.nsf/vwapj/ComparisonReconciliation_e.pdf/$FILE/ComparisonReconciliation_e.pdf
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| DECISION TECHNOLOGIES FOR FINANCIAL ENGINEERING Proceedings of the Fourth International Conference on Neural Networks in the Capital Markets (NNCM '96)
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This volume selects the best contributions from the Fourth International Conference on Neural Networks in the Capital Markets (NNCM). The conference brought together academics from several disciplines with strategists and decision makers from the financial industries. The various chapters present and compare new techniques from many areas including data mining, information systems, machine learning, and statistical artificial intelligence. The volume focuses on evaluating their usefulness for problems in computational finance and financial engineering. Applications — risk management; asset allocation; dynamic trading and hedging; forecasting; trading cost control. Markets — equity; foreign exchange; bond; commodity; derivatives; Approaches — data mining; statistical AI; machine learning; Monte Carlo simulation; bootstrapping; genetic algorithms; nonparametric methods; fuzzy logic. The chapters emphasizes in-depth and comparative evaluation with established approaches.
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edited by Andreas S Weigend (New York University), Yaser Abu-Mostafa (California Institute of Technology) & A-Paul N Refenes (London Business School)
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http://www.worldscibooks.com/economics/3463.html
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| Definitions of SMEs in some of the Asian Countries
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SMEs as a class are clearly distinguishable in any country., developed or developing. The factors that set them apart are essentially qualitative and comparative.
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Rekha M.P.Hewaliyange, Deputy Director- Special Project for Regional SME Development, Sri Lanka Export Development Board
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http://www.tradenetsl.lk/sme/definition.htm
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| Discussion paper on developing a market for Small and Medium Enterprises in India
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SEBI Guidelines for proposals to launch a Stock Exchange for Small and Medium Enterprises in India
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Market Regulation Department - Division of SRO Administration
SEBI Bhavan, 2nd Floor, A-Wing
Plot No. C4-A, “G” Block
Bandra Kurla complex
Mumbai-400 051
The comments / suggestions may also be e-mailed to
bhartendrakg@sebi.gov.in.
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http://www.sebi.gov.in/commreport/sme.pdf
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| Domestic Capital Market Reform and Access to Global Finance: Making Markets Work
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Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalizations have not had as strong an effect as might be expected. To convince outsiders to invest, countries must put in place laws and supporting institutions to protect the rights of minority shareholders. Countries with such protections tend to have larger, more efficient, and more stable stock markets than those that do not.
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http://faculty-gsb.stanford.edu/henry/personal/homepage.htm
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http://www.nber.org/papers/w10064
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| Don't micro-manage demutualization
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India Stock Exchange demutualization advice
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mailto:somasekhar@jsalaw.com
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http://www.business-standard.com/common/storypage.php?storyflag=y&leftnm=lmnu2&leftindx=2&lselect=3&chklogin=N&autono=204794
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| Emerging Financial Markets in the Global Economy
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The rapid emergence of active financial markets in a number of developing and transition countries during the 1990s is a momentous phenomenon. Until recently, most developing countries severely manipulated and repressed their financial markets. The dramatic increase in the influence of neo-liberal thinking and laissez-faire governance in developing countries has recently led to serious capital market reform in scores of countries. Most countries without financial market reform are anxiously studying their successful neighbors in order to adopt policies, programs, and regulations that have a proven track record. This collection of papers addresses many of the important issues raised by these dramatic changes, including restructuring pension systems, organizing new equity markets, designing financial systems to deal with systemic risk, dealing with the overhang and bad debts, and attracting foreign direct investments. Several papers deal with informal credit markets, examining the effect of informal finance on economic development and the exponential growth in microfinance by private financial institutions in Latin America and in the United States. The book is intended for policy makers and scholars interested in capital markets in developing and transition economies. It is also suitable for use as a supplementary text in upper level undergraduate and graduate courses in development finance.
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Larry Sawers, Daniel Schydlowsky, David Nickerson
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http://www.worldscibooks.com/economics/4076.html
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| EPAs Through the Lens of Kenya
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Report Considers Options for Kenya in its negotiations with the European Union and related issues
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EcoNews Africa, Traidcraft Exchange
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http://www.stopepa.de/img/Kenia_EPA_report%20Sep05.pdf
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| Equity Prices Productivity Growth and the New Economy
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Abstract. The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empirical evidence give strong support for the model by suggesting that technological innovations indeed have only temporary effects on equity returns.
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http://www.econ.ku.dk/FRU
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http://www.econ.ku.dk/FRU/WorkingPapers/PDF/2004/2004_11.pdf
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| European Capital Markets Institute A Comparison of Small and Medium Sized Enterprises in Europe and in the USA – Manuscript
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The study discusses the nature and characteristics of small and medium sized enterprises (SMEs) private equity and capital markets in Europe and the United States. It analyses the link between SMEs and capital markets on both sides of the Atlantic, and provides answers to the central question posed “Despite the relative success of SMEs in Europe, why do SMEs in the USA appear to have closer, more profitable ties to private equity and capital markets?”
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This study, commissioned by the European Capital Markets Institute (ECMI), contains research and analysis conducted by Morgan Stanley Dean Witter in collaboration with Nmás1 and the London School of Economics, with data provided by Dun and Bradstreet, and additional research provided by IESE— the International Graduate School of Management of the University of Navarra in Barcelona, Spain.
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http://www.eurocapitalmarkets.org/files/SMEE_book.pdf
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| Gaps in SME Financing: An Analytical Framework
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Determines the extent to which, if any, particular categories of small firms are systematically disadvantaged with respect to access to capital for public policy on this matter to be effective,
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Strategis - Small Business Research and Policy Document
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http://strategis.ic.gc.ca/epic/internet/insbrp-rppe.nsf/en/rd01392e.html
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| GLOBAL ACTION NETWORKS AND THE EVOLUTION OF GLOBAL PUBLIC POLICY SYSTEMS, January 20, 2004
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With the acceleration of globalization, pressure has increased for more effective global public policy systems. Traditionally the systems were conceived as the purview of governments and intergovernmental agencies such as the United Nations and the World Bank. However, over the past decade the increasing scale of problems such as poverty and environmental degradation has proven well beyond the capacity of these organizations. In the midst of boisterous protests about the negative impacts of economic globalization, more complex multi-stakeholder approaches to global public policy have arisen. This paper looks at a particular multi-stakeholder approach, Global Action Networks (GANs), as complex systems in terms of “effectiveness” challenges. Understanding how to create effective GANs is critical to addressing numerous global issues. Based on several cases, this paper describes an analytical framework for GANs that focuses upon effectiveness and the development process. It then presents three analytical phases and the methodologies being developed to support the framework.
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Steve Waddell and Verna Allee
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http://www.vernaallee.com/library articles/ICSTM paper.pdf
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| Global Perspectives on Entrepreneurship Policy Agenda
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Summary, Part 1, Part II, Part III - Proceedings from the June conference include, summaries of presentations, PowerPoint presentations, and biographies of speakers.
