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Tracking the numbers: across accounting and finance, organizations and markets

Vollmer, Hendrik; Mennicken, Andrea; Preda, Alex
Fonte: Elsevier Ltd Publicador: Elsevier Ltd
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2009 Português
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This introductory essay reviews recent advances in the emergent field of social studies of finance (SSF) and, subsequently, sets out to illustrate how a closer engagement with SSF might benefit research interests in accounting and vice versa. Finally, it provides a sketch of how mutual engagements across the fields might be intensified in what is identified as an emerging accounting and finance track in the discourse of social science. The prospects of a broader field of research exploring the use of financial numbers across social settings, markets, organizations and cultures are projected, and the possibility of articulating a strong sociological programme of research is considered.

For the good of society, we need a democratic reformation of finance

Lawrence, Matthew
Fonte: Democratic Audit UK Publicador: Democratic Audit UK
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 10/09/2014 Português
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The 2007-08 financial crisis showed the limitations of reliance on financial services in running an economy and building a society. Matthew Lawrence argues that we need to move away from a finance based way of doing things, through an ambitious process of ‘definancialisation’, which would see these institutions brought squarely under the purview of democratic control.

Insolvency law, restructuring law and modern financial markets

Paterson, Sarah
Fonte: The London School of Economics and Political Science Publicador: The London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2015 Português
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The finance market has undergone rapid change in developed Western economies in the last decade. In much of Europe the concentrated finance market in which a small group of banks controlled the flow of finance to large and small companies has given way to a dispersed creditor economy. In both Europe and the US there has been an explosion of secured credit and the market for buying and selling debt of distressed companies has matured so that those holding the debt of a financially distressed company will, in many cases, not be the lenders who originally advanced the funds.

An ‘equal effort’ approach to assessing the North–South climate finance gap

Bowen, Alex; Campiglio, Emanuele; Herreras Martinez, Sara
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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This study employs a number of Integrated Assessment Models to determine what the optimal financial transfers between high-income and developing economies would be if climate mitigation effort, measured as mitigation costs as a share of gross domestic product, were to be divided equally across regions through a global carbon market. We find these to be larger than both current and planned international climate finance flows. Four out of six models imply that a North–South annual financial transfer of around US$400 billion is required by 2050, while the other two models imply larger sums, up to $2 trillion. However, the outlook for multi-country carbon markets is not encouraging at the moment. We thus review some potential sources of funds that might be used to fill the climate finance gap, including public aid, private investment, development banks, and special climate-related facilities. We find the shortcomings of public climate finance appear particularly hard to overcome, and argue that expanding private finance, either in the form of Foreign Direct Investment or through the issuance of ‘green bonds’, appears to be a more promising direction. Policy relevance Climate change is a profoundly asymmetric development issue...

Where are the gaps in climate finance?

Fankhauser, Samuel; Sahni, Aditi; Savvas, Annie; Ward, John
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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Climate change cannot be addressed unless developed and developing countries alike invest heavily in low-carbon technologies and climate-resilient practices. Access to finance has therefore become central to climate change policy. In this Viewpoint we review likely climate investment needs and ask where the main financing gaps might be. We argue that besides the usual analysis of mitigation and adaptation needs, it is important to also gauge the ability of investors to mobilize the required funds. Some investors, whether public and private, will find it harder than others to raise capital, and so a rough

Book review: Behavioural economics and finance

Grodecka, Anna
Fonte: Blog post from London School of Economics & Political Science Publicador: Blog post from London School of Economics & Political Science
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 26/06/2013 Português
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"Behavioural Economics and Finance. Michelle Baddeley. Routledge. 2013. --- Standard models in economics usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect our everyday choices. Behavioural Economics and Finance brings economics and finance together with psychology, neuroscience and sociology, aiming to introduce the reader to some of the key concepts and insights from this rich, inter-disciplinary approach to real-world decision-making. Reviewed by Anna Grodecka.

Book review: New perspectives on emotions in finance: the sociology of confidence, fear and betrayal

Hill, Alastair
Fonte: Blog post from London School of Economics & Political Science Publicador: Blog post from London School of Economics & Political Science
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 24/06/2013 Português
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"New Perspectives on Emotions in Finance : The Sociology of Confidence, Fear and Betrayal." Jocelyn Pixley (ed.). Routledge. November 2012. --- This volume examines the seemingly uncontrollable, fragile world of finance and explains the ‘panics’ of traders and ‘immoral panics’ in banking, ‘confidence’ of government and commercial decision makers, ‘shame’ or ‘cynicism’ of investors and asymmetries of ‘impersonal trust’ between finance corporations and their many publics. Instead of one ‘correct’ vision, sociologists in this book argue that corporations and global dependencies are driven by fears and normless sentiments which foster betrayal. This is a thought provoking collection, writes Alastair Hill, with many contributions adding positively to the debate on the state of economics.

