WorldWideScience

Sample records for marketing capital pool

  1. Mandatory pooling as a supplement to risk-adjusted capitation payments in a competitive health insurance market.

    Science.gov (United States)

    Van Barneveld, E M; Lamers, L M; van Vliet, R C; van de Ven, W P

    1998-07-01

    Risk-adjusted capitation payments (RACPs) to competing health insurers are an essential element of market-oriented health care reforms in many countries. RACPs based on demographic variables only are insufficient, because they leave ample room for cream skimming. However, the implementation of improved RACPs does not appear to be straightforward. A solution might be to supplement imperfect RACPs with a form of mandatory pooling that reduces the incentives for cream skimming. In a previous paper it was concluded that high-risk pooling (HRP), is a promising supplement to RACPs. The purpose of this paper is to compare HRP with two other main variants of mandatory pooling. These variants are called excess-of-loss (EOL) and proportional pooling (PP). Each variant includes ex post compensations to insurers for some members which depend to various degrees on actually incurred costs. Therefore, these pooling variants reduce the incentives for cream skimming which are inherent in imperfect RACPs, but they also reduce the incentives for efficiency and cost containment. As a rough measure of the latter incentives we use the percentage of total costs for which an insurer is at risk. This paper analyzes which of the three main pooling variants yields the greatest reduction of incentives for cream skimming given such a percentage. The results show that HRP is the most effective of the three pooling variants.

  2. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

    Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...

  3. RETROSPECTIVE OF FINANCIAL REPORTING ON CAPITAL MARKET

    OpenAIRE

    Diana Muresan

    2012-01-01

    The purpose of this paper is to develop a conceptual framework for the evolution offinancial reporting on capital market. Due to the worlwide changes, the role of financial reportingin capital market is constantly growing. Financial reporting analyzed through market perspective isstrongly correlated with issues like: capital allocation, financial statements, internationalaccounting standards and informational valences. Capital market research emphasizes the need forqualitative and transparent...

  4. TOWARDS THE CAPITAL MARKET UNION

    Directory of Open Access Journals (Sweden)

    Iulian PANAIT

    2015-06-01

    Full Text Available This paper discusses the main characteristics of the proposed Capital Markets Union in Europe, as they are introduced by the European Commission and various authors, and emphasises some important advantages and disadvantages of this project for the developing and frontier markets in UE, especially for Romania.

  5. Firm-Specific Marketing Capital and Job Satisfaction of Marketers: Evidence from Vietnam

    Science.gov (United States)

    Nguyen, Tho D.; Nguyen, Trang T. M.

    2011-01-01

    Purpose: Based on the resource-based view of the firm, this study aims to examine antecedents and outcomes of firm-specific marketing capital pool invested by marketers in a transition market, Vietnam. Design/methodology/approach: A sample of 528 marketers in Ho Chi Minh City was surveyed to test the theoretical model. Structural equation…

  6. Capital Markets Union for Europe

    DEFF Research Database (Denmark)

    Ringe, Georg

    2015-01-01

    The merits of the “Capital Markets Union” project lie with its political importance, rather than its legal coherence or significance. Despite a number of substantial flaws, the initiation of this project comes at the right time. The Commission first and foremost sends a political message to the UK...... and other non-Euro Member States, as well as a commitment to the Single Market....

  7. Capital market efficiency III

    Directory of Open Access Journals (Sweden)

    Pantelić Svetlana

    2015-01-01

    Full Text Available In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (irregularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.

  8. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  9. ANALYSIS OF THE CAPITAL MARKET IN CROATIA

    Directory of Open Access Journals (Sweden)

    Maja Buljat

    2015-12-01

    Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

  10. The offense of capital market manipulation

    Directory of Open Access Journals (Sweden)

    Laura MANEA

    2012-01-01

    Full Text Available The novelty and use of current technology in stock exchange trading operations are just a few reasons for which the capital market domain is a controversial one, and the number of crimes already committed in the financial market raises the issue of securing the supply-demand relationship of capital and capital investment protection. If in the Community law there is no incrimination of market abuse, Romanian legislature sanctioned the capital market manipulation as criminal acts committed intentionally in order to discourage such practices and also to increase the confidence of investors in the financial market

  11. THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY

    Directory of Open Access Journals (Sweden)

    Alin Marius Andrieş

    2009-12-01

    Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.