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|
, http://www.sba.gov/advo/research/proceedings_a05.pdf ,, http://www.sba.gov/advo/research/proceedings_b05.pdf ,, http://www.sba.gov/advo/research/proceedings_c05.pdf, http://www.sba.gov/advo/research/conf_summary05.pdf , http://www.sba.gov/advo/research/proceedings_a05.pdf , http://www.sba.gov/advo/research/proceedings_b05.pdf , http://www.sba.gov/advo/research/proceedings_c05.pdf
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| Gov’t introduces unlisted securities market
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Government is to introduce an unlisted securities market on the Ghana Stock Exchange to enable indigenous Small and Medium Scale Enterprises (SMEs) to raise equity on the market to support their expansion programmes. The unlisted securities market would also enable the SMEs to clean their balance sheets by replacing debts with equities, Finance Minister Kwadwo Baah-Wiredu, said when he presented the 2006 budget in Parliament on Thursday ahead of the beginning of the year. "This will reduce their interest payments and boost profitability and growth in the SMEs," he said in a budget statement that also proposed the extension of the tax-exempt status of capital gains on the Ghana Stock Exchange by five years to the end of December 2010. "Further, Government will support the Ghana Stock Exchange to establish an Automated Trading Platform under the proposed Economic Management and Capacity Building Project."
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Ghana News Today, CITI News Team, Thursday, 10 November 2005
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http://www.ghananewstoday.com/portal/index.php?option=content&task=view&id=2333
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| Helping SMEs go global, Business Standard, October 18, 2005
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The key message is that it is crucial to jointly leverage internal (especially knowledge) and external (especially network) resources.
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mailto:shameen@gsb.strath.ac.uk
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http://www.business-standard.com/strategist/storypage.php?chklogin=N&autono=203123&lselect=6&leftnm=lmnu7&leftindx=7
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| http://www.businessweek.com/magazine/content/08_18/b4082000029137.htm?link_position=link1
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Overviews micro lending projects and models
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Amy Feldman, Business Week
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http://www.businessweek.com/magazine/content/08_18/b4082000029137.htm?link_position=link1
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| IABD ENTERPRISE DEVELOPMENT STRATEGY Small- and Medium-Sized Enterprises
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IABD Country Enterprise Development Strategy: In light of the diversity of instruments needed and the range of actions already undertaken by the Bank in each country, it is proposed that a coordinated and coherent effort be made to integrate those efforts and to take advantage of the unique opportunities and synergies offered by the joint actions of the Bank’s various institutions. The Multilateral Investment Fund (MIF), the Inter-American Investment Corporation (IIC), and the Bank, working as a group, under the leadership of the regional departments and the technical support of the central units, will develop, a Country Enterprise Development Strategy (EDS), within the framework of the Country Programming process. This strategy will be consistent with the principles outlined above and will be based on a thorough analysis of the Bank’s ongoing country activities, the country strategy for SME, the actions and programs of other donors, the existence of regional integration programs and the operating environment for enterprises that identifies the areas in need of intervention. It will consist of a strategy statement to guide Bank’s activities and a comprehensive (multiyear) package of actions, which may include new operations, the adaptation and integration of existing ones or a combination of both and all the policy and institutional measures necessary to enhance SME development.
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http://www.iadb.org/sds/doc/759eng.pdf
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| Ideas
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IDEAS is run with considerable help from others by . IDEAS uses the RePEc database. RePEc stands for "Research Papers in Economics" and is an internal name for a group working on the provision of electronic working papers.
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Christian Zimmermann, Department of Economics of the University of Connecticut
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http://ideas.repec.org/ArticleSeries.html
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| INDUSTRIAL DEVELOPMENT IN SINGAPORE, TAIWAN, AND SOUTH KOREA
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Economic analysis of the industrial experiences of the newly industrialized economies in Asia is generally lacking in the literature. This study attempts to fill that void by providing an in-depth discussion on the economic impact of the industrial policies of Singapore, Taiwan, and South Korea in the three-and-a-half decades after 1960. Throughout the study, a broad perspective of macroeconomic development is maintained. It is highly critical of the narrow-minded objective of certain governments in maximizing the pace of industrialization at the expense of general economic well-being. A comparative analysis of the industrial experiences of the three economies also shows a diversity of constraints and processes. Singapore relied on multinational corporations, Taiwan on returned engineers, and South Korea on chaebols. There appears to be no Asian formula for industrialization. In Hong Kong, there is an ongoing debate on whether some form of industrial policy should be introduced, in view of the perception that Hong Kong is lagging behind the other economies in terms of technology. Drawing on the experiences of the other economies, the concluding chapter of the book provides an informed and balanced answer to this question.
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by Kwong Kai-Sun (The Chinese University of Hong Kong), Chau Leung-Chuen (University of Hong Kong), Francis T Lui & Larry D Qiu (Hong Kong University of Science and Technology)
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http://www.worldscibooks.com/economics/4706.html
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| Inequality
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In a growth model, rent-grabbing and free riding can give rise to inequality in productivity and firm size. Inequality among firms affects a firm's incentive to free ride or to grab rents, and, hence, the incentive to invest in research and training We follow Lucas and Prescott (1971) and Hayashi (1982) and assume constant returns in production and in adjustment costs for investment, and perfect capital markets. Our conclusion, however, differs starkly from theirs: Average Tobin's q generally exceeds marginal q. That is, the unit value of capital is lower in big firms, and evidence dating back to Fazzari, Hubbard, and Petersen (1988) supports this claim quite decisively. Such evidence is usually taken to imply that small firms invest at a rate lower than its perfect capital market rate. In our model, however, it arises because small firms rely more on copying than big firms do: The marginal product of capital is equal across firms, but its average product is higher than that because small firms get a disproportionately high external benefit.
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Published: Eeckhout, Jan and Boyan Jovanovic. "Knowledge Spillovers And Inequality," American Economic Review, 2002, v92(5,Dec), 1290-1307
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http://www.nber.org/papers/w6841
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| InFocus Programme on Boosting Employment Through Small Enterprise Development
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Access to decent work acts as an antidote to social exclusion right across our global economy. SEED seeks to unlock the potential for creating more and better jobs in the small enterprise sector. Since this is where most women and men earn their living - in micro- and small enterprises, in self-employment, in the informal economy - this is where policies, regulations, business training, market development and organization building matter most.
The International Labour Conference validated this idea in 1998 by adopting Recommendation No. 189 on "Job Creation in Small and Medium-sized Enterprises". This offers a vision of a vibrant, job-creating, poverty-fighting small enterprise sector. Now SEED is working with governments, social partners and communities, to craft new policy tools, invigorate entrepreneurship and management training, and involve small business in new markets. The Programme conducts research on what works where and why, so that employment can be boosted through small enterprise development.
