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Book part
Publication date: 27 September 2019

Jose Manuel Saiz-Alvarez

The goal of this work is to include the new economic-based approaches related to entrepreneurship that have been published in the literature. Based on the neoclassical and…

Abstract

The goal of this work is to include the new economic-based approaches related to entrepreneurship that have been published in the literature. Based on the neoclassical and Austrian schools, some sociological, psychological and economic theories about entrepreneurship. In this work, some unknown economic-based approaches related to entrepreneurship will be summarized, as they are included in the work of Saiz-Alvarez and García-Vaquero (2017). These approaches are: (1) The Jack-of-all-trades Theory, (2) The Mezzanine Theory, (3) The O-Ring Theory, (4) The Theory of Resources and Capabilities, (5) Entrepreneurial Bricolage, (6) The Processes’ School, (7) The Feedback Loop Theory, (8) The Theory of Effectuation, and (9) The Theory of the Optimal Triangle. All these theories will be summarized in this chapter.

Abstract

Details

Midlife Creativity and Identity: Life into Art
Type: Book
ISBN: 978-1-78754-333-1

Article
Publication date: 12 March 2019

Juan David Gonzalez-Ruiz, Alejandro Arboleda, Sergio Botero and Javier Rojo

The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships…

1055

Abstract

Purpose

The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).

Design/methodology/approach

The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.

Findings

The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV.

Research limitations/implications

The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.

Practical implications

Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.

Originality/value

Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 5
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 3 May 2016

Ronen Harel and Dan Kaufmann

The purpose of this paper is to study the funding difficulties of innovative SMEs in traditional sectors (ISTS) and asks whether current conditions represent a financing market…

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Abstract

Purpose

The purpose of this paper is to study the funding difficulties of innovative SMEs in traditional sectors (ISTS) and asks whether current conditions represent a financing market failure.

Design/methodology/approach

The study explores the financial tools available in Israel and their relevancy to ISTS by conducting in-depth interviews with different key figures in the financial industry. These include managers at venture capital (VC) funds, banks, private equity (PE) funds, mezzanine funds, as well as officials from the public sector.

Findings

In this study the authors identify the existence of a market failure relating to the funding of ISTS and suggest that the current VC, PE and mezzanine fund models cannot provide adequate financing solutions for ISTS in Israel.

Practical implications

In light of the importance of these firms to the economy, governmental intervention is required, if more innovative activity of ISTS is desired. To this end, the study proposes a funding scheme that addresses the special needs of these companies.

Originality/value

The study contributes to the literature by focussing specifically on the challenges of ISTS and by using a qualitative approach to analyzing the relevancy of different financial mechanisms to their needs.

Details

EuroMed Journal of Business, vol. 11 no. 1
Type: Research Article
ISSN: 1450-2194

Keywords

Book part
Publication date: 24 March 2021

Carla Young

Scholarship on alternative organizations and cooperatives has argued that networks and intermediaries foster organizational form stability and protect collectivist-democratic…

Abstract

Scholarship on alternative organizations and cooperatives has argued that networks and intermediaries foster organizational form stability and protect collectivist-democratic organizations from rationalization as well as decoupling. This study of field-level organizing among food co-ops in the United States shows that rather than buffering collectivist organizations from conventional market and rationalization pressures, meta-organizations can also serve as a conduit for rationalizing pressures, subjecting vulnerable organizations to what I call quasi-coercive isomorphism. Using interviews of field participants, ethnographic observations of conferences, and content analysis of organizational documents, I examine the formation and impact of National Co+op Grocers, a meta-cooperative created to leverage scale and pool resources among food co-ops. I find that this meta-organization enforced grocery industry-oriented norms of operation, management, and presentation among its member organizations in return for providing mutual liability and economies of scale. This focus on select operationally scalable processes and structures for support generated isomorphic pressures that exposed, rather than sheltered, co-ops, especially smaller, resource-poor ones, from industry standards. The meta-organization thus promoted a sectorized model of more marketized practices for the field’s cooperatives that pushed co-ops to adopt conventional grocery store practices and distanced them from the practices of other cooperative form fields. Moreover, the potential of cooperative form-specific elements for scaling was not realized: collective ownership and democratic governance remained local concerns. These findings suggest that whether meso-level cooperation among cooperatives can support alternative form maintenance is contingent on the structure and scope of the meta-organization and on the perceived scalability of operational and governance elements of the cooperative organizational form.

