Equity Markets In Transition

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Equity Markets in Transition

Reto Francioni,Robert A. Schwartz
Equity Markets in Transition Book PDF

Author : Reto Francioni,Robert A. Schwartz
Publisher : Springer
Page : 612 pages
File Size : 49,6 Mb
Release : 2017-01-17
Category : Business & Economics
ISBN : 9783319458489

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Equity Markets in Transition by Reto Francioni,Robert A. Schwartz Pdf

This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

International Capital Markets

John Eatwell,Lance Taylor
International Capital Markets Book PDF

Author : John Eatwell,Lance Taylor
Publisher : Unknown
Page : 0 pages
File Size : 44,6 Mb
Release : 2023
Category : Capital market
ISBN : 0197710344

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International Capital Markets by John Eatwell,Lance Taylor Pdf

Comprising 19 commissioned articles, this collection addresses the global issues of volatility in equity and foreign exchange markets and the regulatory scene in developed and emerging markets.

International Capital Markets

John Eatwell,Lance Taylor
International Capital Markets Book PDF

Author : John Eatwell,Lance Taylor
Publisher : Oxford University Press
Page : 493 pages
File Size : 48,8 Mb
Release : 2002-04-18
Category : Business & Economics
ISBN : 9780195349016

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International Capital Markets by John Eatwell,Lance Taylor Pdf

These papers provide a cutting-edge overview of general issues regarding world capital markets, experience in developing countries, and capital market regulation, which many economists believe could turn into the number one topic in international business and economics.

Green Finance and Investment Mobilising Bond Markets for a Low-Carbon Transition

OECD
Green Finance and Investment Mobilising Bond Markets for a Low Carbon Transition Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 132 pages
File Size : 40,6 Mb
Release : 2017-04-19
Category : Electronic
ISBN : 9789264272323

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Green Finance and Investment Mobilising Bond Markets for a Low-Carbon Transition by OECD Pdf

This report describes the development of the green bond market as an innovative instrument for green finance, and provides a review of policy actions and options to promote further market development and growth. Since 2007-08, so-called “green bonds” have emerged and the market has risen from ...

The Future of Domestic Capital Markets in Developing Countries

Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
The Future of Domestic Capital Markets in Developing Countries Book PDF

Author : Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan
Publisher : Rowman & Littlefield
Page : 543 pages
File Size : 54,7 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 9780815796107

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The Future of Domestic Capital Markets in Developing Countries by Robert E. Litan,Michael Pomerleano,Vasudevan Sundararajan Pdf

The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf

The Role of Credit Markets in a Transition Economy with Incomplete Public Information

Mr.Jorge Roldos,Kenneth Kletzer
The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book PDF

Author : Mr.Jorge Roldos,Kenneth Kletzer
Publisher : International Monetary Fund
Page : 26 pages
File Size : 55,7 Mb
Release : 1996-02-01
Category : Business & Economics
ISBN : 9781451922776

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The Role of Credit Markets in a Transition Economy with Incomplete Public Information by Mr.Jorge Roldos,Kenneth Kletzer Pdf

In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.

Emerging Capital Markets And Transition In Contemporary China

Ken Morita
Emerging Capital Markets And Transition In Contemporary China Book PDF

Author : Ken Morita
Publisher : World Scientific
Page : 352 pages
File Size : 44,6 Mb
Release : 2017-03-17
Category : Political Science
ISBN : 9789813148123

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Emerging Capital Markets And Transition In Contemporary China by Ken Morita Pdf

This book provides the analysis on capital markets in China, focusing attention upon (1) the bubble phenomena (whether or not a Chinese bubble really exists and might burst), (2) foreign direct investment and (3) integration, through all of which we could recognize the current situation and the future prospects of Chinese marketization. As regards to the bubble phenomena, particularly 'early warning indicator' of the bubble, this book attempts to utilize the Grubbs-Smirnov Test to discover the 'abnormal value' in several asset markets. Investigations of this book suggest that the distinctive features of the Chinese market have been significantly different from the markets of capitalist countries such as the United States and Japan. As far as Japan's foreign direct investments in China are concerned, this book tries to reveal the Chinese characteristics on FDI phenomena with FDI-trade ratio. The analysis of this book suggests that Chinese FDI from Japan has undoubtedly revealed the distortions caused by non-economic factors, which also mean that the distinctive features of the Chinese market have been different from the markets of the United States and Japan etc. Regarding integration, this book provides the analysis on the 'G2' system between the United States and China (cooperation or conflict between them). The considerations of this book conclude that it might be difficult to have good cooperation between them because of significant differences between the Chinese system and the US system.

