Analytical Corporate Finance

Corelli, Angelo

doi:10.1007/978-3-319-95762-3

Cited by 7 publications

(3 citation statements)

References 5 publications

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“…It is a challenge that term loans, mezzanine financing, equity and working capital guarantees granted by or on behalf of a government to exporters or their banks fall outside the Arrangement’s scope. In corporate borrowing, term loans are defined as debt issued by a financial institution to a corporate borrower for real estate, machinery and equipment or working capital (Corelli, 2018; Volkart and Wagner, 2018). Equity and mezzanine financing fulfil similar functions allowing exporters, for example, to invest in research, development and innovation (R&D&I) or capital expenditure (CAPEX).…”

Section: How Safe Is a “Safe Haven” In A Broader Sense?mentioning

confidence: 99%

How “safe” is the WTO “safe haven”? A need to modernise disciplines for officially supported export credits

Jennekens

Klasen²

2022

JITLP

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Purpose This paper aims to draw attention to an urgent need for reform of the regulatory framework of the broader export credit system to ensure a new and comprehensive “safe haven” for officially supported export credits. The purpose is to analyse the complex debate on disciplines of the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD), creating a point of reference for future analysis of and debates around the “carve-out clause” of the Agreement on Subsidies and Countervailing Measures (ASCM) and a “safe haven” in a broader sense. Design/methodology/approach This paper takes inspiration from legal, economic and political science literature on subsidies and officially supported export credits, as well as on legal documents related to the WTO and the OECD. It examines the WTO subsidy and the OECD export credits framework, focusing on main legal and economic governance aspects. Then, it gives a critical analysis how “safe” a “safe haven” in a broader sense might be, assessing frictions of and solutions for the fundamentally different set of disciplines, limitations, financial instruments not covered by OECD regulations, as well as new challenges related to climate finance. Findings After assessing the challenges regarding the “carve-out clause” of the WTO subsidy framework and two tracks aiming to create a new “safe haven”, requirements for comprehensive disciplines for officially supported export credits are pointed out. Furthermore, several misunderstandings and mistakes appearing in the debate are clarified. Research limitations/implications Desktop research rather than empirical field work. Practical implications This paper creates awareness for governments and exporters how to deal with a complex system of interrelated disciplines. The question, how “safe” a “safe haven” in a broader sense can be, has not been resolved yet. Some authors focus on the WTO disciplines not taking into account the need for an effective matching procedure of the Arrangement on Officially Supported Export Credits (the Arrangement). Furthermore, the introduction of several new pre-export financing programmes and the growing significance of climate finance-related instruments for export credit agencies creates both opportunities and challenges. This paper can serve as a reference point for the academic debate and further research. This paper also offers newcomers to the topic a comprehensive overview. Originality/value Although the “carve-out clause” and the Arrangement have been much discussed, there is limited literature review structuring both existing and new aspects of the debate, assessing (dis)advantages of arguments and interpretations. This paper both adds to the corpus of literature about the ASCM, as well as the Arrangement, and takes this corpus as the object of its analysis.

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Section: How Safe Is a “Safe Haven” In A Broader Sense?mentioning

confidence: 99%

How “safe” is the WTO “safe haven”? A need to modernise disciplines for officially supported export credits

Jennekens

Klasen²

2022

JITLP

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“…Essa averiguação leva em consideração o cenário econômico, envolvendo intersecções de diversos fatores (ASSAF NETO, 2012; ROSS; WESTERFIELD; JAFFE, 1995), contornando a dificuldade de variar mais de um elemento de cada vez (TORRES, 2006) e possibilitando efetivar previsões das receitas ou custos para cada cenário em vez de apresentá-los em valores otimistas e pessimistas (BREALEY; MYERS; ALLEN, 2018). Corelli (2018), finalizando, elenca as etapas elementares para constituição de cenários:…”

Section: Análise De Sensibilidade E De Cenáriosunclassified

Aplicativos de Delivery: entrar ou não nesta modalidade? Um estudo no segmento de foodservice voltado para jovens em uma região universitária do interior paulista

