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Author: Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.
Author: Augusto de la Torre, Sergio L. Schmukler, Juan Carlos Gozzi
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 38
Get Book Here
Book Description
Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.
Author: Isabella M. Weber
Publisher: Routledge
ISBN: 042995395X
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Publisher:
ISBN:
Category : Futures market
Languages : en
Pages : 332
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Book Description
Author: Franklin R. Edwards
Publisher: Springer Science & Business Media
ISBN: 9400921934
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 496
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Book Description
Author: Mark Jickling
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 6
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Book Description
Author: Augusto de la Torre
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 44
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Book Description
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.
Author: Baizhu Chen
Publisher: Routledge
ISBN: 042970142X
Category : Political Science
Languages : en
Pages : 432
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Book Description
As editors, first of all, we would like to thank the authors of this volume for their conscientious work that makes this volume possible. Many ideas in this book were first explored at an international symposium on financial market reforms in China, which was organized by the Chinese Economists Society. We would like to express our thanks to the sponsors of the conference: Center for International Business Education and Research, China Reform Foundation, MetLife, Hausman & Shrenger LLP, Lincoln National Insurance Company, City National Bank, Marshall School of Business, University of Southern California and The Chinese Economists Society. The Lincoln Foundation also provided generous support to this project through a grant made to Claremont Graduate University where this book was finalized.
Author: Narayan Y. Naik
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
In October 1997, the London Stock Exchange removed the obligation of dealers to quote firm two-way prices for FTSE 100 index stocks, and allowed the public to compete directly with dealers in these stocks through the submission of limit orders. This article examines the effects of these market reforms on the trading costs of quot;publicquot; investors, the targeted beneficiary of the reforms, and documents several interesting results. First, the duly signed average effective half-spread of public investors has decreased much more than the corresponding decrease in the absolute effective half-spread documented by Barclay et. al. (1998) for NASDAQ. This is because a sub-set of public investors trade through limit orders, and thereby earn the spread rather than pay it. Second, consistent with the change from obligatory to voluntary market making, there is a significant increase in the quot;positioning revenuequot; earned by dealers from a change in the price of a stock while they are carrying the stock in their inventory. As a result, the overall gain of public investors in terms of the realised half-spread is not significantly different from zero. Third, the cross-subsidisation across trade sizes has disappeared, leading to a significant decline in the average execution costs of small public trades and an increase for large public trades. Fourth, the market reforms have caused negative externalities for stocks not going through the new trading system. Finally, in the absence of the price stabilisation provided earlier by dealers, the inside half-spread has increased very sharply in the first hour of trading - a finding which highlights the need for special opening procedures for electronic order books.
Author: Kim M. Willey
Publisher: Springer
ISBN: 3030229033
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
Consideration of harmful short-termism in capital markets is prevalent amongst legal and business academics. It is also garnering increased attention in corporate board rooms and executive suites, and from the investing public. As a result, correcting perceived short-termism in capital markets has become a rationale for reform used by regulators across the globe. Despite the considerable attention given to this phenomenon, there has not yet been a comprehensive book analyzing the perceived short-termism problem, its sources and causes, and reform efforts undertaken to date. This book fills this gap by documenting the rise of the short-termism discussion, analyzing the significance of the problem, and considering the proposed legal remedies. Based on this analysis, a framework for effective short-termism reform is offered.
