An Introduction To The Microstructure Of Emerging Markets
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Author : Jack D. Glen Publisher : World Bank Publications Page : 52 pages File Size : 44,8 Mb Release : 1994-01-01 Category : Business & Economics ISBN : 0821331108
An Introduction to the Microstructure of Emerging Markets by Jack D. Glen Pdf
IFC Discusssion Paper No. 24. Investors' interest in emerging markets has grown significantly in recent years because of potential high returns and the benefits of diversification. Despite this increased activity, there remains little information o
Market Microstructure in Emerging and Developed Markets by Halil Kiymaz,H. Kent Baker Pdf
A comprehensive guide to the dynamic area of finance known as market microstructure Interest in market microstructure has grown dramatically in recent years due largely in part to the rapid transformation of the financial market environment by technology, regulation, and globalization. Looking at market transactions at the most granular level—and taking into account market structure, price discovery, information flows, transaction costs, and the trading process—market microstructure also forms the basis of high-frequency trading strategies that can help professional investors generate profits and/or execute optimal transactions. Part of the Robert W. Kolb Series in Finance, Market Microstructure skillfully puts this discipline in perspective and examines how the working processes of markets impact transaction costs, prices, quotes, volume, and trading behavior. Along the way, it offers valuable insights on how specific features of the trading process like the existence of intermediaries or the environment in which trading takes place affect the price formation process. Explore issues including market structure and design, transaction costs, information flows, and disclosure Addresses market microstructure in emerging markets Covers the legal and regulatory issues impacting this area of finance Contains contributions from both experienced financial professionals and respected academics in this field If you're looking to gain a firm understanding of market microstructure, this book is the best place to start.
Market Microstructure in Emerging and Developed Markets by Anonim Pdf
A comprehensive guide to the dynamic area of finance known as market microstructure Interest in market microstructure has grown dramatically in recent years due largely in part to the rapid transformation of the financial market environment by technology, regulation, and globalization. Looking at market transactions at the most granular level-and taking into account market structure, price discovery, information flows, transaction costs, and the trading process-market microstructure also forms the basis of high-frequency trading strategies that can help professional investors generate profits and/or execute optimal transactions. Part of the Robert W. Kolb Series in Finance, Market Microstructure skillfully puts this discipline in perspective and examines how the working processes of markets impact transaction costs, prices, quotes, volume, and trading behavior. Along the way, it offers valuable insights on how specific features of the trading process like the existence of intermediaries or the environment in which trading takes place affect the price formation process. Explore issues including market structure and design, transaction costs, information flows, and disclosure Addresses market microstructure in emerging markets Covers the legal and regulatory issues impacting this area of finance Contains contributions from both experienced financial professionals and respected academics in this field If you're looking to gain a firm understanding of market microstructure, this book is the best place to start.
The Politics of Equity Finance in Emerging Markets by Kathryn C. Lavelle Pdf
Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
Financial Markets and Trading by Anatoly B. Schmidt Pdf
An informative guide to market microstructure and trading strategies Over the last decade, the financial landscape has undergone a significant transformation, shaped by the forces of technology, globalization, and market innovations to name a few. In order to operate effectively in today's markets, you need more than just the motivation to succeed, you need a firm understanding of how modern financial markets work and what professional trading is really about. Dr. Anatoly Schmidt, who has worked in the financial industry since 1997, and teaches in the Financial Engineering program of Stevens Institute of Technology, puts these topics in perspective with his new book. Divided into three comprehensive parts, this reliable resource offers a balance between the theoretical aspects of market microstructure and trading strategies that may be more relevant for practitioners. Along the way, it skillfully provides an informative overview of modern financial markets as well as an engaging assessment of the methods used in deriving and back-testing trading strategies. Details the modern financial markets for equities, foreign exchange, and fixed income Addresses the basics of market dynamics, including statistical distributions and volatility of returns Offers a summary of approaches used in technical analysis and statistical arbitrage as well as a more detailed description of trading performance criteria and back-testing strategies Includes two appendices that support the main material in the book If you're unprepared to enter today's markets you will underperform. But with Financial Markets and Trading as your guide, you'll quickly discover what it takes to make it in this competitive field.