The problem with party finance : theoretical perspectives on the funding of party politics

Hopkin, Jonathan
Fonte: London School of Economics and Political Science Research Publicador: London School of Economics and Political Science Research
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /11/2004 Português
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This article presents some theoretical contours for the study of party finance and its consequences. Two broad issues are explored. First, the article develops an account of changes in patterns of party finance, and in particular the move away from the ‘mass party’ model of funding towards ‘elite party’ and ‘cartel party’ models. Party finance is conceptualized as a collective action problem, and four ‘post-mass party’ financial strategies are identified. Second, the article addresses normative issues, assessing how these four financial models perform in terms of ‘liberal’ and ‘populist’ theories of democracy. It is concluded that the mass party model remains closest to the ‘democratic’ ideal, whilst the state-financed (‘cartel’) model is a reasonable pragmatic response to the decline in party membership.

Private financing for public infrastructure is here to stay despite “PFIs” being consigned to history

Hellowell, Mark
Fonte: Blog post from London School of Economics & Political Science Publicador: Blog post from London School of Economics & Political Science
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 18/01/2012 Português
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George Osborne has recently outlined new thinking on private financing for major public service projects. Widely criticised as saddling public bodies with long-term debts, the Private Finance Initiative funding model has been used extensively since the 1990s. Mark Hellowell examines whether the Chancellor’s speech outlines a strategic shift or is more semantic.

Option hedging for small investors under liquidity costs

Soner, H. Mete; Cetin, Umut; Touzi, Nizar
Fonte: Springer Heidelberg Publicador: Springer Heidelberg
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2010 Português
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Following the framework of Cetin et al. (finance stoch. 8:311-341, 2004), we study the problem of super-replication in the presence of liquidity costs under additional restrictions on the gamma of the hedging strategies in a generalized black-scholes economy. We find that the minimal super-replication price is different from the one suggested by the black-scholes formula and is the unique viscosity solution of the associated dynamic programming equation. This is in contrast with the results of Cetin et al. (Finance Stoch. 8:311-341, 2004), who find that the arbitrage-free price of a contingent claim coincides with the Black-Scholes price. However, in Cetin et al. (Finance Stoch. 8:311-341, 2004) a larger class of admissible portfolio processes is used, and the replication is achieved in the L (2) approximating sense. JEL (C61 - G13 - D52).

A fetish and fiction of finance: unraveling the subprime crisis

Pani, Erica; Holman, Nancy
Fonte: Clark University Publicador: Clark University
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em 06/04/2014 Português
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As the moderately strengthened financial regulation of Basel III comes into effect over the next seven years, this article sets out a cautionary reminder as to why regulation needs to move beyond a focus on the mitigation and distribution of risk. To do so, the article unravels the much-misunderstood experiences of eight Norwegian municipalities whose investments plummeted as the subprime crisis unfolded: investments that had no immediate ties to subprime mortgage lending or mortgage-backed securities. Focusing on the processes, practices, and instruments of financialization, the article puts forward two new analytical concepts—“the fetishization of the knowledge of risk” and “fictitious distance”—to help explain how the crisis spread so quickly and extensively that it threatened not only the municipalities' investments but also the functioning of global finance as a whole. In so doing, it becomes clear that financialization has set a far more risky form of capitalism that is manifest through concrete economic geographies, from towns and cities in the United States to “distant” Norwegian municipalities. In the highly interconnected entanglement of geographies and finance that make up the global financial system, the fetishes and fictions of finance cannot be ignored.