SEED builds on the ILO's 35 years of experience in supporting small enterprise development. Its mission is to strengthen understanding of how development of this economic sector can better serve employment goals. Most importantly, this knowledge is being put to work through policy guidance, technical assistance and international advocacy. ILO concerns and values drive the work that SEED carries out in improving job quality in small enterprises, increasing economic opportunities for women, promoting association building of employers and workers in the sector, and upgrading the informal economy.
The main areas of work are:
• Promotion of an enabling business environment: balancing the need to reduce compliance and efficiency costs with the need to safeguard and, where appropriate, improve protection for workers, including their right to social protection • Building representative associations • Access to business development services • Value chains and cluster upgrading • Informal economy upgrading • Promotion of an entrepreneurial culture • Job quality in micro- and small enterprises • Youth entrepreneurship • Women's entrepreneurship
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International Labour Organization
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http://www.ilo.org/ilolex/cgi-lex/convde.pl?R189
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| Information Aggregation – A Value-added E-Service
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Information aggregation, a service that collects relevant information from multiple sources, has emerged to help individuals and businesses to effectively use the growing amount of information on the Web. In this paper, we analyzed a number of characteristics of information aggregation, namely comparison, relationship, and intra-organization aggregation. Using a case study, we demonstrated that successful e-business models could be built using information aggregation. The key to success is to identify value creation mechanisms using the aggregated information and combining it with domain knowledge of a specific industry and market. With these mechanisms, value-added post-aggregation services can be provided to generate sufficient revenues to sustain and grow the business. Emerging policies and regulations will impact the development of information aggregation. Although it is technologically feasible to aggregate information globally, the differences in aggregation related policies among nations may become a barrier and harmonizing them still remains a challenging task. Keywords: aggregation, business model, e-business, e-service, policy
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Hongwei Zhu, Michael D. Siegel, Stuart E. Madnick, MIT Sloan School of Management, 30 Wadsworth Street, Cambridge, MA 02139, {mrzhu, msiegel, smadnick}@MIT.EDU
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| Joint Applications and Purchase to Pay Automation Insights into Enterprise Purchase to Pay Automation and Transformation
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Over three months Basware conducted extensive independent research into the purchase to pay automation challenges facing firms. This white paper explores the emerging Joint applications perspective on purchase to pay automation and reveal how leading edge firms are generating real improvements in p2p processing, analysis and governance by deploying processes and solutions based on Joint applications principles. The study examines how finance professionals and users are taking advantage of the emerging functionality of Joint applications to improve purchase to pay automation. In particular, the study examines the following areas: • The challenges facing finance professionals and others in enterprise purchase to pay automation • The levels of adoption and success of Joint applications and other purchase to pay automation technologies; • The shared experiences of those, involved in deploying purchase to pay - automation solutions in organisations. • The level and nature of communication and information sharing between F&A, Procurement and IT operations
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BasWare Whitepaper - A research report prepared by Dr. Martin Fahy, National University of Ireland, Galway
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http://www.basware.com/en/solutions/white+papers
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| Keeping Capital Flowing: The Role of the IMF
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This paper examines the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals. In such countries, IMF programs are also associated with improvements in the fundamentals themselves.
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Michael D. Bordo, Ashoka Mody, Nienke Oomes, NBER Working Paper No. 10834, Issued in October 2004, NBER Program(s): IFM
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http://www.nber.org/papers/w10834
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| Liquidity and Expected Returns: Lessons from Emerging Markets, 2003
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Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our measure of liquidity is the proportion of zero daily firm returns, averaged over the month. We find that this liquidity measure significantly predicts future returns, whereas alternative measures such as turnover do not. Consistent with liquidity being a priced factor, unexpected liquidity shocks are positively correlated with return shocks and negatively correlated with shocks to the dividend yield. Equity market liberalization significantly improves the level of liquidity, but has no significant effect on the relationship between liquidity and future returns. We consider a simple asset pricing model with liquidity and the market portfolio as risk factors, differentiating between integrated and segmented countries and periods. Models with local liquidity risks outperform all others models.
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Geert Bekaert, Columbia University, New York, NY 10027 USA, National Bureau of Economic Research, Cambridge, MA 02138 USA, Campbell R. Harvey, Duke University, Durham, NC 27708 USA, National Bureau of Economic Research, Cambridge, MA 02138 USA, Christian Lundblad, Indiana University, Bloomington, IN 47405 USA
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http://www.darden.virginia.edu/Batten/EM2005/PDFs/lundblad_draft.pdf
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| LSE allows listing for Indians firms following Indian accounting standards
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Reports about LSE accepting Indian accounting standards for listings
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Sun, 06 Nov 2005 20:05, by Amy Watts
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http://www.abcmoney.co.uk/news/0620051281.htm
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| MICRO-POLICIES FOR GROWTH AND PRODUCTIVITY: FINAL REPORT
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The report shows a need for a comprehensive growth strategy based on the key micro-policies identified as Policy priorities and micro-policies for enhancing growth and productivity including:
Fostering firm creation and entrepreneurship Increasing access to venture capital by: i) using public equity funds to leverage private financing and targeting financing gaps; ii) easing quantitative restrictions on institutional investors; and iii) developing competent venture investors and managers. Ensuring efficient bankruptcy regimes by: i) reducing the time during which creditors have claims on assets; ii) introducing tougher regimes for bankrupt parties whose conduct has been irresponsible; and iii) removing the state’s right to recover unpaid taxes ahead of other creditors. Providing entrepreneurial education by: i) teaching entrepreneurial skills and attitudes in early education; and ii) integrating entrepreneurial education in university curriculum.
Seizing the benefits of information and communications technology (ICT) Enhancing ICT skills at all levels of education by: i) defining a national strategy for integrating ICT in schools; ii) helping schools buy computers and get online; iii) providing ICT training for teachers, iv) developing educational software and online content, and v) working with the private sector to develop long-term strategies for developing the ICT workforce. Stimulating competition in communication markets by: i) accelerating the process of unbundling local loops; and ii) increasing competition across different communications platforms. Implementing e-government by: i) increasing online government services; ii) creating common government portals and standardised Web pages; and iii) ensuring online security and privacy. Developing digital content by: i) clarifying intellectual property regimes for online content; and ii) clarifying ownership and pricing rules for digital content based on public sector information.
Exploiting and diffusing science and technology Enhancing the quality of public research by: i) creating centres of excellence for research; ii) involving industry in the design and financing of the centres; and iii) developing competitive mechanisms to identify research areas. Promoting industry-science links by: i) fostering spin-offs and licensing agreements from public research with flexible IPR infrastructure; and ii) promoting public-private partnerships with well-defined objectives and clear funding arrangements. Fostering collaborative networks and clusters by:i) integrating a cluster approach when designing support programmes, e.g. at the regional level; and ii) focusing more on getting the right people together than on providing subsidies. Stimulating demand for new products, processes and services by: i) public procurement of new products and services; ii) creating awareness and public acceptance of new technologies; and iii) fostering acceptance among the social partners of the long-term benefits of new technologies.
