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Ebook Knowledge Capital, Intangible Assets, And Leverage: Evidence From U.S. Agricultural Biotechnology Firms

Submitted by wulan on Fri, 04/09/2010 - 07:23

Technological advances, better management practices, and improved production inputs are driving forces behind the substantial productivity gains experienced by the U.S. agricultural sector. Agricultural biotechnology plays an integral role, and as such, has profoundly influenced the face of U.S. farming, food processing, and food consumption.

Agricultural biotechnology firms participate in a food system where rivalry continues to shift from tangible to intangible assets such as knowledge capital. This situation provides impetus for attempts to better understand the financial management aspects of agricultural biotechnology firms.

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Ebook Commercial Banks In Microfinance: New Actors In The Microfinance World

Submitted by wulan on Wed, 01/06/2010 - 03:19

This is one of the first reports written about the role of commercial banks in microfinance. The reason is simple: there has been little to tell because commercial banks have been so notably absent in this field. In their absence, microenterprise lending has developed on an alternative track through a large number of non-governmental organizations (NGOs) and other specialized financial institutions.

Dedicated to improving the lot of the poor in developing countries, these microlending NGOs first entered the microenterprise field in the 1980s, responding to the critical income and employment opportunities of their urban and rural clientele. Today some leading NGOs have created financial technologies that serve increasing numbers of the poor, generate repayment rates that compare favorably to many traditional commercial banks’ own loan performance, and have achieved increasing levels of sustainability, even to the point of outright profits without subsidies (Christen, Rhyne, Vogel, and McKean).

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Ebook Renegotiation In Debt Contracts

Submitted by wulan on Tue, 03/09/2010 - 05:36

This paper studies dynamic financial contracting when cash flows are not contractible. In such contracts, the prevention of default relies on the threat that the borrower be denied access to credit in the future. We identify the ability of parties to renegotiate the initial contract as an important constraint on the form and profitability of optimal contracts.

In credit transactions, the terms of the exchange are not simultaneous. For instance, the repayment of a loan falls due some time after the loan is granted. Because of their dynamic nature, credit arrangements have to take into account the possibility that one party, the borrower, does not deliver his term of the exchange in the future. At the time the borrower should repay the loan, he may be unable to do so, typically because the project financed by the loan failed, was delayed or did not generate enough returns. This is a case of liquidity default. However, the debtor may be able to repay the loan but choose not to do so. This is a case of strategic default.

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