The Development of Equity Capital Markets in Transition Economies

Dirk Willer
The Development of Equity Capital Markets in Transition Economies Book PDF

Author : Dirk Willer
Publisher : Physica
Page : 128 pages
File Size : 40,8 Mb
Release : 2012-03-14
Category : Business & Economics
ISBN : 3642998100

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The Development of Equity Capital Markets in Transition Economies by Dirk Willer Pdf

This book addresses two different but related topics that can arise during the development of equity capital markets and which could possibly hinder their development: partial privatisation and shareholder rights. Both issues are developed in the context of transition economies in general and Russia in particular. Chapter 2 puts forward a theory of partial privatisation, i. e. a model that aims to explain why the state keeps some residual shares. Several recent surveys for Russia have shown that the state does often not actively use the voting rights of its residual shares. If this was true, partial privati sation could entrench management and hinder restructuring. It would also limit the supply of shares, which could lead to low liquidity. This would be likely to slow down the development of the equity capital market. However, the model in chapter 2 shows that it can be rational to hold back shares from sale in order to maximise privatisation receipts. Another issue which holds back the development of this market is the fact that shareholder rights can not be guaranteed by the state due to weak institutions. Chapter 3 contains an empirical examination of which firms honour shareholder rights and also provides a direct link between this problem and partial privatisation. Maybe surprisingly, some weak evidence is presented that shows that the residual state holding does not exert a negative influence with respect to the introduc tion of shareholder rights, but might even be a weak positive force.

Financial Markets in Transition

Lars Oxelheim
Financial Markets in Transition Book PDF

Author : Lars Oxelheim
Publisher : Arden Shakespeare
Page : 464 pages
File Size : 53,7 Mb
Release : 1996
Category : Business & Economics
ISBN : UCSC:32106012253867

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Financial Markets in Transition by Lars Oxelheim Pdf

Looks at the process of transition from independent national financial markets to a more integrated, globalized market and the key factors that lie behind growth, change and competitive success.

The Quality of Our Financial Markets

Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee
The Quality of Our Financial Markets Book PDF

Author : Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee
Publisher : Springer
Page : 0 pages
File Size : 41,6 Mb
Release : 2014-12-13
Category : Business & Economics
ISBN : 1489996354

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The Quality of Our Financial Markets by Robert A. Schwartz,John Aidan Byrne,Gretchen Schnee Pdf

The structure and operations of the US equity markets have evolved dramatically in recent decades with the advent of major technology and regulatory changes. Nothing short of a groundbreaking shift has occurred in the securities industry as the transition has been made from predominantly manual, human intermediated trading to predominantly electronic trading. By many measures, commission, spreads and market impact costs have been dramatically reduced in recent years. But does that mean that market quality has improved? That is the key question addressed in this book, titled after the Baruch College Conference, “The Quality of Our Financial Markets: Taking Stock of Where We Stand.” Featuring contributions from a distinguished panel of practitioners, academicians, and regulators, this volume offers a penetrating and timely account of the most current issues in market quality, covering such topics as high-frequency trading; the Flash Crash of May 6th, 2010; dark pools; lit pools; fragmentation; disruptive and advanced technologies. And, very significantly, it takes a close look at the impact and influence of regulation. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.

Financial Turbulence and Capital Markets in Transition Countries

Jens Hölscher
Financial Turbulence and Capital Markets in Transition Countries Book PDF

Author : Jens Hölscher
Publisher : Palgrave MacMillan
Page : 197 pages
File Size : 50,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 0312235313

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Financial Turbulence and Capital Markets in Transition Countries by Jens Hölscher Pdf

Global financial turbulences severely affected those countries in transition from a planned to a market economy. Policy responses of Russia, Poland, the Czech Republic and Hungary are reviewed by international country specialists. Each country analysis is critically discussed.

The Role of Credit Markets in a Transition Economy with Incomplete Public Information

Kenneth M. Kletzer
The Role of Credit Markets in a Transition Economy with Incomplete Public Information Book PDF

Author : Kenneth M. Kletzer
Publisher : Unknown
Page : 26 pages
File Size : 40,5 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291214317

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The Role of Credit Markets in a Transition Economy with Incomplete Public Information by Kenneth M. Kletzer Pdf

In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.

Company Management and Capital Market Development in the Transition

Marvin R. Jackson,Valentijn Bilsen
Company Management and Capital Market Development in the Transition Book PDF

Author : Marvin R. Jackson,Valentijn Bilsen
Publisher : Unknown
Page : 312 pages
File Size : 55,9 Mb
Release : 1994
Category : Capital market
ISBN : OSU:32435052404290

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Company Management and Capital Market Development in the Transition by Marvin R. Jackson,Valentijn Bilsen Pdf

This text discusses the development of company management and capital markets in the rapidly changing Central and Eastern Europe. It covers topics such as different privatization methods in different countries, and financial structure, performance and the banks of these countries.

International Capital Flows

Martin Feldstein
International Capital Flows Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 47,9 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

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.