Enhancing human capital and realising its potential Increasing educational attainment by: i) providing cost-effective support to tertiary education; ii) stimulating competition among educational institutions; and iii) linking higher education to the conduct of government-financed research and development (R&D). Providing incentives for continuous training by: i) negotiating tripartite agreements to share the costs and responsibility for enterprise training; ii) offsetting costs and time constraints of individual investments in training; and iii) developing schemes to assist small firms to provide more worker training. Fostering knowledge-based management and organisation in enterprises by: i) promoting flexible work approaches through labour market policies; ii) adopting knowledge-based management approaches in the public sector; and iii) upgrading managerial skills in small firms.
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Produced by OECD a unique forum where the governments of 30 democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD. OECD Publishing disseminates widely the results of the Organisation’s statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members. This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries.
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http://www.oecd.org/dataoecd/40/58/34941809.pdf
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| NBER
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THE NBER PROJECT ON EXCHANGE RATE CRISES IN EMERGING MARKET COUNTRIES
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|
http://www.nber.org/crisis/
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| OECD Micro Policies for Growth
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The Micro-Policies for Growth and Productivity project was carried out in response to the request by Ministers, at the OECD Council Ministerial in 2001, to strengthen benchmarking as part of the follow-up to the OECD Growth Project and to strengthen the OECD’s peer reviews of structural reform. It also responds to the 2002 Council Ministerial request to monitor the implementation of the policy recommendations of the OECD Growth Study. The project’s objective has been to identify the critical areas of the business environment for each driver of growth and to identify effective micro-policies for each of these critical areas in order to develop a more coherent growth strategy for the micro level of the economy. Its target has been to identify critical policy areas for each of the micro-drivers of growth – entrepreneurship, information and communications technology (ICT), innovation and human capital – through a quantitative benchmarking methodology. Two documents are available: the Synthesis and Benchmarking User Guide is a brochure which provides a brief synthesis to the Micro-Policies for Growth and Productivity Project Final Report and also serves as a guide to the benchmarking methodology used in the analysis.
|
|
2340,en_2649_34555_34941890_1_1_1_1,00.html, http://www.oecd.org/document/2/0,2340,en_2649_34555_34941890_1_1_1_1,00.html
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| OECD Principles of Corporate Governance a Global Effort
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Social Development Review Article, September 2001, Vol 5, No 3
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Stilpon Nestor
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http://www.icsw.org/publications/sdr/2001-sept/oecd-principle.htm
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| On the Road to Reg ATS, A Critical History of the Regulation of Automated Trading Systems
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Abstract, Automation of the trade execution process transforms the industrial structure of the trading services industry, changing the context within which trade execution services are regulated. We provide a short history of the US equity market experience as a case study of regulatory reaction and accommodation to new trading technology. Past and current approaches to the regulation of automated trading systems are described. Issues are identified that are common to a variety of international jurisdictions and to trading in financial instruments other than common stocks. The analysis emphasizes the use of the definition of an “exchange” for the purpose of classification and regulation of automated trading systems. The main theme, however, is regulation of market structure, defined as comprising the rules and institutions which determine competition between trading platforms.
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Ian Domowitz, Mary Jean and Frank P. Smeal Professor of Finance, Pennsylvania State University, Ruben Lee, Director, Oxford Finance Group
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http://www.smeal.psu.edu/ebrc/publications/res_papers/2001_10.pdf
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| Origins of a Marketplace: Creation of NQB’s Electronic Microcap Quotation Service
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May not be reproduced by any means without express permission. All rights reserved.
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TowerGroup Research Notes are available to subscribers on the Internet at www.towergroup.com.
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|
| Paper Series at Ideas
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IDEAS is run with considerable help from others by Christian Zimmermann at the Department of Economics of the University of ConnecticutIDEAS uses the RePEc database. RePEc stands for "Research Papers in Economics" and is an internal name for a group working on the provision of electronic working papers.
|
|
http://ideas.repec.org/PaperSeries.html
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| PATTERNS AND TRENDS IN ENTREPRENEURSHIP/SME POLICY AND PRACTICE IN TEN ECONOMIES
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Patterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies is Volume 3 of the Entrepreneurship Policy for the Future series describing, analysing andPatterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies is Volume 3 of the Entrepreneurship Policy for the Future series describing, analysing and discussing the development of entrepreneurship policy perspectives and measures in a group of ten economies – six members of the European Union (EU) and four members of the Asia- Pacific Economic Cooperation (APEC). The objective of the project was to explore actions of a number of diverse economies to address the issue of entrepreneurship development, with a particular emphasis on efforts to increase the level of entrepreneurial activity. The major research conclusions about entrepreneurship policy development, along with ‘best practice’ descriptions of key entrepreneurship development areas, are presented in two additional volumes. Beyond the Rhetoric: Defining Entrepreneurship Policy and Its Best Practice Components (Stevenson and Lundström, forthcoming 2001) presents a comprehensive entrepreneurship development framework and describes a number of best practice approaches and examples in the entrepreneurship policy/programs area. Entrepreneurship Policy for the Future (Lundström and Stevenson, 2001) summarizes what is currently known about this process, both from the small business/entrepreneurship and economic literature and from the experiences of these ten economies. From ‘lessons learned’ in the research cases, it presents some guidance to governments seeking to integrate entrepreneurship elements into their existing economic development and SME policy approaches.
