BONDS AS THE SOURCE OF HOUSING DEVELOPERS FINANCING

ISBN: 978-83-227-9397-8

168 stron
format: B5
oprawa: miękka
Rok wydania: 2020

A number of books have already appeared on the Polish publishing market, in which they refer to financing the activities of enterprises (entire books or their individual chapters are devoted to this issue). The reviewed book, however, presents an interesting outlook on the problem of financing enterprises involved in the construction of housing from several perspectives, i.e. the real estate market, financial market, developer companies and households. The combination of elements from various fields - law, engineering, economics, accounting, as well as theoretical and practical layers makes the work unique and interesting even for readers who do not deal with mentioned issues on a daily basis. The special appreciation shall be shown to the authors for gathering extensive numerical material for the purposes of this book. It is presented in an organised manner in the form of tables and charts. Summarising, the reviewed book will be an academic work, both in terms of its content and form. It is a book that can be successfully used in the didactic and scientific process as an academic textbook on issues from the field of corporate finance, capital market or real estate. It can also be a very interesting source of information for people responsible for the finance of development companies. It is a comprehensive study on the role of bonds in financing housing developers. With the above in mind, I believe that the reviewed book is valuable especially in terms of cognitive and didactic aspects.
A fragment of a review by Marta Kluzek, Ph.D., PUEB Associate Professor

SPIS TREŚCI

Introduction

Chapter 1
Characteristics of˙Activity of˙Housing˙Developers
1.1. Development activity
1.2. Risks in development activity
1.3. Models for financing development activities

Chapter 2
Sources of˙Financing for Housing Development Activities
2.1. Review of˙capital structure theories
2.2. Sources of˙financing for development activities

Chapter 3
Bonds as the Source of˙Financing
3.1. Characteristics and types of˙bonds
3.2. Investor‘s point of˙view on investing in bonds
3.3. Issuer‘s point of˙view on issuing bonds
3.4. Issuing bonds in Poland

Chapter 4
Developers‘ Bonds against the˙Background of˙the Bond Market
4.1. Bond issue and financial system stability
4.2. Debt security market in Poland

Chapter 5
Bonds and Credit in Financing Developers‘ Operations
5.1. Factors affecting the reduction of˙supply and demand for credit during the financial crisis
5.2. Change in the financing structure of˙enterprises
5.3. Change in the structure of˙financing enterprises in Poland
5.4. Change in the structure of financing sources of development enterprises
in˙Poland

Chapter 6
The Role of˙Banks in Financing Developers‘ Operations
6.1. The role of banks in financing development activities - the˙ perspective
of˙households
6.2. The role of˙banks in financing development activities - the˙developers‘ perspective

Chapter 7
Financial Standing of˙the Housing Developers Included in the Research
7.1. Financial standing of˙the researched housing developers
7.2. Changes in the financial situation in the sample of˙housing developers over the time
7.3. Financial standing of˙the housing developers from the sample

Chapter 8
Financing Structure of˙Housing˙Developers
8.1. The financing structure and financial situation of˙the sampled developers
8.2. Changes in financing structure over time
8.3. Financing structure of˙the examined housing developers

Chapter 9
Bonds Versus Other Sources of˙Funding
9.1. Equity financing of˙housing developers
9.2. Bonds versus bank loans financing
9.3. Bonds against operating liabilities and customers‘ advances financing

Chapter 10
The Characteristics of˙Public Bonds Issued by Housing Developers
10.1. The descriptive characteristics of˙public bond issuance by housing developers
10.2. Financial conditions of˙bond issuance
10.3. Non-financial conditions of˙bonds issuance
10.4. Attractiveness of˙investing in bonds issued by housing developers
10.5. The cost of˙capital acquired by bonds issuance

Summary