Changes in the capital structure before and after the global financial crisis for SMEs are studied, emphasizing their financing problems, distinguishing between internal financing and external financing determinants. The empirical research bears upon 158 small and medium-sized firms listed on Shenzhen and Shanghai Stoc…
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48 results for “external financing”
A stochastic model helps maintain insufficiently funded pension funds.
problem Maintaining pension funds that are underfunded and require external financing.
method A time-homogeneous diffusion process with a barrier is used to model the unrestricted reserves value, and a renewal-reward process models the financing effort.
result Expected values and cost evaluations of maintenance are derived, and the approach is applied to a generalized Brownian motion process.
Study on women entrepreneurs' access to finance in France.
problem Inequalities in accessing external finance for women entrepreneurs in France.
method Quantitative approach using data from a representative sample of women entrepreneurs.
result Founder status affects access to external finance; increases success in fundraising but reduces bank finance.
The Financialization of Proof-of-Stake: Asymptotic Centralization under Exogenous Risk Premiumsq-fin.GN
Model shows PoS networks can be captured by external finance, leading to centralization.
problem Long-term centralization of PoS networks under external finance pressures.
method Heterogeneous macroeconomic model with two actor classes: investors and consumers.
result External finance forces PoS networks to centralize, leading to zero internal staking yield.
The study finds significant financial sector volatility and tail risk spillovers to real economy sectors.
problem Volatility and tail risk spillovers from financial to real economy sectors.
method New measure of tail risk spillover, empirical analysis of U.S. economy 2001-2011.
result Significant volatility and tail risk spillovers from financial to real economy sectors, especially during crises.
This paper reviews digital transformation research from 2011-2024, focusing on corporate finance.
problem Lack of systematic review in digital transformation from corporate finance perspective.
method Combines bibliometric and content analysis methods.
result Emerging and rapidly growing focus on digital transformation, particularly in developed countries.
AI helps simplify complex ship finance processes.
problem Complexity in ship finance due to data and regulatory requirements.
method Integrates large language models for document comprehension, information extraction, and workflow automation.
result AI-assisted systems can support maritime finance professionals in managing complex information and reporting requirements.
The study analyzes Bitcoin market volatility using GARCH models and external information.
problem Modeling time-varying volatility in Bitcoin market.
method Combines GARCH models with a mixture of distribution hypothesis using external information.
result The simplest GARCH(1,1) model performs best in predicting volatility with external signal.
Optimal financing and dividend distribution in a general diffusion model with regime switchingmath.OC
We study the optimal financing and dividend distribution problem with restricted dividend rates in a diffusion type surplus model where the drift and volatility coefficients are general functions of the level of surplus and the external environment regime. The environment regime is modeled by a Markov process. Both cap…
Agent-to-Agent Finance: Blockchain Payments and Trust Infrastructure for Autonomous AI Agentsq-fin.GN
Agent-to-agent finance aims to manage payments and trust for AI agents.
problem Managing financial interactions between autonomous AI agents.
method Develops agent-to-agent finance concept and explores blockchain solutions.
result Agent-to-agent finance can address coordination frictions in financial markets.
StockAgent uses AI to simulate real-world stock trading, analyzing external factors and profitability.
problem Investors need to understand how external factors affect stock trading.
method Developed StockAgent, a multi-agent system driven by large language models.
result Identified how external factors impact trading behavior and profitability.
Proposes a decentralized insurance protocol for DeFi.
problem Over-insurance and inefficiencies in DeFi collateral.
method Smart contract-based economic model without external dependencies.
result Solves over-insurance and capital inefficiencies.
Researchers find a timing error in Black-Scholes-Merton option pricing model.
problem Timing error in Black-Scholes-Merton option pricing model.
method Discovered a timing mistake in Merton's 1971 model and showed misspecification in continuous and discrete time.
result Invalidates seminal contributions to the literature including Black-Scholes (1973) and Merton (1971).
Mitigates DeFi liquidations with reversible call options.
problem Systemic failures in DeFi due to liquidations.
method Introduces reversible call options to prevent liquidations.
result Reduces liquidated collateral by 89.82% in simulations.
This study compares decentralized banks and finds some lack decentralization.
problem Decentralized banks do not fully decentralize transactions as expected.
method Network analysis of transaction data from four banks using core-periphery features.
result MakerDao and Compound are more decentralized than Aave and Liquity.
A new method for creating derivatives without oracles.
problem Lack of trust in external oracles for derivatives pricing.
method Using Replicating Market Makers (RMMs) to create derivative instruments.
result Demonstrated the feasibility of on-chain expiring options without oracles.