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Lois Stevenson, Anders Lundström, Swedish Foundation for Small Business Research
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http://www.fsf.se/Patterns/CH1-BA~1.DOC.pdf
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| Project to develop capital markets
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To enhance the capacity of enterprises to utilise capital markets, the ASEM Trust Fund II is providing funding for a capital markets development project now being implemented by the State Securities Commission. The Official Development Assistance (ODA) project will cost US$770,000, $650,000 of which is funded by the ASEM Trust Fund II. The remain $120,000 is matching funds contributed by the Government. The project improves the securities commission’s capacity to manage and formulate policies for developing the securities market, strengthening training and research and increasing investor awareness of the securities market. International Securities Consultancy from Hong Kong, Vision and Associates Co, the Canadian Development Partnerships, and the Viet Nam Technology, Investment Consulting Centre are co-operating to implement the project, with close oversight by the World Bank. Consultants have completed several training courses this year and are preparing to hold additional workshops and training for the State Securities Commission officials in the near future. — VNS
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Viet Nam News (09-11-2005)
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http://vietnamnews.vnagency.com.vn/showarticle.php?num=03ECO091105
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| R189 Job Creation in Small and Medium-Sized Enterprises Recommendation, 1998
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Declaration of The General Conference of the International Labour Organization
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|
http://www.ilo.org/ilolex/cgi-lex/convde.pl?R189
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| R189 Job Creation in Small and Medium-Sized Enterprises Recommendation, 1998
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Recommendation concerning General Conditions to stimulate Job Creation in Small and Medium-Sized Enterprises
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General Conference of the International Labour Organization
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http://www.ilo.org/ilolex/cgi-lex/convde.pl?R189
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| Report Pursuant to Section 21(a) of the Securities Exchange Act of 1934 Regarding the NASD and the NASDAQ Market
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Report that began the SEC's current market strucutre programs. The Commission staff has conducted an investigation of the operations and activities of the National Association of Securities Dealers, Inc. ("NASD") and of market making activities in the Nasdaq Stock Market ("Nasdaq market"). The investigation uncovered a number of matters of fundamental concern about the operations and structure of the NASD and the Nasdaq market, as set forth herein. The Commission believes that significant changes to the NASD and the Nasdaq market are warranted. The Commission has deemed it appropriate to issue this Report of Investigation ("Report") pursuant to Section 21(a) of the Securities Exchange Act of 1934 ("Exchange Act") in order to discuss the matters uncovered in the investigation and, in particular, deficiencies in the NASD's oversight of the Nasdaq market and its failure to enforce compliance with the NASD's rules and the requirements of the federal securities laws.-[1]-
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US Securities and Exchange Commission
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http://www.sec.gov/litigation/investreport/nd21a-report.txt
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| SB-2 Capital Market Research Report 2005 - Released April 2006
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Abstract
This 75 page report covers the SB-2 capital market niche that is enabled by the SEC's small business issuer regime. It includes history about the registration program and macro facts about companies that undertook SB-2 registrations during 2005. It analyzes market intelligence to identify 25 new business opportunities. Business owners, officers and directors, broker-dealers, investment bankers, market makers, product and service vendors and other elements in the small public company market place including: SEC, PCAOB and government policymakers and regulators, members of associations such as the AICPA and entities working on COSO related projects, CPA firms, Attorneys, CFOs and other finance and accounting staff, audit committee members, independent financial expert board members, management consultants, compliance and internal controls specialists, IT application developers, researchers and entry level capital market stakeholders will benefit from its information.
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Brad Smith, SME Capital Markets
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http://smecapitalmarkets.net/SB2ResearchReport2005.aspx
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| SB-2 Capital Market Research Report 2006 Released July 2007
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Abstract This 83-page research report covers the SB-2 capital market segment by presenting a profile of facts about companies that undertake SB-2 registrations, making year-over-year comparisons of key facts and providing a list of the Accounting and Law Firms who worked on 2006 SB-2 registrations. Since 1995, 6,599 SB-2 registrations have been undertaken. 1034 SB-2 registrations were recorded during 2006 making it a new record-high year. This report includes comprehensive analysis of 931 SB-2 registrations that were undertaken during 2006. 931 companies registered 44.6 billion shares with a maximum aggregate offering price of $11.3-Billion. 795 (77%) of the 2006-SB-2 registrants trade on an exchange or OTC market and 661 (64%) trade on the OTCBB. These 795 SB-2 registrants produced $24.2-Billion of market cap value. SB-2 registrants were supported by two important groups of professionals including: 289 Audit Firms and 326 Law Firms. Top ten lists for Auditors and Law Firms are presented and the report includes a list of all the Audit and Law Firms that worked on SB-2 registrations during 2006. The SB-2 Research Report provides an analysis of twelve data elements including value ranges, SIC, Market segment, Geographical reach, Secondary Market Venues, Officer and Director head-counts and SB-2 registrant company website analytics. The report offers market intelligence and identifies new business opportunity recommendations that can benefit people who work in the SB-2 capital market segment. An SB-2 Worksheet that lists data elements for each of the 931 SB-2 Registrant companies covered in this report can be purchased if one wants to do more analysis of SB-2 Registrant data. Information in this report will benefit small issuer officer and director teams, attorneys, auditors, broker-dealers, market makers, service and solution providers, policy makers, regulators and other stakeholders who work on entry-level capital market projects.
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Brad Smith, SME Capital Markets
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http://smecapitalmarkets.net/SB2ResearchReport2006.aspx
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| SEBI outlines framework for SME exchange
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MUMBAI: The Securities and Exchange Board of India on Wednesday announced the framework for small and medium enterprises stock exchange. The
regulator has said the proposed SME stock exchange should be set up as a corporatised entity with a minimum networth of Rs 100 crore.
The exchange must have nation-wide trading terminals and an online screen-based trading system, which also has a suitable business continuity plan, including a disaster recovery site.
In order to keep a check on market manipulation, the regulator also said the exchange should have an online surveillance system which monitors position, prices and volumes in real time. The risk management system and surveillance system must be the same as that of the cash market.
The proposed SME exchange should have an adequate arbitration and investor grievances redressal mechanism operative from all the four regions of the country, along with an inspection capability.
|
The Economic Times
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http://economictimes.indiatimes.com/market_news/sebi_outlines_framework_for_sme_exchange/articleshow/3679027.cms
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| SEED Database of small enterprise definitions, policies, laws and regulations
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laws and policies as well as definitions of small enterprises in different countries are available
|
|
http://www.ilo.org/dyn/empent/empent.portal?p_docid=DOCUMENT&p_prog=S&p_subprog=PE
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| Share Liquidity and Industrial Growth in an Emerging Market: The Case of New England, 1854-1897
|
The rapid growth of equity markets in emerging economies over the past decade has prompted economists to raise important questions about their macroeconomic impact. Although the relative brevity of this expansion has made it challenging to perform such an evaluation, there remains a strong notion that liquidity promotes participation in equity markets and is thus central to their deepening. Interestingly the first U.S. market for industrial equities arose in Boston more than 150 years ago, when capital flows were considerably less volatile than those associated with today's emerging markets. This difference makes it possible to gain insights about the long-run effects of growing sophistication in equity markets by studying the full period of Boston's emergence. From primary sources hitherto unused for scholarly investigations, namely the running annual worksheets of securities price fluctuations which underlie Boston broker Joseph Martin's volumes on the history of the Boston stock market, this paper formulates and presents broad-based indices of annual prices and returns for banking and industrial equities traded from 1854 to 1897 as well as measures of overall market capitalization in these sectors. A set of vector autoregressive models then relates increases in liquidity, as measured by the falling par values of industrial shares to rising prices and capitalizations of firms traded in the Boston market. Increases in liquidity and the real market value of equity capital in banks and industrials are also linked to higher annual earnings among the region's industrial workers. The results support the view that share liquidity was a key factor in the rise of the U.S. as a classic case of finance-led industrialization
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Peter L. Rousseau, NBER Historical Working Paper No. 117, Issued in March 1999, NBER Program(s):, DAE
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http://www.nber.org/papers/h0117
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| Shared Services in a Global Economy - Expanding the Shared Services Value Proposition
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Identifies how Comprehensive Shared Services can become a strategic business asset. The survey reveals that shared services organizations (SSOs) are helping companies adapt to two significant business events: the rise of the outsourcing and offshoring industries and the demands of compliance with the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley). Contrary to popular perception, outsourcing and offshoring aren't replacing shared services. Instead, SSOs are incorporating outsourced and offshore services into their own operating models. As for the Sarbanes-Oxley Act, most of our respondents thought that shared services made the compliance process easier. We expect Sarbanes-Oxley concerns to drive shared services activity for the next several years as companies further consolidate and standardize their processes. Of course, as with any business asset, the value you get out of an SSO depends on the value you put in. Management still expects SSOs to deliver “Lexus luxury at Kia costs,” as one respondent wryly put it. A challenge under the best of circumstances, this can be all but impossible if top management doesn't invest in shared services as a strategic priority. Now is the time to start thinking of SSOs as a value center rather than a cost center. The consolidation and standardization enabled by shared services does more than reduce costs. It also reduces complexity so that businesses can respond to opportunities faster. The more integrated SSOs are with the company's strategic goals, the more useful they can be in a constantly changing environment.
