Can foreign portfolio investment bridge the small firm financing gap around the world? (Record no. 296729)

MARC details
000 -LEADER
fixed length control field 02407nam a2200205Ia 4500
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 140323b2005 xxu||||| |||| 00| 0 eng d
082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number 332.673
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Knill, April M.
9 (RLIN) 29840
245 ## - TITLE STATEMENT
Title Can foreign portfolio investment bridge the small firm financing gap around the world?
Statement of responsibility, etc. Knill, April M.
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. Washington, D.C.
Name of publisher, distributor, etc. World Bank
Date of publication, distribution, etc. 2005
300 ## - PHYSICAL DESCRIPTION
Extent 52 p.
440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE
Title Policy Research Working Paper, no. 3796
9 (RLIN) 29841
500 ## - GENERAL NOTE
General note Includes bibliographical references.
520 ## - SUMMARY, ETC.
Summary, etc. "The author examines the impact of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, she examines the impact of foreign portfolio investment on capital issuance and firm growth across countries and firm characteristics, in particular size. After controlling for firm-, industry-, and country-level characteristics such as change in foreign exchange rate, share of market capitalization, relative interest rates, and investment climate, she finds that foreign portfolio investment helps to bridge the gap between the amounts of financing small firms require and that which they can access through the capital markets. Specifically, the author finds that foreign portfolio investment is associated with an increased ability to issue publicly traded securities for small firms in all nations, regardless of property rights development. Since small firms often rely heavily on bank lending, she also tests for potential increases in credit for small firms using the bank lending theory of monetary transmission. Results show significantly decreased short-term debt and increased long-term debt, supporting the contention that bank debt maturity to these firms has increased. This transition to longer-term debt could also be a result of the increased public debt securities these firms are more able to access. The overall increased access to capital only leads to value-enhancing growth at the firm level in nations with more developed property rights, underscoring the significance of a good financial system that minimizes information asymmetry as well as corruption, and enhances liquidity as well as property rights." --World Bank web site.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Foreign Investments
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Portfolio management
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Small business
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Koha item type Book
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Price effective from Koha item type
    Dewey Decimal Classification     Ahmedabad Ahmedabad   04/05/2009   332.673 K6C2 162598 04/09/2009 04/09/2009 Book

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