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  • 2010-2014  (19)
  • 1985-1989
  • Klapper, Leora  (19)
  • Washington, D.C : The World Bank  (19)
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  • Washington, D.C : The World Bank  (19)
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  • 1
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (32 p)
    Ausgabe: 2014 World Bank eLibrary
    Paralleltitel: Klapper, Leora New Firm Registration and the Business Cycle
    Kurzfassung: This paper uses new panel data on the number of new firm registrations in 109 countries during 2002-2012 to study the relationship between entrepreneurship and economic growth. The data show strong evidence of a pro-cyclical pattern in entrepreneurship. An examination of heterogeneous relationships between new firm registration and the business cycle finds that higher levels of financial development and better business environments are associated with stronger pro-cyclicality of entrepreneurship both across countries and within countries over time. The results are robust to various measures of business regulation, such as the cost and time of starting a new firm and closing an insolvent firm. These findings suggest that fostering an efficient regulatory environment for the financial and private sector is important for encouraging a speedier recovery in the formation of new firms during economic expansions and aiding the efficient wind-down of insolvent firms during economic slowdowns
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Sprache: Englisch
    Seiten: Online-Ressource (48 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Dahiya, Sandeep The Role of Private Equity Investments in Public Firms
    Kurzfassung: This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements
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  • 3
    Sprache: Englisch
    Seiten: Online-Ressource (51 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Klapper, Leora Civil Conflict and Firm Performance
    Kurzfassung: This paper investigates the impact of political instability and civil conflict on firms. It studies the unrest in Cote d'Ivoire that began in 2000, using a census of all registered firms for the years 1998-2003. The analysis uses structural estimates of the production function and exploits spatial variations in conflict intensity to derive the cost of conflict on firms in terms of productivity loss. The results indicate that the conflict led to an average 16-23 percent drop in firm total factor productivity and the decline is 5-10 percentage points larger for firms that are owned by or employing foreigners. These results are consistent with anecdotal evidence of increasing violent attacks and looting of foreigners and their businesses during the conflict. The results suggest increases in operating costs is a possible channel driving this impact. Finally, the paper investigates whether firms responded by hiring fewer foreign workers and finds evidence supporting this hypothesis
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  • 4
    Sprache: Englisch
    Seiten: Online-Ressource (47 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Financial Inclusion and Legal Discrimination against Women
    Kurzfassung: This paper documents and analyzes gender differences in the use of financial services using individual-level data from 98 developing countries. The data, drawn from the Global Financial Inclusion (Global Findex) database, highlight the existence of significant gender gaps in ownership of accounts and usage of savings and credit products. Even after controlling for a host of individual characteristics including income, education, employment status, rural residency and age, gender remains significantly related to usage of financial services. This study also finds that legal discrimination against women and gender norms may explain some of the cross-country variation in access to finance for women. The analysis finds that in countries where women face legal restrictions in their ability to work, head a household, choose where to live, and receive inheritance, women are less likely to own an account, relative to men, as well as to save and borrow. The results also confirm that manifestations of gender norms, such as the level of violence against women and the incidence of early marriage for women, contribute to explaining the variation in the use of financial services between men and women, after controlling for other individual and country characteristics
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  • 5
    Sprache: Englisch
    Seiten: Online-Ressource (32 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Anson, Jose Financial Inclusion and the Role of the Post Office