  12. Capital Market Theories: Market Efficiency Versus Investor Prospects

    OpenAIRE

    Kathleen Hodnett; Heng-Hsing Hsieh

    2012-01-01

    This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

  13. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

    Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

  14. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  15. FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ciprian-Dan COSTEA

    2014-12-01

    Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

  16. Global capital markets: An updated profile

    Directory of Open Access Journals (Sweden)

    Filipović Miroslava

    2007-01-01

    Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

  17. Electronic Markets Ontology: ideal architecture for global capital market

    Directory of Open Access Journals (Sweden)

    Davide Khalil

    1998-11-01

    Full Text Available When approaching electronic capital market design and microstructure with the focus of analysing and improving existing markets with end-state analysis, it is necessary to name an ideal objective. This serves the purposes of technology evaluation and the development of a standard framework for structural measurement in modeling and language paradigm design. An ideal capital market architecture is presented in this paper that is feasible with current technology based on the end-to-end functionality of existing capital markets including internal requirements of participants. Various architectural and ethical issues are introduced and discussed sketching a framework for further work in quantifying electronic markets.

  18. Using the capital markets in Ras Gas

    International Nuclear Information System (INIS)

    Voge, B.; Penzer, M.

    1997-01-01

    In December 1996, Ras Laffan Liquefied Natural Gas Company Ltd (Ras Gas) closed a multi-source financing that included an offering of US$1.2bn of bonds. The sponsors of the Ras Gas project overcame a number of obstacles on the road to closing the capital markets offering. This article provides a general overview of capital markets offerings in international project financings and discusses how Ras Gas was able to successfully integrate a capital markets offering into a financing plan which included a commercial bank facility and several export-credit agency facilities. (Author)

  19. Credit risk in the pool-implications for private capital investments in Brazilian power generation

    International Nuclear Information System (INIS)

    Rocha, Katia; Alcaraz Garcia, Francisco A.

    2006-01-01

    The new Brazilian Electric Sector Regulation of 2004 introduced two negotiation markets: the regulated pool and the free market. Competition in the pool is enforced via energy auctions, where the winning generator has to sign long-term power purchase agreements simultaneously with all distributors at the bidding-price. To estimate the appropriate credit risk spread of the pool, we implement a clustering methodology to rank and rate the distributors. The results show an average spread between 5.75% and 8.5%, which corresponds to a credit rating of B- according to the spreads available in Reuters 2004. This estimation is at least 208 basis points higher than the credit rating Ba1/BB+ assigned to the distributors by the National Electric Energy Agency (ANEEL) in the periodic tariff revisions. Distributors with higher risk/spread are located in the South-Southeast, compared to the low risk/spread ones concentrated in the North-Northeast. We estimate the opportunity cost of capital in real terms in the range of 13-16% to account for the credit risk of the pool. Essential to determine the bidding price at the auctions, this estimation is higher than the 11.26% opportunity cost estimated by ANEEL. The pool's credit risk has to be taken into consideration, especially for compensating new private capital investments in Brazilian power generation

  20. Political Capital in a Market Economy

    Science.gov (United States)

    Nee, Victor; Opper, Sonja

    2010-01-01

    This research applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China's market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages.…