|
Deloitte's 2005 Global Shared Services Survey
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1002,sid=57841&cid=88377,00.html, http://www.deloitte.com/dtt/article/0,1002,sid=57841&cid=88377,00.html
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| Shenzhen Stock Exchange Small to Medium Enterprise Board
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Overview of the history of the launch of the Shenzhen Stock Exchange Small to Medium Enterprise Board
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Lehman Lee & Xu
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http://www.hg.org/article.asp?id=5164
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| Singapore to securitise S$300m in loans to SMEs under new scheme
|
Small and medium enterprises now have an alternative source of borrowing and they will also need very little or even no collateral under a new scheme. It is called the SME Access Loan programme, initiated by government agencies Spring Singapore and IE Singapore. DBS Bank is helping to manage the loan and securitisation programme. The programme hopes to securitise about S$300 million in SME loans within six months.
|
By Chua Chin Chye, Channel NewsAsia
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/141656/1/.html
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| Small- and Medium-Size Enterprise Financing in Eastern Europe
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World Bank Policy Research Working Paper 2933, December 2002
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Leora F. Klapper, Virginia Sarria-Allende, Victor Sulla
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http://wbln0018.worldbank.org/html/FinancialSectorWeb.nsf/(attachmentweb)/2933/$FILE/2933.pdf
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| SME Promotion and Structural Policy
|
Friday, 28. November 2008
KfW SME Panel 2008 finds small and medium-sized enterprises are successful abroad
In recent years SMEs have adapted to changing financing conditions
Small enterprises faced particular structural financing problems during the analysis period
Small enterprises are much more internationally active than expected
A higher equity ratio and, thus, higher risk bearing ability smooth the way into foreign markets
In recent years the small and medium-sized enterprises (SMEs) in Germany have adapted to changing financing conditions. They have strengthened their equity ratio and thereby improved their access to borrowed funds. SMEs are also more active in international markets than previously assumed. These are the main results of the 2008 KfW SME Panel which KfW Bankengruppe presented in Frankfurt on Friday. The SME Panel is the only representative longitudinal analysis done for all small and medium-sized enterprises in Germany including micro enterprises with fewer than five employees, and it has been conducted since the year 2003.
According to the KfW SME Panel 2008, the small and medium-sized enterprises invested EUR 204 million last year, 5.7% more than in 2006. Their equity base has also developed positively. The average equity base of small and medium-sized enterprises grew from 19% to 23.9% between 2002 and 2006. Multivariate longitudinal analyses document that a stronger equity base makes it much easier for them to borrow - regardless of the current economic environment. The analyses also show, however, that small and medium-sized enterprises (with fewer than 5 employees) continue to be at a particular structural disadvantage in obtaining loans for investments no matter how strong their equity base is.
The financial market crisis and the very pessimistic eeconomic outlook for 2009 pose considerable challenges for the small and medium-sized enterprises. The latest surveys indicate, however, that loan applications by larger businesses are currently also being turned down more often than before. Wolfgang Kroh, member of the Managing Board of KfW Bankengruppe, said at the presentation of the 2008 KfW SME Panel in Frankfurt: "The small and medium-sized enterprises have used the strong cyclical phase wisely. Their high propensity to invest, better equity ratios and broader international perspective have significantly improved their competitiveness in recent years. These are decisive prerequisites that will help them to ride out the financial crisis as well. KfW will remain at their side as an important financing partner."
German SMEs achieved a considerable portion of their turnover on international markets. More than 800,000 enterprises generated turnover outside Germany - that was almost one out of every four enterprises. Many of them were micro enterprises with fewer than five employees. In addition to higher productivity and innovation activity, SMEs operating abroad also distinguish themselves from others by a greater propensity to invest and greater employment growth. These features underscore the importance small and medium-sized enterprises that are active abroad have for the economy. The equity ratio is an important factor that determines an SME's degree of internationalisation. Accordingly, SMEs with a higher equity ratio tend to be more capable of opening up international markets than enterprises with less equity.
The KfW SME Panel comes to the conclusion that SMEs can make even better use of their opportunities in markets outside Germany than was previously assumed. Yet in the present context of a worsening economic crisis, this is difficult. In the medium term, however, the SMEs should bear these opportunities in mind. Neither the industry nor the size of an enterprises pose a fundamental obstacle to international business. To get ahead, enterprises will need strong financing partners - especially in difficult times such as these. Together with the German Government KfW Bankengruppe will maintain its commitment to small and medium-sized enterprises with undiminished vigour - particularly for small businesses.
|
KfW SME Panel 2008
|
http://www.kfw.de/en_home/service/download_center/research/smepromoti.jsp
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| SMES AND POVERTY REDUCTION
|
This report was commissioned by the Ford Foundation’s Affinity Group on Development Finance (AGDF)’s Small and Medium Enterprise (SME) Committee. In early 2004, the Committee asked CFED to conduct a desktop review of the current literature on the SME sector and its links to poverty reduction strategies in the United States and internationally, and to inform committee members and the broader AGDF of the current state of practice and knowledge. The desktop reviews in this report encompass key questions, issues and challenges affecting the ability of the SME sector to reduce poverty in both developing and mature economies.
|
CFED report, http://www.cfed.org/home.m
|
http://www.cfed.org/imageManager/_documents/Final_SME_Desktop_Study.pdf
|
| SME's MUST GO PUBLIC ...To raise long-term capital
|
Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has encouraged businesses, including small, medium and large scale, to consider listing on the Ghana Stock Exchange (GSE).
