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Author : B. Mark Smith
Publisher : University of Chicago Press
Page : 351 pages
File Size : 47,9 Mb
Release : 2004-10
Category : Business & Economics
ISBN : 9780226764047
Resource added for the Financial Institutions Management program 101144.
Author : B. Mark Smith
Publisher : Farrar, Straus and Giroux
Page : 352 pages
File Size : 55,5 Mb
Release : 2015-08-04
Category : Business & Economics
ISBN : 9781466894303
An Expert Chronicle of the Market's Ever-Growing Role Worldwide The modern stock market, B. Mark Smith's new book makes clear, is only one component of a much broader "equity culture"-a lively and complex international market involving stocks, bonds, mutual funds; joint stock and limited liability corporations; and trading in grain, gold, diamonds, and currency. The Equity Culture is the story of how that market came about-from shipping magnates banding together in eighteenth-century India to the railroad robber barons of nineteenth-century America to currency traders such as George Soros. Smith's spirited and colorful telling makes two points especially clear: that the equity culture has always been international, with globalization as merely its current phase; and that the equity culture is often surprisingly self-adjusting, with "manias, panics, and crashes" making possible ever greater risk and innovation.
Author : Dariusz Wójcik
Publisher : OUP Oxford
Page : 224 pages
File Size : 52,5 Mb
Release : 2011-05-26
Category : Business & Economics
ISBN : 9780191618772
Why do some companies stay out of stock markets? How crucial are stock markets for competition between financial centres? How can local information help investors outperform the market? Whilst mainstream financial economics treats stock markets as consisting of anonymous actors interacting in space, with no consideration of the friction caused by distance or geography, this book offers a comprehensive and up-to-date picture of the global stock market by focusing on the relationships between issuers, investors, and intermediaries, and how these relationships impact on the performance of stock markets and the economy of cities, countries, and the world. The book uses rich data and global case studies to examine the rise of emerging markets, the impact of the global financial crisis, the revolution in the stock exchange business model, and the continued dominance of London and New York as stock market centres. Drawing on economic geography, financial economics, sociology, history, and globalization studies, the book explores the geographical constitution and footprint of stock markets and contributes to the broader debate on the role of stock markets in the global economy. Its conclusions are relevant to investors, companies issuing stocks, exchanges, analysts, investment banks, and policy-makers.
Author : S. Motamen-Samadian
Publisher : Springer
Page : 123 pages
File Size : 44,5 Mb
Release : 2006-04-12
Category : Business & Economics
ISBN : 9780230599338
This book presents the latest empirical findings on stock markets in a number of emerging markets. The authors employ the latest techniques and provide valuable insights into each market, highlighting global integration, their potential for profitable investments and features that will be influential in global portfolio decision-making.
Author : Robert Alan Schwartz
Publisher : Irwin Professional Publishing
Page : 544 pages
File Size : 41,6 Mb
Release : 1995
Category : Business & Economics
ISBN : UCSD:31822018940247
The global equity market structure faces constant change and development. This timely resource is for financial professionals who want to understand the full scope of these changes, as well as the range of challenges they pose. In this book, noted regulators, scholars, and other professionals assess the current state of major and emerging global securities markets and the forces that move them.
Author : Keith K. H. Park,Antoine W. van Agtmael
Publisher : Unknown
Page : 650 pages
File Size : 48,7 Mb
Release : 1994
Category : Securities
ISBN : 9971643855
Author : Geoffrey Poitras
Publisher : Edward Elgar Publishing
Page : 329 pages
File Size : 45,8 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938183
The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently underway and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section look to previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.
Author : Ilhan Meric,Gulser Meric
Publisher : Elsevier
Page : 372 pages
File Size : 46,6 Mb
Release : 2001-04-20
Category : Business & Economics
ISBN : 0080437982
These research papers study a number of important issues in the world's financial markets.The objective of the book is to provide the reader with a comprehensive and balanced overview of the world's financial markets at the end of the 20th century.
Author : Elroy Dimson,Paul Marsh,Mike Staunton
Publisher : Princeton University Press
Page : 352 pages
File Size : 55,8 Mb
Release : 2002-02-03
Category : Business & Economics
ISBN : 0691091943
Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium--the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.
Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 55,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author : Lodewijk Petram
Publisher : Columbia University Press
Page : 305 pages
File Size : 51,6 Mb
Release : 2014-05-27
Category : Business & Economics
ISBN : 9780231537322
This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal). The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today. Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.
Author : David Chambers,Elroy Dimson
Publisher : Cfa Institute Research Foundation
Page : 279 pages
File Size : 55,7 Mb
Release : 2016
Category : Financial engineering
ISBN : 1944960139
Author : Maurice Obstfeld,Alan M. Taylor
Publisher : Cambridge University Press
Page : 386 pages
File Size : 54,7 Mb
Release : 2004
Category : Business & Economics
ISBN : 0521671795
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Author : William N. Goetzmann,Philippe Jorion
Publisher : Unknown
Page : 46 pages
File Size : 45,6 Mb
Release : 1997
Category : Capital market
ISBN : PSU:000033015613
The expected return on equity capital is possibly the most important driving factor in asset allocation decisions. Yet, the long-term estimates we typically use are derived from U.S. data only. There are reasons to suspect, however, that these estimates of return on capital are subject to survivorship, as the United States is arguably the most successful capitalist system in the world; most other countries have been plagued by political upheaval, war, and financial crises. The purpose of this paper is to provide estimates of return on capital from long-term histories for world equity markets. By putting together a variety of sources, we collected a database of capital appreciation indexes for 39 markets with histories going as far back as the 1920s. Our results are striking. We find that the United States has by far the highest uninterrupted real rate of appreciation of all countries, at about 5 percent annually. For other countries, the median real appreciation rate is about 1.5 percent. The high return premium obtained for U.S. equities therefore appears to be the exception rather than the rule. Our global database also allows us to reconstruct monthly real and dollar-valued capital appreciation indices for global markets, providing further evidence of the benefits of international diversification.
Author : Marc Flandreau
Publisher : University of Chicago Press
Page : 442 pages
File Size : 50,7 Mb
Release : 2016-09-19
Category : History
ISBN : 9780226360584
Uncovering strange plots by early British anthropologists to use scientific status to manipulate the stock market, Anthropologists in the Stock Exchange tells a provocative story that marries the birth of the social sciences with the exploits of global finance. Marc Flandreau tracks a group of Victorian gentleman-swindlers as they shuffled between the corridors of the London Stock Exchange and the meeting rooms of learned society, showing that anthropological studies were integral to investment and speculation in foreign government debt, and, inversely, that finance played a crucial role in shaping the contours of human knowledge. Flandreau argues that finance and science were at the heart of a new brand of imperialism born during Benjamin Disraeli’s first term as Britain’s prime minister in the 1860s. As anthropologists advocated the study of Miskito Indians or stated their views on a Jamaican rebellion, they were in fact catering to the impulses of the stock exchange—for their own benefit. In this way the very development of the field of anthropology was deeply tied to issues relevant to the financial market—from trust to corruption. Moreover, this book shows how the interplay between anthropology and finance formed the foundational structures of late nineteenth-century British imperialism and helped produce essential technologies of globalization as we know it today.