Signal amplification in an agent-based herding modelphysics.soc-ph
A growing part of the behavioral finance literature has addressed some of the stylized facts of financial time series as macroscopic patterns emerging from herding interactions among groups of agents with heterogeneous trading strategies and a limited rationality. We extend a stochastic herding formalism introduced for…
This paper studies a portfolio optimization problem in a discrete-time Markovian model of a financial market, in which asset price dynamics depend on an external process of economic factors. There are transaction costs with a structure that covers, in particular, the case of fixed plus proportional costs. We prove that…
Research explores how local communities and corporations interact in finance.
problem Impact of local government subsidies and corporate bankruptcy on bond yields.
method Difference-in-differences analysis, econometric models, deep-learning model.
result Corporate subsidies and bankruptcy filings affect bond yields significantly.
Study on TVL computation in DeFi protocols, proposing verifiable metrics.
problem Lack of standardization and verifiability in TVL computation.
method Systematic study of 939 DeFi projects, analyzing methodologies and proposing vTVL.
result 240 protocols use repeated balance queries, limiting verifiability.
Paper introduces CLVR to reduce price volatility in AMM exchanges.
problem Intra-block price volatility in AMM exchanges.
method CLVR constructs an ordering to minimize price volatility with low computation cost.
result CLVR minimizes price volatility with a small computation cost and can be externally verified.
We study the dynamics of correlation and variance in systems under the load of environmental factors. A universal effect in ensembles of similar systems under the load of similar factors is described: in crisis, typically, even before obvious symptoms of crisis appear, correlation increases, and, at the same time, vari…
We define risk-free portfolios using three gauge invariant differential operators that require such portfolios to be insensitive to price changes, to be self-financing, and to produce a zero real return so there are no risk-free profits. This definition identifies the risk-free rate as the return of an infinitely diver…
We inject undetectable backdoors into obfuscated neural networks and language models.
problem Safeguarding models from sophisticated adversarial attacks.
method Developed a strategy to plant undetectable backdoors in obfuscated neural networks and language models.
result Undetectable backdoors can be planted in obfuscated models, even if weights and architecture are accessible.
Model assesses credit risk using behavioral data from Experian and Bank of Italy.
problem Improving credit risk assessment in financial institutions.
method Statistical and machine learning techniques applied to behavioral data from Experian and Bank of Italy.
result Demonstrates transferability of the model from private to central data.
Adaptive market maker curves minimize arbitrage losses in DeFi.
problem Asset trading prices in AMMs trail behind centralized exchanges, causing LP losses.
method Adapts market maker bonding curves to trader behavior using a differential equation derived from the Glosten-Milgrom model.
result Optimal adaptive curves minimize arbitrage losses while remaining competitive.
Study examines factors influencing lending to SMEs by Kenyan banks.
problem Lack of creditworthiness makes SMEs difficult to finance by banks.
method Descriptive research design, census of 43 banks, secondary data analysis.
result Bank size and liquidity significantly influence lending to SMEs, while credit risk and interest rates do not.
Physics-informed Bayesian inference of external potentials in classical density-functional theorycond-mat.stat-mech
Bayesian inference reconstructs external potentials in DFT for many-particle systems.
problem Reconstructing external potentials in classical density-functional theory (DFT) for many-particle systems.
method Combines Bayesian inference with classical DFT to probabilistically reconstruct external potentials.
result Accurately infers external potentials and density profiles with uncertainty quantification.
Quantum model investigates financial derivative price dynamics with quantum interference effects.
problem Investigate quantum drift in financial derivatives using Heisenberg Equation of Motion.
method Apply geometric techniques to integrate Heisenberg Equation of Motion, model financial market as quantum observable.
result Quantum interference effects can act as drag or boost on financial returns.
Signed Evidence Flow (SEF) combines fitted prediction with signed feature attributions to measure evidence conflict and stability.
problem Modern data analysis lacks mechanisms to show the clarity, conflict, or stability of evidence behind predictions.
method Signed Evidence Flow (SEF) combines fitted prediction with signed feature attributions.
result SEF measures conflict and stability, and shows that conflict can improve loss prediction beyond confidence.
Fused Multinomial Logistic Regression Utilizing Summary-Level External Machine-learning Informationstat.ME
Proposes a method to use external machine-learning predictions in multinomial logistic regression.
problem Improving statistical inference using summary-level external machine-learning predictions.
method Empirical-likelihood framework incorporating moment constraints from external nonparametric machine-learning predictions.
result Fused estimator achieves strict efficiency gain over primary-only estimator under mild conditions.
New dynamic curves improve cryptocurrency exchange liquidity.
problem Low liquidity and arbitrage opportunities in existing AMMs.
method Dynamic curves adjust AMM function based on market prices.
result Maintains liquidity and total LP value over wide market price ranges.
Paper proposes AI for stock market forecasting using external knowledge.
problem Forecasting stock prices influenced by external factors.
method Learning from historical data and external temporal knowledge graphs modeled as Hawkes processes.
result Dynamic representations effectively rank stocks based on returns.