The minister said this at the fourth Ashanti Business and Financial Services Excellence Awards in Kumasi that listing on the GSE would enable the companies to raise more equity capital and expand their businesses.
|
Kwame Asare Boadu, Kumasi
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http://asareboadu.blogspot.com/2008/01/smes-must-go-public-to-raise-long-term.html
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| State banks told to tap world market to help SMEs expand
|
Overviews Thai Fiscal Policy Office Initiative to connect its SMEs to capital markets
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Bangkok Post Business News 11.09.05
|
http://www.bangkokpost.com/Business/09Nov2005_biz41.php
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| Step by step, China Business Daily, 10/31/2005
|
Donald Tang, vice chairman, Bear Stearns & Co Inc's China Strategy Centers on SME segment companies. Bear Stearns focuses on financing fast-growing and privately-owned small and mid-sized enterprises (SMEs), due to the government's supportive SME policies. An increasing number of SMEs would then materialize and grow, playing a bigger role in China's economy. The lack of adequate funding channels would be the major obstacle for SME development.
|
CHEN HUA
|
http://www.chinadaily.com.cn/english/doc/2005-10/31/content_488940.htm
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| The Disruptive Engine - Innovation and the Capitalistic Dream, The Global Politician, 11.2/2005
|
Overview of Innovation
|
http://samvak.tripod.com/
|
http://globalpolitician.com/articledes.asp?ID=1342&cid=12&sid=53
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| The Effect of Capital Structure When Expected Agency Costs are Extreme
|
We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures provides an acute separation of management cash flow rights and control rights. Second, we argue that not all debt is the same. Using new data on global debt issuance, we find that the type of debt that positively impacts shareholder value is the type that closely monitors management. This combination of a sample of firms with extreme expected agency problems and detailed information on the different types of debt allows us to construct powerful tests of whether debt can mitigate the effects of agency and information problems. Among other results, we find that the abnormal returns resulting from syndicated term loans (which provide monitoring) are significantly related to the extent of the separation of ownership and control. Our results are consistent with the idea that debt creates value because it reduces the agency costs associated with overinvestment
|
Published: Harvey, Campbell R., Karl V. Lins and Andrew H. Roper. "The Effect Of Capital Structure When Expected Agency Costs Are Extreme," Journal of Financial Economics, 2004, v74(1,Oct), 3-30.
|
http://www.nber.org/papers/w8452
|
| THE FISHER MODEL AND FINANCIAL MARKETS
|
This monograph represents a unified coherent perspective of financial markets and the theory of corporate finance. The Fisher model is used in corporate finance texts to note the foundations of the net present value rule, but has not been developed further in textbooks as a perspective for students of the finance discipline. This book articulates corporate finance from a common perspective and model: by generalizing the Fisher model to include risks, it is possible to exposit and prove the classic corporate finance theorems and to establish a common foundation for the discipline. The classic theorems of corporate finance are collected, stated, and some are proved. The reader is challenged to prove corollaries and theorems to see how the model provides the fundamental building blocks for the discipline.
|
Richard D MacMinn
|
http://www.worldscibooks.com/economics/5887.html
|
| The Future of Securities Markets: A Summary of the Brookings-Wharton Papers
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Beginning with the transatlantic cable that linked the London and New York markets for foreign exchange, a series of technological innovations has transformed the securities industry, changing not only patterns of financing, but also the regulation and governance of institutions that provide the infrastructure for financial flows. But the impact has been uneven. Trading floors have been abandoned in favor of an electronic interface in some stock exchanges, but not others (including the largest, the New York Stock Exchange). The Internet has transformed the brokerage business, but has had very little impact to date on initial public offerings. Greater international competition among exchanges has put increasing pressure on regulators to regulate more efficiently or face the prospect of regulating an increasingly irrelevant fragment of the securities industry. What lies ahead for securities and other financial markets in light of all these and other developments? What other changes that affect the trading of financial instruments are likely in the near future? The Brookings Institution and the Wharton School of the University of Pennsylvania convened their fifth annual conference on financial services at Brookings in January 2002 to help answer these questions. This report summarizes some of the issues and conclusions that were discussed in papers presented at the conference, as well as some of the comments that were made by financial experts in attendance.
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by Richard J. Herring and Robert E. Litan, March 2002
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http://www.brook.edu/comm/conferencereport/cr10.pdf
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| The Innovation-Entrepreneurship NEXUS, A National Assessment of Entrepreneurship and Regional Economic Growth and Development
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Purpose, The connection between innovation and entrepreneurship as drivers of local economic development is often discussed but not often studied. This research addresses the needs of local policymakers to understand the role of entrepreneurship and innovation in creating an environment where local economic growth can thrive. Overall Findings, Both entrepreneurship (new firms and growing firms) and innovation (patents, R&D, and hi-tech industries) are drivers in the growth of regional economies. This study infers that innovative regions need entrepreneurship to more fully develop local economies. Entrepreneurial regions are likely to be associated with higher levels of technology.
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by Advanced Research Technologies, LLC, Powell, OH
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http://www.sba.gov/advo/research/rs256tot.pdf
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| The Innovation-Entrepreneurship NEXUS: A National Assessment of Entrepreneurship and Regional Economic Growth and Development
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Both entrepreneurship (new firms and growing firms) and innovation (patents, R&D, and hi-tech industries) are drivers in the growth of regional economies. This study infers that innovative regions need entrepreneurship to more fully develop local economies. Entrepreneurial regions are likely to be associated with higher levels of technology.
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By S. Michael Camp, Advanced Research Technologies, LLC, Powell, OH under contract no. SBAHQ-03-M-0353 (2005, 69 pages). This project was co-funded by the Edward Lowe Foundation, Cassopolis, MI.
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http://www.sba.gov/advo/research/rs256tot.pdf
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| THE NEED FOR A SAFE HARBOR FOR RATINGS OF SECURITIES OF EMERGING BUSINESSES
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One of the most troublesome obstacles to the successful marketing of the securities of emerging businesses is typically the unavailability of a current in-depth “due diligence” analysis of the company and the offering, including the offering structure, its pricing, the viability of the company’s technology and the market acceptability of its principal products. Proper conduct of such due diligence efforts is expensive, and its value determined by the expertise of the person engaged in those efforts. Professional investors in emerging businesses, including the managers of venture capitalist funds, are often reluctant to act as the lead investors because of the due diligence commitment involved. Securities regulators often have nagging doubts concerning their registration of the securities of emerging businesses because they are concerned that their understanding of the company is at best superficial because of their indirect exposure to it and its principals. Further, due diligence analyses performed by persons in one locality may not be comparable to those performed at others at a different location.
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aoldb://mail/write/template.htm
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| THE ROLE OF SOCIAL ACTORS IN SHAPING PUBLIC POLICY PUBLIC-PRIVATE PARTNERSHIPS IN ARGENTINA
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Examines public-third sector interaction in Argentina in the field of public policy-making as the government has begun to consider CSOs as key stakeholders or relevant actors in the policy system. These stakeholders are able to influence the outcome of the political process because they have legitimacy and power, hence can bring pressure to bear on the government. The governments themselves are making efforts to further partnerships as a way of improving their own organizational capacities. What is more, they consider that CSO participation enhances the effectiveness of government. Clearly, public-private partnerships in Argentina are modifying traditional ways of designing and implementing public policy not only through the participation of CSOs in social service delivery but also by influencing political decisions.