Raising Capital on Arab Equity Markets by Lu’ayy Minwer Al-Rimawi Pdf
This first book of its kind discusses in particular the role of investor protection as regards disclosure when issuers are offering securities to the public, with full descriptions of the securities markets and stock exchanges in seventeen Arab jurisdictions. In two interrelated parts it examines both the regional macroeconomic matrix and a detailed case study (that of Jordan) in order to analyse the development and characteristics of an Arab regulatory model. Among the important issues and topics arising in the course of the analysis are the following: relevance of international regulatory standards to Arab securities markets; mandatory versus voluntary securities disclosure; the fundamentals of the Islamic financial system, role of riba and gharar, nature and impact of Shari’a’s unquantifiable juridical risks on the modus operandi of Arab securities markets; macroeconomic adjustment policies and structural adjustment programmes in several Arab countries; recent economic and Arab capital markets impact in the wake of the ‘Arab Spring’; extent of different countries’ reliance on Shari’a as a constitutional source; constitutional challenges to the imposition of interest; the need for the positive law to compel securities disclosure under Shari’a; shareholders’ remedies when suing for fraud or negligent misstatements; liability for misleading or inaccurate disclosure (under the general law of the UK and a selected Arab jurisdiction); prospectus liability under the statutory regime of the UK and an Arab regulatory regime; bars to rescission of contract: Comparative UK and Shari'a aspects; and Arab, UK regulatory agencies' enforcement, prosecutorial, administrative and civil remedies. The author closely examines various instruments deployed for conveying securities disclosure and dissemination of information, and looks extensively at relevant rulings as enunciated by an Arab court of cassation. He then constructs a model of an effective securities disclosure regime in order to provide better investor protection for shareholders under Shari’a. 'Among the strengths of Dr Lu’ayy Minwer Al-Rimawi’s book is the fact that at all times he adopts a comparative approach, not only as between different Arab systems, but also with an appreciation of the legal position in the UK and the European Union and elsewhere’ [The Hon. Mr Justice Sir William Blair Q.C., High Court Judge in the UK and Chairman of the Qatar Financial Centre Regulatory Tribunal]. As the first in-depth discussion of the regulation of Arab capital markets in English, with an eye to international standards and the policy issues involved – and with attention focused on the central question of how the law can properly protect investors – this book will commend itself to all those with an interest in securities markets in the Arab world.
Financial Sector Reform and the International Integration of China by Zhongmin Wu Pdf
China's economy, which continues to grow rapidly, is having an ever greater impact on the rest of the world. This impact is likely to be felt increasingly in the financial sector where China's foreign currency reserves, fuelled by the huge trade surplus, are a very significant factor in world financial markets. This book, based on extensive original research by a range of leading experts, examines many key aspects of current reforms in China's financial sector and China's increasing integration into the international economy. Subjects covered amongst many others include: the derivatives market in China; stock market liberalisation; the internationalization of accounting standards in China; the impact of international foreign direct investment by Chinese firms; and a discussion of the likely long-term economic effects of the Beijing Olympic Games.
Market Microstructure Theory by Maureen O'Hara Pdf
Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.
The Microstructure of Financial Markets by Frank de Jong,Barbara Rindi Pdf
The first graduate level textbook to cover the theory and empirics of the emerging sub-discipline of financial market microstructure. With numerous end-of-chapter exercises and a companion website, the book is ideally suited for students taking graduate courses in finance as well as being a useful reference for practitioners.
