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Much effort has gone into the study of financial markets and how prices vary with time. The usual approach of random walk is known to be inadequate to fully describe price dynamics. In this book, many different approaches are provided that use alternative and more adequate models. This book also examines the renewal theory in actuarial science. A simple actuarial model can be simulated well by means of this kind of stochastic process. A method dealing with the numerical solution of the renewal equation is presented. In addition, based on a theoretical model for opinion spreading on a network,
Stock exchanges --- Stocks --- Stock prices --- Stockholder wealth --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Prices --- E-books --- Stock exchanges. --- Prices.
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This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.
Access to Finance --- Access to finance --- Banks & Banking Reform --- Bond markets --- Capital market development --- Capital raising --- Debt Markets --- Economic Theory & Research --- Finance and Financial Sector Development --- Firm dynamics --- Firm size distribution --- Macroeconomics and Economic Growth --- Microfinance --- Stock markets
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This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.
Access to Finance --- Access to finance --- Banks & Banking Reform --- Bond markets --- Capital market development --- Capital raising --- Debt Markets --- Economic Theory & Research --- Finance and Financial Sector Development --- Firm dynamics --- Firm size distribution --- Macroeconomics and Economic Growth --- Microfinance --- Stock markets
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This paper discusses findings of the assessments on Committee on Payment and Settlement Systems–International Organization of Securities Commissions (CPSS-IOSCO) Recommendations for Securities Settlement Systems and Central Counterparties in India. The results indicate that, in general, the risk management framework for the securities and derivatives clearing and settlement systems in India is prudent. The operational reliability is high, and the regulation and oversight functions are effective. The National Payments System in India has undergone a major reform, in particular the securities and derivatives clearing and settlement systems. These systems are comprehensive and designed to minimize risks in the rapidly developing securities and derivatives markets.
Securities --- Finance --- Banks and Banking --- Finance: General --- Investments: General --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment & securities --- Banking --- Government securities --- Securities settlement systems --- Stock markets --- Financial institutions --- Financial markets --- Central counterparty clearing house --- Financial instruments --- Clearing of securities --- Banks and banking --- Stock exchanges --- Clearinghouses --- India
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China's economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market. To better understand China's recent economic performance, this volume examines the distinctive system it has developed: "market socialism with Chinese characteristics." While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China's economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China's financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules.
Mixed economy --- China --- Economic conditions --- Economic policy --- china, economics, economic growth, communism, socialism, capitalism, central government planning, middle class, labor, commerce, industry, financial market, state owned business, communist party, regulations, corporate governance codes, bankruptcy laws, taxation, disclosure, mixed economy, public policy, prosperity, nation building, stock markets, securities, capital accumulation, saving rates, banking, finance, nonfiction, history.
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This paper discusses findings of the assessments on International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for India. India exhibits significant progress in the implementation of the IOSCO Principles vis-à-vis the assessment concluded in 2000. The Securities and Exchange Board of India (SEBI) faces three main challenges that altogether impact the effectiveness of the supervisory programs for issuers and securities intermediaries: strengthening the supervision approach toward securities intermediaries, improving mechanisms to ensure compliance of issuers with reporting requirements, and mechanisms to ensure compliance with accounting and auditing requirements. SEBI is aware of such challenges, and some measures are currently being implemented to address them.
Finance --- Business & Economics --- Financial Management & Planning --- India --- Economic conditions. --- Accounting --- Finance: General --- Investments: General --- Industries: Financial Services --- General Financial Markets: General (includes Measurement and Data) --- Public Administration --- Public Sector Accounting and Audits --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Public finance accounting --- Securities --- Stock markets --- Accounting standards --- Securities markets --- Mutual funds --- Financial institutions --- Financial markets --- Public financial management (PFM) --- Financial instruments --- Stock exchanges --- Finance, Public --- Capital market
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This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.
Capital --- China --- Economic conditions. --- Exports and Imports --- Finance: General --- Investments: Bonds --- Investments: Stocks --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- International economics --- Finance --- Investment & securities --- Capital account liberalization --- Stock markets --- Capital account --- Stocks --- Bonds --- Balance of payments --- Financial markets --- Financial institutions --- Stock exchanges --- China, People's Republic of
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Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the response of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behavior by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not suggest that financial globalization has induced instability on the equity market.
Investments, Foreign --- Investments --- Exports and Imports --- Finance: General --- Foreign Exchange --- Information and Market Efficiency --- Event Studies --- International Finance: Other --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Finance --- Currency --- Foreign exchange --- International economics --- Stock markets --- Emerging and frontier financial markets --- Foreign direct investment --- Exchange rates --- Capital controls --- Financial markets --- Balance of payments --- Stock exchanges --- Financial services industry --- Capital movements --- India
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Dit boek is een overzichtelijke inleiding in de ingewikkelde wereld van bank en beurs. De lezer vindt er in terug hoe kredietinstellingen werken en welke activiteiten zij ontplooien. Vervolgens komen uitgebreid de belangrijkste beleggingsvormen aan bod zoals aandelen, obligaties, schatkistcertificaten, kasbons, beleggingsfondsen, pensioensparen, ... Een laatste deel geeft meer informatie over de werking en de structuur van de beurs. Uitvoerig geïllustreerd, tal van voorbeelden en helder geschreven.
345 --- banken --- beurzen --- België --- 336.71 <493> --- 336.76 <493> --- Banks and banking --- -Stock exchange --- -Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- geld-, krediet- en bankwezen --- Bankwezen--België --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt--België --- -geld-, krediet- en bankwezen --- 336.76 <493> Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt--België --- 336.71 <493> Bankwezen--België --- -Capital market --- Bulls and bears --- Stock exchanges --- Belgium --- Handbooks, manuals, etc. --- Investments --- bankwezen --- beurswezen --- PXL-Business 2014
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This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the “originate and distribute” model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan’s hometown investment fund can succeed in all three ways. After all, the majority of the world’s businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
Economics. --- Finance. --- Investments -- Japan. --- Investments, Foreign -- Japan. --- Political Science --- Law, Politics & Government --- Public Finance --- Investments --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Investing --- Investment management --- Portfolio --- Entrepreneurship. --- Business ethics. --- Macroeconomics. --- Public finance. --- Public Economics. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Business Ethics. --- Capital market --- Efficient market theory --- Speculation --- Finance --- Disinvestment --- Loans --- Saving and investment --- Business --- Businesspeople --- Commercial ethics --- Corporate ethics --- Corporation ethics --- Professional ethics --- Wealth --- Entrepreneur --- Intrapreneur --- Capitalism --- Business incubators --- Economics --- Funding --- Funds --- Currency question --- Cameralistics --- Public finance --- Moral and ethical aspects --- Public finances
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