    Kurzfassung: Given their widespread presence in rural and poor areas, post offices can play a leading role in advancing financial inclusion. Yet little is known about the type of clients that post offices reach through their financial service offerings as compared with clients of traditional financial institutions (such as commercial banks). This paper documents and analyzes account ownership patterns at post offices in comparison with traditional financial institutions, using the Global Financial Inclusion Indicators (Global Findex) database, which collects data on account ownership at post offices in 60 countries where postal accounts are offered. Controlling for a host of individual characteristics and country fixed effects, the paper finds that post offices are relatively more likely than traditional financial institutions to provide accounts to individuals who are most likely to be from financially vulnerable groups, such as the poor, less educated, and those out of the labor force. The paper also uses data from the Universal Postal Union to explore the degree to which different postal business models and the size of the postal network help explain differences in account ownership patterns. The results suggest that post offices can boost account ownership by acting as cash-merchants for transactional financial services, such as electronic government and remittance payments, and that partnerships between the post office and other financial institutions coincide with a higher bank account penetration. The paper also finds that the size of the postal network matters; the larger the network-relative to the network of traditional financial institutions-the more likely it is that adults have an account at the post office
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  • 6
    Sprache: Englisch
    Seiten: Online-Ressource (45 p)
    Ausgabe: 2013 World Bank eLibrary
    Paralleltitel: Demirguc-Kunt, Asli Islamic Finance and Financial Inclusion
    Kurzfassung: In recent years, the Islamic finance industry has attracted the attention of policy makers and international donors as a possible channel through which to expand financial inclusion, particularly among Muslim adults. Yet cross-country, demand-side data on actual usage and preference gaps in financial services between Muslims and non-Muslims have been scarce. This paper uses novel data to explore the use of and demand for formal financial services among self-identified Muslim adults. In a sample of more than 65,000 adults from 64 economies (excluding countries where less than 1 percent or more than 99 percent of the sample self-identified as Muslim), the analysis finds that Muslims are significantly less likely than non-Muslims to own a formal account or save at a formal financial institution after controlling for other individual- and country-level characteristics. But the analysis finds no evidence that Muslims are less likely than non-Muslims to report formal or informal borrowing. Finally, in an extended survey of adults in five North African and Middle Eastern countries with relatively nascent Islamic finance industries, the study finds little use of Sharia-compliant banking products, although it does find evidence of a hypothetical preference for Sharia-compliant products among a plurality of respondents despite higher costs
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  • 7
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (30 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Aggarwal, Shilpa Financing Businesses in Africa
    Kurzfassung: This paper evaluates how microfinance performed in providing business financing in 27 Sub-Saharan African countries. It uses data from the 2009 and 2010 Gallup World Poll, a nationally-representative survey of at least 1,000 individuals per country, conducted in up to 157 countries per year. The data, supported by rigorous statistical evidence in related literature on the use of microcredit around the world, demonstrate that economic gains from microcredit have been more modest than what was once believed. On the other hand, the analysis suggests that the poor save in order to start new businesses and that the introduction of formal products for small savings can be a key financial innovation. The authors also analyze the challenges the poor face in setting money aside to save, and discuss what policymakers can do to promote savings
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  • 8
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (20 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Demirgüç-Kunt, Asli Financial Inclusion in Africa
    Kurzfassung: This paper summarizes financial inclusion across Africa. First, it provides a brief overview of the African financial sector landscape. Second, it uses the Global Financial Inclusion Indicators (Global Findex) database to characterize adults in Africa that use formal and informal financial services and identify the barriers to formal account ownership. Next, it uses World Bank Enterprise Survey data to examine how the use of financial services by small and medium enterprises in Africa compares with small and medium enterprises in other developing regions in terms of account ownership and availability of lines of credit. The authors find that less than a quarter of adults in Africa have an account with a formal financial institution and that many adults in Africa use informal methods to save and borrow. Similarly, the majority of small and medium enterprises in Africa are unbanked and access to finance is a major obstacle. Compared with other developing economies, high-growth small and medium enterprises in Africa are less likely to use formal financing, which suggests formal financial systems are not serving the needs of enterprises with growth opportunities
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  • 9
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (55 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Klapper, Leora Financial Literacy and the Financial Crisis
    Kurzfassung: The ability of consumers to make informed financial decisions improves their chances of having sound personal finance. This paper uses a panel dataset from Russia, where consumer loans grew at an astounding rate-from about US
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  • 10
    Sprache: Englisch