The finance-welfare state nexus

Gerba, Eddie; Schelkle, Waltraud
Fonte: The American Consortium on EU Studies (ACES) Publicador: The American Consortium on EU Studies (ACES)
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2013 Português
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At the height of the financial crisis, the Western welfare state prevented a repeat of the Great Depression. But there were also suggestions that social policy had contributed to the crisis, particularly by promoting households’ access to credit in pursuit of welfare goals. Others claim that it was the withdrawal of state welfare that led to the disaster. Against this background that motivated our interest, we propose a systematic way of assessing the relationship between financial market and public welfare provisions. We use structural vector auto-regression to establish the causal link and its direction. Two hypotheses about this relationship can be inferred from the literature. First, the notion that welfare states ‘decommodify’ livelihoods or that there is an equity-efficiency tradeoff would suggest that welfare states substitute to varying degrees for financial market offers of insurance and savings. By contrast, welfare states may support private interests selectively and/or help markets for households to function better; thus the nexus would be one of complementarity.Our empirical strategy is to spell out the causal mechanisms that can account for a substitutive or complementary relationship and then to see whether advanced econometric techniques find evidence for the existence of either of these mechanisms in six OECD countries. We find complementarity between public welfare (spending and tax subsidies) and life insurance markets for four out of our six countries...

Household finance and the welfare state: a case study of the United States, 1980-­2010

Gerba, Eddie; Schelkle, Waltraud
Fonte: The London School of Economics and Political Science Publicador: The London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 30/04/2014 Português
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The sharp rise in household finance, both in debt and in assets, is one of the striking empirical facts about the US economy of the last two decades. But it is still not clear what caused it. Economists, both mainstream and heterodox, seek an explanation in financial market innovation and liberalization. But it is hard to find systematic evidence for this link. Our paper takes up another line of inquiry. Political economists have started to ask how the restructuring of the welfare state may have affected household finance. We use SVAR analysis to establish whether there is a link between the retrenchment of public social spending and the expansion of tax-­‐incentivised private social spending, on the one hand, and household finance variables on the other. More specifically, we ask whether the transformation of the US welfare state over the last 30 years has affected household finances through the channel of debt, leverage, or asset formation. Our findings suggest that the asset channel is empirically the most likely candidate and we point to some welfare state reforms that can support the operation of this channel since the mid-­‐1990s

Access to finance for innovative SMEs since the financial crisis

Lee, Neil; Sameen, Hiba; Cowling, Marc
Fonte: Elsevier Publicador: Elsevier
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /03/2015 Português
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In the wake of the 2008 financial crisis, there has been increased focus on access to finance for small and medium sized firms. Some evidence from before the crisis suggested that it was harder for innovative firms to access finance. Yet no research has considered the differential effect of the crisis on innovative firms. This paper addresses this gap using a dataset of over 10,000 UK SME employers. We find that innovative firms are more likely to be turned down for finance than other firms, and this worsened significantly in the crisis. However, regressions controlling for a host of firm characteristics show that the worsening in general credit conditions has been more pronounced for non-innovative firms with the exception of absolute credit rationing which still remains more severe for innovative firms. The results suggest that there are two issues in the financial system. First, we find evidence of a structural problem which restricts access to finance for innovative firms. Second, we show a cyclical problem has been caused by the financial crisis and impacted relatively more severely on non-innovative firms.

Reshaping the financial architecture for development finance: the new development banks.

Biswas, Rajiv
Fonte: London School of Economics and Political Science, Global South Unit Publicador: London School of Economics and Political Science, Global South Unit
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2015 Português
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In 2014 several groupings of developing countries agreed to set up a series of new multilateral development finance institutions. These include the BRICS-sponsored New Development Bank, the Asian Infrastructure Investment Bank and the Silk Road Fund. This paper examines the role these new institutions might play in reshaping the international financial architecture of development finance. A key concern of developing countries is the widening gap between the weight of developing countries’ GDP in the global economy and their voting rights in the IMF and World Bank governing structures. Unless substantial reforms are made to the distribution of voting rights, the asymmetry between the importance of developing countries to the world and their governance of the Bretton Woods institutions will continue to worsen, particularly for the Asian BRICS. Recognising that these new development finance initiatives can strengthen its political and economic ties with other developing countries, China has played a significant leadership role in launching these initiatives, and has become the key source of capital for the new institutions. However, a major challenge for these new institutions will be to craft governance structures and decision-making procedures that have a high degree of integrity...

The development of Islamic finance in the GCC

Wilson, Rodney
Fonte: London School of Economics and Political Science Publicador: London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2009 Português
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Modern Islamic banking originated with the establishment of the Dubai Islamic Bank in 1975. The study evaluates the development of Islamic banking in the GCC since then, an industry which now encompasses Islamic takaful (insurance) and shariah-compliant asset management, as well as retail and investment banking. An examination is made of the extent to which government policy, through both legislation and regulation, has facilitated the development of Islamic finance. Shariah governance systems are appraised, in particular the workings of the devolved form of self-governance by Islamic financial institutions. The deposit facilities offered by Islamic banks in the GCC are discussed, as well as the financing provided, notably trade finance, consumer credit and mortgages for real estate, which are the dominant types of funding by Islamic banks. The issuance and trading of Islamic sukuk securities is also considered, as well as the role of the region’s financial centres.