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by Mónica Bifarello2 (bifarel@cablenet.com.ar), Universidad Nacional de Rosario, Argentina
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http://www.jica.org.ar/.../NGO/ BIFARELLO%20-%20Role%20of%20social%20actors%20in%20shaping%20public%20policy.pdf
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| The Small Business Economy 2005 Edition
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American small business had a good year in 2004, according to The Small Business Economy 2005 Edition, issued by the Office of Advocacy of the U.S. Small Business Administration, which documents the state of small business and its contributions to the economy using the latest data for 2004. “2004 was a good year for American small business,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “The economic environment fostered entrepreneurial activity. The gross domestic product increased, the economy added jobs, and new employer firms and the number of self-employed increased.” He made the remarks at the report’s release before the National Economists Club. The comprehensive report examines the role small business plays in the economy. Key segments focus on the economic environment, regulations, innovation, tax policy, minority and veteran entrepreneurship, federal government procurement, and small business financing data. This year’s report includes a paper from Dr. William Baumol, a renowned economist specializing in entrepreneurship. The paper, “Small Firms: Why Market-Driven Innovation Can’t Get Along Without Them,” examines the reasons why small firms have contributed a critical share of radical innovative breakthroughs. The report also contains a paper authored by Advocacy economists Drs. Radwan Saade and Joe Johnson on the benefits of a more simple and predictable tax code.
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SBA Office of Advocacy, Dr. Chad Moutray
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http://www.sba.gov/advo/research/sb_econ2005.pdf
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| The World Is Flat: A Brief History of the Twenty-first Century”, Farrar, Straus and Giroux, New York, Copyright 2005 by , ISBN-13:9780-374-29288-1
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Presents an overview of globalization
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Thomas L. Friedman
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http://www.amazon.com/exec/obidos/tg/detail/-/0374292884/ref=sib_rdr_dp/103-4016442-2953424?%5Fencoding=UTF8&no=283155&me=ATVPDKIKX0DER&st=books
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| US SBA Office of Advocacy
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Small Business and Micro Business Lending in the United States for Data Years 2003-2004 i the Office of Advocacy's annual study of bank lending to small firms. It provides a brief review of banks’ lending activities in 2003-2004 based on two types of data: the call reports for June 2004 and the Community Reinvestment Act (CRA) reports for 2003. The report includes lists of the top small and micro business lenders in the states based on the call report and CRA data. The report defines small business loans as those under $1 million and micro business loans as those under $100,000.
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http://www.sba.gov/advo/research/2004.html
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| VENTURE CAPITAL POLICY REVIEW: UNITED KINGDOM STI WORKING PAPER 2003/1 INDUSTRY ISSUES
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Despite high levels of private equity financing in the United Kingdom, relatively little funding is reaching small, technology-based companies. Institutional investors, both domestic and foreign, remain focused on later-stage deals. The United Kingdom has implemented several policy initiatives to improve the access of small firms to equity financing, including generous tax incentives and support for business angel networks. However, problems persist in targeting financing to smaller enterprises, start-ups and outlying regions. A new policy approach, which follows the example of the United States, has recently been introduced. This combines government equity with private sector management to leverage private financing for small deal sizes and also eases rules on institutional investors. This paper analyses trends in UK venture capital markets and makes policy recommendations which have been developed through an OECD peer review process.
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OECD STI Working Paper
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http://www.oecd.org/dataoecd/41/58/2491240.pdf
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| Voucher Program for Training and Business Development Services Kenya Micro and Small Enterprise Training and Technology Projects
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The purpose of this case study is to review one aspect of the Micro and Small Enterprises Training and Technology Project2 its Voucher Program. The voucher is a mechanism which operates to stimulate demand for business development services, including skills training, technology, and specialized management and marketing consultations. Analysis of the Kenyan context (section II) indicates that inadequate skills, technology, support services and infrastructure are important constraints on the growth and productivity of micro and small enterprises, and that the potential demand for such services is substantial (section III). Furthermore, the capablity to supply these services exists, if it can be reoriented from top-down and supply-led approaches toward stimulating demand for available services already available in the economy (section IV). The voucher mechanism has been developed in the Project as a means of catalyzing the development of a market for training and business development services by bringing together potential demand and potential supply (section V).
On the basis of a pilot program (442 vouchers) and implementation of its first phase (4,000 vouchers), the voucher program has already demonstrated interesting results in terms of catalyzing a broad range of mostly private sector supplied business development services. Future challenges are to ensure the sustainability of the nascent BDS market for micro and small enterprises (section VI) and to measure the impact of training and services on the beneficiary Jua Kali firms (section VII).
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Thyra A. Riley and William F. Steel
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http://www.ilo.org/public/english/employment/ent/papers/voucher1.htm
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| Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows
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This paper considers the financing of investment in the presence of asymmetric information between the 'insiders' and the 'outsiders' of the firms in a small open economy. It establishes a well-defined capital structure for the economy as a whole with the following features: low-productivity firms rely on the equity market to finance investment at a relatively low level; medium-productivity firms do not invest at all; and high-productivity firms rely on the debt market to finance investment at a relatively high level. It is shown that the debt market is efficient, with respect to both its scope and the amount of investment that each firm makes. However, the equity market fails: its scope is too narrow and the investment each firm makes is too little. A corrective policy requires just one instrument which is rather unconventional: lump-sum subsidies to those firms that choose to equity-finance their investment (i.e., equity-market-contingent grants).
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Assaf Razin, Efraim Sadka, Chi-Wa Yuen, NBER Working Paper No. 8659, Issued in December 2001, NBER Program(s): IFM ITI
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http://www.nber.org/papers/w8659
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| World Economic Forum - Capital Market Papers
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1200 pages in World Economic Forum Papers that address Capital Markets
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http://search.weforum.org/cgi-bin/MsmFind.exe?QUERY_ENCODING=UTF-8&CFGNAME=MssFind.cfg&QUERY=capital+market&Search.x=16&Search.y=11
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| World Markets for Raising New Capital
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Financial markets are increasingly integrated globally. We examine the extent to which firms from different countries rely on alternative sources of capital, the locations where they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.9 trillion of new capital, including $4.7 trillion from abroad. International debt issuances are substantially more common than equity, accounting for over 90% of the international security issues, and about 20% of all public debt issues. In contrast, international equity issues account for about 4.4% of all international security issues, and about 6% of all equity issues during our sample period. Market timing considerations appear to be very important in security issuance decisions. Firms all around the world are more likely to issue equity prior to periods of low market returns. Most of the cross-border equity is issued in the U.S. and the U.K., and these issues tend to occur in 'hot' markets and prior to relatively low market returns. Finally, firms issue more debt when interest rates are lower, and issue debt overseas when interest rates in the place of issue are lower than they are at home.
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Brian J. Henderson, Narasimhan Jegadeesh, Michael S. Weisbach, NBER Working Paper No. 10225, Issued in January 2004, NBER Program(s): CF IFM
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http://www.nber.org/papers/w10225
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