    Seiten: Online-Ressource (68 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Cole, Shawn Incentivizing Calculated Risk-Taking
    Kurzfassung: This paper uses a series of experiments with commercial bank loan officers to test the effect of performance incentives on risk-assessment and lending decisions. The paper first shows that, while high-powered incentives lead to greater screening effort and more profitable lending, their power is muted by both deferred compensation and the limited liability typically enjoyed by loan officers. Second, the paper presents direct evidence that incentive contracts distort judgment and beliefs, even among trained professionals with many years of experience. Loans evaluated under more permissive incentive schemes are rated significantly less risky than the same loans evaluated under pay-for-performance
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  • 11
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (61 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Asli Demirguc-Kunt Measuring Financial Inclusion
    Kurzfassung: This paper provides the first analysis of the Global Financial Inclusion (Global Findex) Database, a new set of indicators that measure how adults in 148 economies save, borrow, make payments, and manage risk. The data show that 50 percent of adults worldwide have an account at a formal financial institution, though account penetration varies widely across regions, income groups and individual characteristics. In addition, 22 percent of adults report having saved at a formal financial institution in the past 12 months, and 9 percent report having taken out a new loan from a bank, credit union or microfinance institution in the past year. Although half of adults around the world remain unbanked, at least 35 percent of them report barriers to account use that might be addressed by public policy. Among the most commonly reported barriers are high cost, physical distance, and lack of proper documentation, though there are significant differences across regions and individual characteristics
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  • 12
    Sprache: Englisch
    Seiten: Online-Ressource (61 p)
    Ausgabe: 2012 World Bank eLibrary
    Paralleltitel: Allen, Franklin The Foundations of Financial Inclusion
    Kurzfassung: Financial inclusion-defined here as the use of formal accounts-can bring many welfare benefits to individuals. Yet we know very little about the factors underpinning financial inclusion across individuals and countries. Using data for 123 countries and over 124,000 individuals, this paper tries to understand the individual and country characteristics associated with the use of formal accounts and what policies are effective among those most likely to be excluded: the poor and rural residents. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower account costs and greater proximity to financial intermediaries. Policies targeted to promote inclusion-such as requiring banks to offer basic or low-fee accounts, exempting some depositors from onerous documentation requirements, allowing correspondent banking, and using bank accounts to make government payments-are especially effective among those most likely to be excluded. Finally, the authors study the factors associated with perceived barriers to account ownership among those who are financially excluded and find that these individuals report lower barriers in countries with lower costs of accounts and greater penetration of financial service providers. Overall, the results suggest that policies to reduce barriers to financial inclusion may expand the pool of eligible account users and encourage existing account holders to use their accounts to save and with greater frequency
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  • 13
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (40 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Klapper, Leora Trade Credit Contracts
    Schlagwort(e): Lieferantenkredit ; Europa ; Nordamerika
    Kurzfassung: The authors employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together; the key contractual terms, such as the discount for early payment; and the days by when payment is due. Whereas prior work has typically used information on only one side of the buyer-seller transaction, this paper utilizes information on both. The authors find that the largest and most creditworthy buyers receive contracts with the longest maturities from smaller suppliers, with the latter extending credit to the former perhaps as a way of certifying product quality. Discounts for early payment seem to be offered to riskier buyers to limit the potential nonpayment risk when credit is extended for non-financial reasons
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  • 14
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (24 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Klapper, Leora Financial Literacy and Retirement Planning
    Kurzfassung: The authors examine the association of financial literacy with retirement planning in Russia, a country with a relatively old and rapidly aging population, large regional disparities, and a rapidly emerging financial market. They find that only 36.3 percent of respondents in the sample understand interest compounding and only half can answer a simple question about inflation. In a country with widespread public pension provisions, they find that financial literacy is significantly and positively related to retirement planning involving private pension funds and schemes. Thus, along with encouraging the availability of private retirement plans, efforts to improve financial literacy could be pivotal to the expansion of the use of such schemes