Wall Street occupations

Axelson, Ulf; Bond, Philip
Fonte: Wiley-Blackwell Publishing Publicador: Wiley-Blackwell Publishing
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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Many finance jobs entail the risk of large losses, and hard-to-monitor effort. We analyze the equilibrium consequences of these features in a model with optimal dynamic contracting. We show that finance jobs feature high compensation, up-or-out promotion and long work hours, and are more attractive than other jobs. Moral hazard problems are exacerbated in booms, even though pay increases. Employees whose talent would be more valuable elsewhere can be lured into finance jobs, while the most talented employees might be unable to land these jobs because they are “too hard to manage.”

Raising finance to support developing country action: some economic considerations

Bowen, Alex
Fonte: Centre for Climate Change Economics and Policy and Grantham Research Institute on Climate Change and the Environment Publicador: Centre for Climate Change Economics and Policy and Grantham Research Institute on Climate Change and the Environment
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /01/2011 Português
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This article explores the principles that should guide efforts to raise finance for climate action in developing countries. The main conclusions are that, first, there is an important role for private finance, which would be facilitated by having pervasive and broadly uniform emissions pricing around the world. Second, public finance is warranted by a range of market – and policy – failures associated with climate change and its mitigation. Third, raising tax revenues may be preferable to borrowing as a means of raising public finance, although the economics is not clear-cut. Public finance theory advocates taxing ‘bads,’ of which a number have escaped the tax base so far. But it discourages hypothecation of specific revenue streams to particular uses. Fourth, how much could or should be raised by the many specific proposals for finance for climate action in developing countries is often uncertain. So is how multiple schemes would interact. Several schemes could depress carbon prices. Earmarking is often assumed to be justified despite the arguments to the contrary. Fifth, two sets of proposals do particularly well judged against this analysis: (i) expanding the scale and scope of the CDM (ii) expanding the use of international financial institutions’ balance sheets.

Access to finance: a functional approach to supply and demand

Fischer, Gregory
Fonte: Asia Research Centre, London School of Economics and Political Science Publicador: Asia Research Centre, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2011 Português
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This paper provides a comprehensive description of the financial environment for households and small businesses in a defined geographical region. It develops a new, functional approach to financial access surveys, which involves asking detailed questions about how respondents meet their financial needs—from purchasing inventory to paying for large, medical expenses—rather than focus on a narrow set of financial products. This approach identifies innovative financial tools which arise in response to their needs that traditional surveys miss, and is a scalable complement to financial diaries and other more detailed approaches. From here, we survey the providers of finance, ranging from large state and private banks, to moneylenders, shopkeepers and other households, with the aim of developing the first comprehensive approach to mapping an area’s financial landscape. The primary contribution of this work is methodological; however, we describe preliminary findings from the pilot regions before concluding with recommendations for additional analysis and scaling up of the methodology. It helps examine in a direct way the challenges of designing policy to improve the way households can manage risk and savings and small firms can respond to investment opportunities. Both the approach itself and the findings that arise are likely to influence not only the way data are gathered in the future but also the way in which policies are designed for inclusion and growth.

Signalling with debt and equity: a unifying approach and its implications for the pecking order hypothesis and competitive credit rationing

Heider, Florian
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /07/2001 Português
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The paper sets out to tackle the following puzzle when insiders of a firm have more information than outside investors. The insiders desire to sell overpriced securities creates an Adverse Selection problem leading to two contradictory results. On the one hand, it leads to Myers & Majluf (1984)'s Pecking-Order hypothesis that says that debt finance dominates equity finance. On the other hand it leads to Stiglitz & Weiss (1981) credit rationing whose consequence is that equity finance dominates debt finance. The paper resolves the puzzle by allowing firms to issue both debt and equity together and by having a general notion of what it is that insiders know more about. Then the Pecking-Order hypothesis and credit rationing only emerge as two, mutually exclusive, special cases. The paper shows that combinations of debt and equity can be used to credibly signal information for a wide range of parameters. Thus, it provides a generalisation of the existing financial signalling and rationing literatures and helps to explain some contradictory theoretical and empirical results.