Details

Organizational Imaginaries: Tempering Capitalism and Tending to Communities through Cooperatives and Collectivist Democracy
Type: Book
ISBN: 978-1-83867-989-7

Keywords

Article
Publication date: 11 November 2013

Long D. Nguyen and Hung T. Nguyen

The purpose of this paper is to examine the relationship between building floor and labor productivity of the structural work including formwork installation and rebar…

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Abstract

Purpose

The purpose of this paper is to examine the relationship between building floor and labor productivity of the structural work including formwork installation and rebar fabrication/installation.

Design/methodology/approach

The case study methodology and learning curve theory are adopted for the paper. Records from the structural work of a 20-storey apartment building were analyzed to calculate floor-based labor productivities.

Findings

Labor productivity of the formwork activity increased more than twice in the first five floors. If the first cycle (floor 2) is omitted, the straight-line learning curve model shows a learning rate of 83.5 percent. Labor productivity of the rebar activity tended to increase in the first 15 floors. If the first two cycles are omitted, the straight-line learning curve model indicates a learning rate of 83.6 percent.

Research limitations/implications

Future research is needed to examine and quantify factors that affect the level of learning in high-rise building construction. The relationship between building floor and labor productivity should be further investigated for other construction activities.

Practical implications

Practitioners should consider the relationship between building floor and labor productivity and learning effects when planning manpower and construction duration for individual activities and for a building.

Originality/value

The paper substantiates the hypothesis that labor productivity does not reach 100 percent of the normal level at the very first floors while they do not support the hypothesis that labor productivity does not reach 100 percent at the top floors.

Details

Engineering, Construction and Architectural Management, vol. 20 no. 6
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 1 January 1994

David J. Brophy and Michael R. Haessler

The purpose of this paper is to demonstrate how probabilistic simulation can be used to assist prospective general partners (GP) and limited partners (LP) of a venture capital…

Abstract

The purpose of this paper is to demonstrate how probabilistic simulation can be used to assist prospective general partners (GP) and limited partners (LP) of a venture capital limited partnership fund to evaluate alternative investment strategies for the proposed fund. The model presented in the paper is based upon observed characteristics of the venture capital market reported in the finance, economics, and management science literature. The body of the paper is organized as follows. In Section II we review the structural characteristics of the model. In Section III we present the results, in terms of ending wealth, obtained from simulating the fund's operations over its life under selected alternative investment strategies. In Section IV we show evaluations of the fund's simulated results under expected return, mean/variance and four moment approaches. In Section V, we present conclusions and implications of the results for financial management.

Details

Managerial Finance, vol. 20 no. 1
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 26 August 2014

Stephen E. Roulac

The questions of loan availability and pricing were considered from the perspectives of financial economic theory and practice as well as a survey of lenders capable of financing…

Abstract

Purpose

The questions of loan availability and pricing were considered from the perspectives of financial economic theory and practice as well as a survey of lenders capable of financing a one-year bridge loan to determine the market's willingness to make such a loan and what rate of interest would be charged. Utilizing the sources above, in conjunction with professional knowledge and industry contacts, 101 lenders were selected as representative of the universe of lenders who had the capacity to make directly or otherwise to arrange, a $192 million bridge loan. The survey of lenders involved interviews with 67 of the 86 selected lenders from 59 firms. The paper aims to discuss these issues.

Design/methodology/approach

Loan availability and pricing were considered from perspectives of financial economic theory and practice plus a survey to determine market's willingness to make a loan at what price. Utilizing professional knowledge and industry contacts, 101 lenders were selected as representative of those which had the capacity to make a $192 million bridge loan. When lenders were evaluated against criteria of size, product type, geographic territory, and willingness/capability to provide nonstandard loans, list selected for telephone interviews was narrowed, then subsequently expanded with referrals that led to identification of new potential lenders to be contacted.

Findings

Nine lenders offered conceptualized deal structures to provide the required financing. Though the price may be expensive, especially relative to what borrowers may wish to pay, financing is available. Developers’ and deal-makers’ protestations that “it's impossible,” should be discounted and rejected. Because the subject property is characterized by high-risk, it is logical conclusion that the lenders expressing a desire to provide the bridge loan would expect to earn a high return, meaning that the interest rate would approach, if not exceed, 20 percent.