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  • 15
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (41 p)
    Ausgabe: 2011 World Bank eLibrary
    Paralleltitel: Klapper, Leora Patterns of Business Creation, Survival and Growth
    Kurzfassung: The authors study firm dynamics using a novel database of all formally registered firms in Cote d'Ivoire from 1977 to 1997, which account for about 60 percent of gross domestic product. First, they examine entry and exit patterns and the role of new and exiting firms versus incumbents in job creation and destruction. They find that while the rate of job creation at new firms is quiet high-at 8 percent on average-the number of jobs added by new firms is small in absolute terms. Next, they examine survival rates and find that the probability of survival increases monotonically with firm size, but manufacturing and foreign-owned firms face higher likelihoods of exit compared with service oriented and domestically owned firms. They find that higher growth of gross domestic product increases the probability of firm survival, but this is a broad impact with no firm size disproportionately affected. In robustness checks, they find that after 1987 size is no longer a significant determinant of firm survival for new entrants, suggesting that the operating environment for firms changed. Finally, they find that trade and fiscal reform episodes raised the probability of firm exit and attenuated the survival disadvantages faced by smaller firms, but exchange rate revaluation and pro-private sector reforms did not significantly lower the likelihood of exit
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  • 16
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (34 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Laeven, Luc Trade Credit Contracts
    Kurzfassung: This paper provides new evidence on the unique role of trade credit and contracting terms as a way for both sellers and buyers to mange business risk. The authors use a novel and unique dataset on almost 30,000 supplier contracts for 56 large buyers and more than 24,000 suppliers in Europe and North America. The sample of buyers and suppliers includes firms of varying size, investment grade, and sectors. The paper finds evidence in support of four important, and not mutually exclusive, reasons for trade credit: 1) as a method of financing; 2) as a means of price discrimination; 3) as a bond assuring buyers of product quality; and 4) as a screening mechanism to gauge buyer default risk. In particular, the analysis finds that the largest and most creditworthy buyers receive contracts with the longest maturities, as measured by net days, from smaller, investment grade suppliers. In comparison, early payment discounts seem to be used as a risk management tool to limit the potential nonpayment risk of trade credit. Early payment discounts are generally offered to smaller, non-investment grade buyers. The results suggest that contract terms are jointly determined by supplier and buyer characteristics
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 17
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (35 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Love, Inessa The impact of the financial crisis on new firm registration
    Kurzfassung: The authors use panel data on the number of new firm registrations in 95 countries to study the impact of the business environment and 2008 financial crisis on new firm registration. The data show that more dynamic formal business creation occurs in countries that provide entrepreneurs with a stable legal and regulatory regime, fast and inexpensive business registration process, more flexible employment regulations, and low corporate taxes. The data also show that nearly all countries experienced a sharp drop in business entry during the crisis. This drop is more pronounced in countries with higher levels of financial development and countries more affected by the crisis
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  • 18
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (30 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Cirmizi, Elena The challenges of bankruptcy reform
    Kurzfassung: The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process
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  • 19
    Online-Ressource
    Online-Ressource
    Washington, D.C : The World Bank
    Sprache: Englisch
    Seiten: Online-Ressource (30 p)
    Ausgabe: 2010 World Bank eLibrary
    Paralleltitel: Klapper, Leora The impact of business environment reforms on new firm registration
    Kurzfassung: The authors use panel data on the number of new firm registrations in 92 countries to study how the magnitude of reforms affects new firm registrations. They find that small reforms, in general less than 40 percent reduction in costs, days, or procedures required for business registration, do not have a significant effect on new firm creation. This suggests that small reforms do not have the intended effect on private sector development. They also find important synergies in multiple reforms of two or more business environment indicators. Finally, they show that countries with relatively weaker business environments require relatively larger reforms in order to impact new firm growth. These results can be helpful to motivate policymakers to make larger, broader reforms
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