Are the New Sources for Financing SMEs a Reality or a Chimera?

Emerging Tools and Strategies for Financial Management - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-2440-4.ch005 ◽

2020 ◽

pp. 106-130

Author(s):

José Pablo Abeal Vázquez ◽

Begoña Alvarez García ◽

Lucía Boedo Vilabella

Keyword(s):

Value Added ◽

Real Solution ◽

Equity Trading ◽

Trading Market ◽

Debt Market ◽

Alternative Markets

Small and medium-sized enterprises (SMEs) are a key pillar of the European economy because they play an important role in generating growth, employment, and value added. However, SMEs cannot access funding from sources such as issuing securities because they do not meet the listing requirements of official markets. This is why these firms are forced to cover their financial needs by borrowing from banks and reinvesting profits. For this reason, several alternative markets have been launched in Europe. In the Spanish case, two alternative markets have been created (one equity trading market and one debt market). In this chapter, these markets are presented for the purpose of analyzing to what extent they are a real solution to the financing problems faced by Spanish SMEs. This research shows that these two markets follow different paths, although for the time being, they are not capable of reaching a large number of companies.

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The prospective low risk hedge fund capital allocation line model: evidence from the debt market

Oeconomia Copernicana ◽

10.24136/oc.2018.021 ◽

2018 ◽

Vol 9 (3) ◽

pp. 419-439 ◽

Cited By ~ 1

Author(s):

Darko B. Vukovic ◽

Victor Prosin

Keyword(s):

Hedge Fund ◽

Value Added ◽

Capital Allocation ◽

Low Risk ◽

Insurance Companies ◽

Investment Opportunities ◽

Debt Market ◽

Model Evidence ◽

Fund Portfolio ◽

Debt Portfolios

Research background: Institutional investors such as: commercial banks, pension funds, and insurance companies are constantly looking for low-risk stable investment opportunities, whereas one of the solutions can be a simulated portfolio. This research takes a look at the incentive to invest in government debt portfolios, as it can outperform the returns of deposit accounts. Purpose of the article: This study considers several classic methods of portfolio constriction and includes the basis of debt instruments that have not been a research topic for a long period of time. At the same time, this paper analyzes the classic methods of modern portfolio theory with a Sharpe ratio as an indicator of efficiency. Methods: The constructed portfolio consists of four elements from different countries: two government obligations and two bond indexes, aiming to employ international diversification. All the data was collected for the period of 12 years in order to represent the consequences of accrued recessions. Findings & Value added: The past two severe financial crises created a higher demand for stable investments, and more investors are ready to compromise a higher return for it. There-fore, the results of this paper represent a simulation of low-risk hedge fund portfolio construction with the use of highly rated debt instruments.

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MODEL KELEMBAGAAN PENGEMBANGAN USAHATANI HUTAN RAKYAT GANITRI DI PROVINSI JAWA TENGAH

Jurnal Hutan Tropis ◽

10.20527/jht.v8i1.8158 ◽

2020 ◽

Vol 8 (1) ◽

pp. 46

Author(s):

Idin Saepudin Ruhimat

Keyword(s):

Private Sector ◽

Value Added ◽

Qualitative Approach ◽

Community Forest ◽

Forest Farming ◽

Central Java ◽

Alternative Markets ◽

Institutional Model ◽

Central Java Province

This study aims to formulate an institutional model for the development of ganitri community forest farming in Central Java Province. The study was conducted from January to December 2012 in three districts in Central Java Province, namely Cilacap, Kebumen, and Wonosobo. Data were analyzed descriptively with a qualitative approach. The results showed that the institutional model of agribusiness that optimizes the role of various parties such as government, private sector, and the community at all stages of farming such as the procurement of inputs, production, processing, and marketing can be used as an institutional model for the development of community forest ganitri both for production purposes timbers or seeds. The local government of Cilacap, Kebumen, and Wonosobo are advised to optimize aspects of mentoring, coaching, and counseling to stakeholders in the development of ganitri community forest farming and to find alternative markets and value added ganitri crops.

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JUICE AND CAROTENOID YIELD FROM PROCESSED WATERMELON

HortScience ◽

10.21273/hortsci.41.3.518e ◽

2006 ◽

Vol 41 (3) ◽

pp. 518E-518 ◽

Cited By ~ 2

Author(s):

P. Perkins-Veazie ◽

J.K. Collins ◽

M. Siddiq ◽

K. Dolan

Keyword(s):

Value Added ◽

Beta Carotene ◽

Hydraulic Press ◽

Fresh Market ◽

A Value ◽

Juice Yield ◽

Quality Aspects ◽

Lycopene Content ◽

Alternative Markets ◽

Processing Techniques

Most watermelon in the U.S. is consumed fresh. Development of value-added products from watermelon is desirable for new market niches, and provides alternative markets for fruit that are cosmetically undesirable for the fresh market. The objective of this experiment was to determine if different processing techniques changed the lycopene and quality aspects of juices and concentrates. Watermelon flesh was macerated, followed by holding at room temperature (no heat) or heating to 50 °C. Macerate was then placed in a hydraulic press to obtain juice. Adding heat to macerate increased juice yield by 1% to 2% and increased lycopene content by 1 to 2 mg·kg–1. The residual pomace (waste from juicing) also contained lycopene, about 110% of that found in the juice, or 10% from the original macerate. In a second experiment, juice was subjected to pasteurization, which caused a slight loss of lycopene and beta-carotene compared to the unpasteurized juice. In a third study, juice was concentrated to 42 °Brix using either 40 or 50 °C heat treatments, followed by pasteurization. Heating juice to 50 °C concentrated the lycopene by 17% compared to heating to 40 °C. Pasteurization increased the lycopene content of the 40 °C concentrate by 10% but not of the 50 °C concentrate. In summary, the addition of heat at various steps during processing and pastuerization of watermelon concentrated but did not degrade lycopene. Additionally, the residual pomace created from juice manufacturing is a concentrated source of carotenoids and may have potential use as a value added nutraceutical product.

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The equity trading market

Japanese Financial Markets ◽

10.1016/b978-1-85573-596-5.50021-5 ◽

2002 ◽

pp. 371-394

Keyword(s):

Equity Trading ◽

Trading Market

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Sustainable 2,5-furandicarboxylic synthesis by a direct 5-hydroxymethylfurfural fuel cell based on a bifunctional PtNiSx catalyst

Chemical Communications ◽

10.1039/d0cc06087a ◽

2020 ◽

Vol 56 (88) ◽

pp. 13611-13614

Author(s):

Jialu Wang ◽

Xian Zhang ◽

Guozhong Wang ◽

Yunxia Zhang ◽

Haimin Zhang

Keyword(s):

Fuel Cell ◽

Electric Energy ◽

Value Added ◽

Chemical Energy ◽

New Type

A new type of direct 5-hydroxymethylfurfural (HMF) oxidation fuel cell based on a bifunctional PtNiSx/CB catalyst not only transformed chemical energy into electric energy but also converted HMF into value-added 2,5-furandicarboxylic (FDCA).

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