Author : Anthony H. Aylward,Jack D. Glen Publisher : World Bank Publications Page : 54 pages File Size : 40,6 Mb Release : 1999-01-01 Category : Business & Economics ISBN : 0821345222
Primary Securities Markets by Anthony H. Aylward,Jack D. Glen Pdf
IFC Discussion Paper No. 39.During the period 1980-95, the level of activity increased dramatically for funds raised domestically via issues of debt and equity securities in public capital markets in 32 countries. There were also substantial differences in the level of activity across markets and countries. This paper examines aggregate domestic primary capital market activity in a cross section of countries, including 24 emerging markets. It defines exactly how important a role financial markets have played in raising capital for investment.In this pioneering work, the authors compile aggregate data on primary market activity for a recent period of time, which allows them to quantify the size of the markets and how they have evolved over time. Through their analysis, the authors document the rapidly increasing importance of primary capital markets in many developing countries, where, relative to GDP, these markets now source as much private capital as their developed country counterpart.
Investment Prospects in a Sample of Arab Stock Exchanges by Kamal Naser Pdf
In the last few years, policy makers in most Arab countries have recognized the role of the private sector in shaping their economies. Furthermore, as long-term economic growth is dependent on the provision of funds to finance domestic capital formation, these countries are undergoing a process of economic reform to diversify their economies and to privatize public assets. As effective privatization programs should be met by well prepared and fully-equipped stock markets, governments in the Arab countries are paying attention to domestic capital markets as a way of enhancing the supply of money. This study assesses the changes in the economic conditions in Bahrain, Egypt, Jordan, Kuwait, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and the United Arab Emirates and the performance of their stock markets over the past eight years.
A Market-oriented Strategy for Small and Medium Scale Enterprises by Kristin Hallberg Pdf
This paper investigates the economic rationale for intervention in support of small and medium scale enterprises, on both theoretical and empirical grounds. It argues that the justification for SME interventions lies in market and institutional failures that bias the size distribution of firms, rather than on any inherent economic benefits provided by small firms. The role of the state is mainly to provide an enabling business environment that opens access to markets and reduces policy-induced biases against small firms. Governments can accelerate the development of markets for financial and non-financial services suited to SMEs by promoting innovation in products and delivery mechanisms, and by building institutional capacity. Improving the development impact of SME strategies will require much more attention to the monitoring and evaluation of intervention outcomes.
Guy Pierre Pfeffermann,Gregory Kisunko,Mariusz A. Sumlinski
Author : Guy Pierre Pfeffermann,Gregory Kisunko,Mariusz A. Sumlinski Publisher : World Bank Publications Page : 64 pages File Size : 42,8 Mb Release : 1999-01-01 Category : Business & Economics ISBN : 0821344757
Trends in Private Investment in Developing Countries by Guy Pierre Pfeffermann,Gregory Kisunko,Mariusz A. Sumlinski Pdf
This is the tenth annual edition of "Trends in Private Investment in Developing Countries." To mark this event, this report includes figures for each of the countries for which data are available as well as the first country-specific results of a worldwide survey on obstacles to doing business perceived by executives in 74 countries (including several industrial countries for comparison). The first part of this report documents trends in private and public fixed investment. The second part presents country-specific results of a 1996/97 worldwide survey of business executives. The discussion focus on obstacles to doing business and their relationship to levels of private investment. A few factors emerge as being of particular importance to private investment decisions:the real exchange rate, the rule of law, predictability of judiciary systems, and the extent to which financing is available to enterprises.
Author : Anthony H. Aylward Publisher : World Bank Publications Page : 50 pages File Size : 43,9 Mb Release : 1998-01-01 Category : Business & Economics ISBN : 0821343033
Trends in Venture Capital Finance in Developing Countries by Anthony H. Aylward Pdf
IFC Discussion Paper No. 36. This paper presents an analysis of new data on venture capital in developing countries. The data from the regional venture capital associations detail sources and uses of venture financing flows by region, country, industry, type of investing institution, and stage of venture investment. The survey data detail fund organization, deal screening, capital structure, agency cost characteristics of asset structure, measures of entrepreneur human capital, and investment monitoring and control.