New estimator improves ATT estimation efficiency with external controls.
problem Reduced efficiency when incorporating external controls into ATT estimation.
method Proposes a novel doubly robust estimator for ATT that maintains higher efficiency than standard approaches.
result Demonstrates improved efficiency of the new estimator compared to standard approaches, even under model misspecification.
Estimating Model Performance on External Samples from Their Limited Statistical Characteristicsstat.ML
Method estimates model performance on external samples from limited statistical characteristics.
problem Limited access to multiple datasets due to privacy and commercial restrictions.
method Search for weights that match external statistics and are closest to uniform, using model performance on weighted internal sample as an estimation.
result Estimated external performance is closer to actual performance than internal performance.
The study assesses external validity by evaluating worst-case treatment effects across subpopulations.
problem Underrepresentation of marginalized groups and limited study populations.
method Develops a semiparametrically efficient estimator for worst-case treatment effects (WTE) and uses cross-fitting to guard against brittle findings.
result The proposed framework guards against invalid findings due to unanticipated population shifts.
Statistical inference for case-control logistic regression via integrating external summary datastat.ME
A method for logistic regression inference using both internal and external data.
problem Inability to estimate intercept and marginal case proportion in case-control logistic regression.
method Empirical likelihood approach integrating internal and external data.
result Intercept parameter becomes identifiable with external information, and all parameters are estimable consistently.
Study long-term asset liquidation behavior with external flows.
problem Investigate optimal liquidation in presence of external flows.
method Convergence analysis of BSDEs for value function and strategy.
result Long-term liquidation may not occur due to external flows.
New framework TVR assesses true DeFi value, revealing substantial double counting.
problem TVL is easily manipulated and inflated in DeFi, leading to unreliable metrics.
method Proposed a new framework TVR to assess true underlying value of DeFi.
result TVR reveals substantial double counting in DeFi, with a gap of $139.87 billion at peak.
Study examines remittances in Nepal, linking external demand and domestic monetary conditions.
problem Understanding the dynamics of remittances in Nepal's economy.
method Constructed composite indices via PCA for external demand and domestic monetary conditions. Used ARDL, cointegration, DOLS, ECM, and machine learning for analysis.
result Strong positive long-run effect of external demand on remittances, significant negative impact of tighter domestic monetary conditions.
Volatility fingerprints of large shocks: Endogeneous versus exogeneouscond-mat.stat-mech
Finance is about how the continuous stream of news gets incorporated into prices. But not all news have the same impact. Can one distinguish the effects of the Sept. 11, 2001 attack or of the coup against Gorbachev on Aug., 19, 1991 from financial crashes such as Oct. 1987 as well as smaller volatility bursts? Using a …
Framework for estimating treatment effects using external control data.
problem Improving efficiency in estimating average treatment effects (ATE) in hybrid trials.
method Developed a formal causal inference framework based on exchangeability assumptions and graphical criteria. Proposed estimators and efficient doubly-robust methods.
result Established finite-sample performance and demonstrated application to spinal muscular atrophy trial.
Study identifies negative data externalities affecting model performance on specific groups.
problem Negative data externalities on group performance in machine learning models.
method Characterized and detected data-model inefficiencies, focusing on specific types of externalities.
result Negative data externalities can lower model performance on specific sub-groups, even with larger datasets.
Survey of methods to incorporate external knowledge into stock price prediction.
problem Challenges in predicting stock prices due to market volatility and non-linearity.
method Survey of methods for acquiring and incorporating external knowledge into stock price prediction models.
result Systematic synthesis of previous studies on external knowledge types and their application in stock price prediction.
OpenAlpha validates decentralized capital strategies using game theory and market aggregation.
problem Decentralized capital management's lack of trust-minimised, adaptive deployment.
method Game-theoretic validation, adversarial auditing, market-based belief aggregation.
result Confidence scores from validation phases inform capital allocation rules.
Estimates non-parametric logistic model using case-control data and external summary info.
problem Imbalanced binary data in case-control studies.
method Two-step estimation procedure with deep neural network for functional approximation.
result Proposed estimator achieves optimal convergence rate in non-parametric regression.
The importance of nodes in a network constantly fluctuates based on changes in the network structure as well as changes in external interest. We propose an evolving teleportation adaptation of the PageRank method to capture how changes in external interest influence the importance of a node. This framework seamlessly g…
UAMM uses external market prices to improve AMM efficiency and reduce liquidity provider risk.
problem Traditional AMMs lack consideration of external markets and risk management.
method UAMM calculates prices by incorporating external market prices and impermanent loss, maintaining constant product curve properties.
result UAMM eliminates arbitrage opportunities when external market prices are efficient, reducing liquidity provider risk.