Research limitations/implications

Because the nature of the research required that the specific identities of the building and the parties were not revealed, some lenders might decline to consider this financing opportunity. And, real world negotiation of financing terms could result in higher rates than quoted and/or disinclination of lenders to proceed. Because of very specialized circumstances surrounding this proprietary research, conducted subject to nondisclosure agreement, publication had to be deferred until those constraints no longer applied. Though the data are more than a decade old, this consideration does not compromise the relevance, validity, or generalizability of the findings.

Practical implications

Markets can accommodate transactions that might be perceived as improbable. Investors which approach opportunities with creativity and open mind, can make deals that would not be possible, were strict, rigid, unbending eligible deal preference parameters to be employed. Strategists establishing policies for real estate enterprises should insist on progressive, expansive thinking in turning the scope of their potential venture involvements. Real estate education and training should address more attention to financial economic theory, strategic initiative, and creative deal making, which priority topics are too seldom prioritized, with the consequence that too many in real estate think narrowly rather than expansively.

Social implications

This research substantiates a fundamental theory of financial economics and refutes conventional applied wisdom. Seldom do researchers and investors have the opportunity to “get inside” the lending decision process for a large scale commercial property, especially one characterized by daunting circumstances and considerable complexity, such as studied here. A unique real world date set – not normally accessible to property scholars – enables study of the proposition that every commodity has a price, no matter how severe or difficult the circumstances, in a manner fully congruent with the new AACSB Business School Deans policy emphasis on relevance in addition to rigor.

Originality/value

As commercial mortgages much less studied than residential mortgages, this paper is significant addition to undeveloped segment of literature. As the majority of mortgage finance research, estimated to be in the range of 90 percent, has been limited to single family residential financing, the study of commercial mortgage financing is relatively under-researched. Further, the studies of commercial mortgage finance tend to be illustrative case studies with stylized facts rather than explorations of empiricism-based investigations. As most researchers engaged in exploring real estate topics limit themselves to public information, research that provides access to real world private transactions is especially important.

Details

Journal of Property Investment & Finance, vol. 32 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 26 April 2023

Marcel Steinborn

This study aims to investigate the day-of-the-week (DoW) effect in globally listed private equity (LPE) markets using daily data covering the period 2004–2021.

Abstract

Purpose

This study aims to investigate the day-of-the-week (DoW) effect in globally listed private equity (LPE) markets using daily data covering the period 2004–2021.

Design/methodology/approach

To investigate the existence of the DoW effect in globally LPE markets, ordinary least squares regression, generalised autoregressive conditional heteroscedasticity (GARCH) regression and robust regressions are used. In addition, robustness audits are conducted by subdividing the sampling period into two sub-periods: pre-financial and post-financial crisis.

Findings

Limited statistically significant evidence is found for the DoW effect. By taking time-varying volatility into account, a statistically significant DoW effect can be observed, indicating that the DoW effect is driven by time-varying volatility. Economic significance is captured through visual inspection of average daily returns, which illustrate that Monday returns are lower than the other weekdays.

Practical implications

The results have important implications on whether to adopt a DoW strategy for investors in LPE. The findings show that higher returns on selected days of the week for certain indices are possible.

Originality/value

To the best of the author’s knowledge, this paper provides the first study to examine the DoW effect for globally LPE markets by using LPX indices and contributes valuable insights on this growing asset class.

Details

Studies in Economics and Finance, vol. 41 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Book part
Publication date: 24 November 2010

Peter A. Gisolfi

Early on, public libraries in America tended toward grand appearances befitting seriousness of purpose. Library design changed gradually through the 20th century and more…

Abstract

Early on, public libraries in America tended toward grand appearances befitting seriousness of purpose. Library design changed gradually through the 20th century and more dramatically with automation and new technology. Today's libraries are becoming lively community cultural centers that may include art galleries, flexible auditoriums, meeting and conference rooms, media lounges, and cafés.

This chapter discusses changes in public library design. It focuses on four recent examples – two traditional libraries and two innovative libraries. The changing requirements present significant challenges for library administrators and for the architects who must design the libraries to be organized and used appropriately, now and in the future.

Details

Advances in Library Administration and Organization
Type: Book
ISBN: 978-0-85724-287-7

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