Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
subsidiaries in the United Kingdom and Europe, and two firms with United Kingdom stock-market listings (Biotechnology Investment Trust and Newmarket) have shifted their registered offices to the Bahamas, as they have considerable investments in the United States (and elsewhere).
18.
It is arguable that the provision of equity, by taking risk, fulfills an important economic function that the provision of secured debt does not. Therefore, the risk-taking capitalist, despised in the traditional socialist lore, is performing a much more valuable function than the lending bank that obtains its reward for much less risk, in that it is a preferred, and usually secured, supplier of finance. This may justify the subsidy in the form of a tax concession.

REFERENCES

Adams D. W. ( 1980). "Recent Performance of Rural Financial Markets." in Borrowers and Lenders: Rural Financial Markets and Institutions in Developing Countries, ed. J. Howell. London: Overseas Development Institute.

ADFIAP. ( 1987). Newsletter, Vol. 10, no. 2 (June).

Akerlof G. ( 1970). "The Market for 'Lemons': Quality of Uncertainty and the Market Mechanism." Quarterly Journal of economics 84: 488-500.

Anderson D. ( 1982). "Small Industry in Developing Countries: A Discussion of Issues." World Development 10, no. 11: 913-948.

Anderson D., and F. Khambata. ( 1985). "Financing Small Scale Industry and Agriculture in Developing Countries: The Merits and Limitations of 'Commercial' Policies." Economic Development and Cultural Change 33, no. 2: 349-372.

Archer S. H., and C. A. D'Ambrosio, eds. ( 1983). The Theory of Business Finance: A Book of Readings. 3rd ed. New York and London: Macmillan.

Bhatt V. V. ( 1978). Interest Rate, Transaction Costs, and Financial Innovations. Washington, D.C.: World Bank.

Bolton J. E., Chairman ( 1971). Report of the Committee of Inquiry on Small Firms. London: HMSO, Cmnd. 4811.

Bottomley J. A. ( 1975). "Interest Rate Determination in Underdeveloped Rural Areas." American Journal of Agricultural Economics 57: 279-291.

Cary L. ( 1985). The Venture Capital Report: Guide to Venture Capital in the U.K. Bristol: Venture Capital Report.

Dinyar bin Framjee. ( 1987). "Small Firms Join the Big League." Singapore Business, April.

Financial Times ( 1987). "Venture Capital (Special Survey)." December 4.

Harper M. ( 1984). Small Business in the Third World. Chichester: John Wiley.

Harper M., and M. F. de Jong, eds. ( 1986). Financing Small Enterprises. Proceedings of a seminar organized by the Netherlands Development Finance Company (FMO). London: Intermediate Technology Publications.

Howell J., ed. ( 1980). Borrowers and Lenders: Rural Financial Markets and Institutions in Developing Countries. London: Overseas Development Institute.

Kitchen R. L. ( 1986). Finance for the Developing Countries. Chichester: John Wiley.

Levitsky J. ( 1983). "Assessment of Bank Small Scale Enterprise Lending." Washington, D.C.: World Bank Industry Department. Mimeo.

Lipton M. ( 1976). "Agricultural Finance and Rural Credit in Poor Countries." World Development 4, no. 7: 543-553.

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