Karadjova, Vera and Dicevska, Snezana (2018) FINANCING THROUGH THE USE OF FIXED INCOME SECURITIES1. In: INSCOSES 2018.

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Any financing of planned activities of any kind have a number of investment risks,
where the key issue is the structure of the invested capital according to the criterion
of ownership. The intent of this paper is to emphasize the financing modalities
through the issuance of fixed-income securities (primarily bonds and derivative
fixed income securities). By applying the effects of the financial leverage, the paper
will explain the basic key arguments for and against financing through the issuance
and sale of fixed income securities. The aspect considered in this paper is contrary to
corporate risk, that is, the risk of investing in securities.The analysis of the
mentioned subject will continue through consideration of the need and possibilities
of the units of local self-government (LSGUs) in the Republic of Macedonia to
borrow on the financial markets, which is an essential part of the paper. The
necessity of finding ways forfinancing major investment projects is a major
challenge for the local self-government units in the Republic of Macedonia.
Although there is a legal framework and several initiatives, so far no municipality in
Republic of Macedonia has issued municipality bonds. Through a comparative
analysis of the region's experiences, on the example of municipality bonds will be
analyzed the opportunities for financing infrastructure projects through the use of
fixed income securities.
KEY WORDS: fixed income securities, financial leverage, investment risks,
municipality bonds

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Tourism and Hospitality
Depositing User: Mr Bojan Sekulovski
Date Deposited: 20 Feb 2019 13:05
Last Modified: 13 May 2019 08:42

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