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Working Capital Index – Spring 2017

Journal Article
Availability: On external website

The Lloyds Bank Working Capital Index is a single-figure measure of the momentum change in operational working capital. It is based on data from Markit’s Purchasing Managers’ Index (PMI) surveys, which contain valuable information about pressures on British private sector companies’ current assets and current liabilities from month to month. This provides an opportunity to track working capital trends over time at the macro level The key finding of the first ever Working Capital Index is that British businesses are under significant pressure to increase their working capital. Yet every pound tied up in working capital is a pound that could be invested in other, more productive areas of the business.

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Watch the Working Capital of Tier-Two Suppliers: A Financial Perspective of Supply Chain Collaboration in the Automotive

Journal Article
Availability: On external website

Purpose This paper aims to examine how lack of financial cooperation damages the operational efficiency of supply chains. The thesis is that economic and technological forces are provoking increasing financial tensions that push companies to transfer their credit needs and inventory requirements to their weakest suppliers.

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Impediments to the Adoption of Reverse Factoring for Logistics Service Providers

Book Section
Availability: On external website

In this chapter we discuss the main impediments to the adoption of reverse factoring (RF) by suppliers in the logistics services business. Although the usage of RF is ascending, empirical evidence on RF and its implementation, especially from the point of view of suppliers, is scarce.

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A Cash Conversion Cycle Approach to Liquidity Analysis

Journal Article
Availability: On external website

Static ratios are inadequate and, at times, misleading in the evaluation of a firm’s liquidity position. Although use of receivable and inventory turnover measures of an operating cycle concept introduces the important aspect of financial flows, the analysis is incomplete, because not all relevant flows are considered.

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Integrating financial and physical supply chains: The role of banks in enabling supply chain integration

Journal Article
Availability: On external website

Purpose: The financial supply chain, running parallel to the flow of goods and information, is common to all economic supply networks, and its integration with the physical supply chain is therefore a critical and ubiquitous aspect of supply chain integration (SCI) largely ignored in the literature.

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Financing the Newsvendor: Supplier vs. Bank, and the Structure of Optimal Trade Credit Contracts

Journal Article
Availability: On external website

We consider a supply chain with a retailer and a supplier: A newsvendor-like retailer has a single opportunity to order a product from a supplier to satisfy future uncertain demand. Both the retailer and supplier are capital constrained and in need of short-term financing. In the presence of bankruptcy risks for both the retailer and supplier, we model their strategic interaction as a Stackelberg game with the supplier as the leader.

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Commodity Trade Finance

Generic
Availability: On external website

Commodity trade finance is a financingmethod for commodity producers and commodity traders (e.g. crude oil, natural gas, steamand coking coal, steel and steel products, non-ferrousmetals, cotton, chemical substances, fertilisers, paper, etc.).

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A Theory of Domestic and International Trade Finance

Working Paper
Availability: On external website

This paper provides a theory model of trade finance to explain the “great trade collapse” The model shows that, first, the riskiness of international transactions rises relative to domestic transactions during economic downturns, and second, the exclusive use of a letter of credit in international transactions exacerbates a collapse in trade during a financial crisis.

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Working capital management, corporate performance, and financial constraints

Journal Article
Availability: On external website

This paper examines the linkage between working capital management and corporate performance for a sample of non-financial UK companies

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The impact of working capital management on firm profitability in different business cycles: Evidence from Finland

Journal Article
Availability: On external website

The recent economic downturn of 2007-2008 has brought renewed focus on working capital policies. In this paper we examine the role of business cycles on the working capital-profitability relationship using a sample of Finnish listed companies over an 18-year period.

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The financial supply chain management: A new solution for supply chain resilience

Journal Article
Availability: On external website

In the present article, the author aims to find solutions to optimize the supply chain for the cash flow – a flow of products reversed from the physical one and the two-ways flow of information.v

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Impediments to the Adoption of Reverse Factoring for Logistics Service Providers

Book Section
Availability: On external website

In this chapter we discuss the main impediments to the adoption of reverse factoring (RF) by suppliers in the logistics services business. Although the usage of RF is ascending, empirical evidence on RF and its implementation, especially from the point of view of suppliers, is scarce.

Read more

Growing the global economy through SMEs

Report
Availability: On external website

Small and medium-sized enterprises (SMEs) play an important role in the world economy and contribute substantially to income, output and employment.

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Destocking, the bullwhip effect, and the credit crisis: empirical modeling of supply chain dynamics

Journal Article
Availability: On external website

In this paper we analyze the strong sales dip observed in the manufacturing industry at the end of 2008, following the bankruptcy of Lehman Brothers and the subsequent collapse of the financial world. We suggest that firms’ desire to retain liquidity during these times prompted a reaction characterized by the reduction of working capital, which materialized as a synchronized reduction in target inventory levels across industries.

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Collaborative working capital management in supply networks

Thesis
Availability: On external website

Supply chain management is widely accepted as a means for companies to gain competitive advantage. While product and information flows have been widely covered in the literature, relatively little attention has been paid to the management of a supply chain’s finances.

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Access to finance, working capital management and company value: Evidences from Brazilian companies listed on BM&FBOVESPA

Journal Article
Availability: On external website

In this research, we have analyzed the impact of financial leverage on the relationship between working capital and company value and how financial constraints on access to financing affect this relationship.

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Presentations SCF Forum 2015

Conference Proceedings
Availability: In the webshop
(5)

The presentations from the third annual Supply Chain Finance Community Forum for which the authors gave permission to be shared. The event took place on 18th November 2015 at the spectacular Beurs van Berlage, the former commodities exchange in the heart of Amsterdam.

150.00

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The impact of working capital management on firm profitability in different business cycles: Evidence from Finland

Journal Article
Availability: Downloadable

The recent economic downturn of 2007-2008 has brought renewed focus on working capital policies.

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