Henrique

Tincani

Paciência

2020

P&P

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O segmento de foodservice imergiu nos anos recentes em grandes mudanças com a disseminação dos aplicativos de delivery. Nesse contexto, esta pesquisa teve o objetivo de averiguar se é preciso ingressar ou não nesta nova modalidade de entrega para obtenção de viabilidade financeira mais atrativa na implantação de um empreendimento no segmento de foodservice focado exclusivamente no atendimento do público jovem (que ainda busca entretenimento e socialização local). Para isto, foram realizadas três análises mutuamente excludentes de um restaurante de Pratos Feitos (PFs) com uso da metodologia de Copeland, Coller e Murrin (2002): uma focada na entrega via pedidos de aplicativos e outras duas apenas com atendimento local, diferenciadas por vertentes noturnas de bar ou pizzaria. Observou-se potencial de alta lucratividade apenas para o Restaurante/DeliveryApp e para o Restaurante/Bar, mas a primeira alternativa com entregas por aplicativos mostrou-se com maiores probabilidades de sua ocorrência para as estimativas otimistas e prováveis. O Restaurante/Pizzaria demonstrou ser muito inferior em atratividade financeira no comparativo entre todos os quesitos. Concluiu-se, para esta pesquisa, que o atendimento local focado no entretenimento de jovens ainda tem potencial de viabilidade financeira competitiva dependendo do segmento foodservice e que o restaurante centrado no uso dos aplicativos denota maiores probabilidades de aumento dos retornos futuros.

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“…However, once they successfully managed their initial survival, these enterprises still must be able to simultaneously manage risks related to reaching profitability, to struggle against competition by generating sufficient sales and to deal with operational financing risk, which refers not only to the difficulty to find initial capital, but also to the necessity to reach a certain level of performance in order to obtain additional rounds of financing (Bamford & Douthett, 2013;Vesper, 1990). Within this struggle, the intangible nature of their assets, poor performance (limited revenues or even losses) as well as the absence of a financial history substantially limits their access to conventional sources of finance (Corelli, 2018;Damodaran, 2009).…”

Section: Introductionmentioning

confidence: 99%

Yeni Kurulan Girişimlerin Risk Faktörleri: Bir Değerlendirme

Karaarslan

Soylu

2023

Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi

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Start-ups are considered as the way to ensure high added value and competitiveness in economies around the world. While investments in start-ups and government incentives tend to increase, evaluation of start-ups risks is an important issue not only for increasing the return on the investment but also for the efficient use of resources. This study examines the specific risks of 23 start-ups operating in various sectors in Türkiye. Employing multiple case method, the start-ups’ risk factors have been analyzed under four major dimensions (organization and human capital; technology and product; financials; marketing and implementation). Factors affecting the risk of start-ups have been assessed in depth according to their expected impact on funders’ decisions. Findings reveal that issues like key personnel dependence and process efficiency must be carefully assessed as they have a critical role in the survival of start-ups. Due to lack of financial resources and the length of time needed to reach a positive cash flow, the start-ups’ focus can be frequently shifted from their core operations to temporary income generating activities, which also increases the risk. Start-ups are set up subsequently to successfully completed R&D projects, therefore their founders mostly have an engineering background. However, although high R&D potential can be considered as having a risk decreasing effect, it is still their ability to efficiently manage financial resources and to adopt an appropriate marketing strategy to commercialize their products in order to generate cash flows and to attain a stable growth that actually determines their risk levels.

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Analytical Corporate Finance

Cited by 7 publications

References 5 publications

How “safe” is the WTO “safe haven”? A need to modernise disciplines for officially supported export credits

How “safe” is the WTO “safe haven”? A need to modernise disciplines for officially supported export credits

Aplicativos de Delivery: entrar ou não nesta modalidade? Um estudo no segmento de foodservice voltado para jovens em uma região universitária do interior paulista

Yeni Kurulan Girişimlerin Risk Faktörleri: Bir Değerlendirme

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