  1. MANDATORY TAKEOVER BIDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2017-05-01

    Full Text Available The Romanian Capital Market Law (Law no 297/2004 lays down rules regarding public offers (to buy or sell of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. Company Law no 31/1990. Actually a public limited liability company (joint stock company can use a public subscriptions (offering shares for sale to raise the registered capital for incorporation of the company or to increase the company’s share capital already established. But all such operations are voluntary decisions. The founders or the shareholders of the company are those who decide to launch a public subscriptions. Capital Market Law comes with something new and at least peculiar at first sight: mandatory takeover bid, meaning a mandatory public offer made by an offeror to the holders of the securities of a company (offeree to acquire all or some of those securities. Can someone be forced to buy securities on the regulated market? The Capital Market Law responds affirmatively, but only if such takeover bid follows or has as its objective the acquisition of control of the offeree company in accordance with national law. The takeover bid remains under supervision and authorization of the national authority of the Capital Market (FSA – Financial Supervisory Authority.

  2. Business groups and internal capital markets

    NARCIS (Netherlands)

    Gonenc, Halit; Kan, Ozgur B.; Karadagli, Ece C.

    2007-01-01

    We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in Turkey, all emerging market. We address the question of whether group-affiliated firms create internal capital markets or control large cash flows. Our findings indicate that

  3. GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

    Directory of Open Access Journals (Sweden)

    Fazekas Balazs

    2014-07-01

    Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This

  4. 12 CFR 932.5 - Market risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... estimates the market value of the Bank's assets and liabilities, off-balance sheet items, and derivative... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Market risk capital requirement. 932.5 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.5 Market risk capital requirement. (a...

  5. CAPITALISM, FAMILY AGRICULTURE AND MARKETS

    Directory of Open Access Journals (Sweden)

    Clério Plein

    2012-01-01

    Full Text Available The aim of this paper is to review some approaches to family agriculture and the process of commercialization, as well as seek contemporary theoretical contributions to understand that form of social production with markets. It is a theoretical essay and as main conclusion it is highlighted the important contributions of the New Institutional Economics and New Economic Sociology, which, through the concepts of institutions and rooting, explain the relationship of family agriculture with markets.

  6. Self-consistency in Capital Markets

    Science.gov (United States)

    Benbrahim, Hamid

    2013-03-01

    Capital Markets are considered, at least in theory, information engines whereby traders contribute to price formation with their diverse perspectives. Regardless whether one believes in efficient market theory on not, actions by individual traders influence prices of securities, which in turn influence actions by other traders. This influence is exerted through a number of mechanisms including portfolio balancing, margin maintenance, trend following, and sentiment. As a result market behaviors emerge from a number of mechanisms ranging from self-consistency due to wisdom of the crowds and self-fulfilling prophecies, to more chaotic behavior resulting from dynamics similar to the three body system, namely the interplay between equities, options, and futures. This talk will address questions and findings regarding the search for self-consistency in capital markets.

  7. Marketable Incentive Contracts and Capital Structure Relevance.

    OpenAIRE

    Garvey, Gerald T

    1997-01-01

    This article investigates the claim that debt finance can increase firm value by curtailing managers' access to 'free cash flow.' The author first shows that incentive contracts that tie the managers' pay to stockholder wealth are often a superior solution to the free cash flow problem. He then considers the possibility that the manager can trade on secondary capital markets. Liquid secondary markets are shown to undermine management incentive schemes and, in many cases, to restore the value ...

  8. Thought and Behavior Contagion in Capital Markets

    OpenAIRE

    Hirshleifer, David; Teoh, Siew Hong

    2008-01-01

    Prevailing models of capital markets capture a limited form of social influence and information transmission, in which the beliefs and behavior of an investor affects others only through market price, information transmission and processing is simple (without thoughts and feelings), and there is no localization in the influence of an investor on others. In reality, individuals often process verbal arguments obtained in conversation or from media presentations, and observe...

  9. Corporate Governance, Sustainability and Capital Markets Orientation

    OpenAIRE

    Daniela M. Salvioni; Francesca Gennari

    2014-01-01

    Generally accepted principles of effective corporate governance have taken hold in the context of different models of governance, whose implementation is also linked to the share structure of the companies and to the dynamics of risk’s capital markets. Global companies need a global approach in the acquisition of consensus and financial resources, first of all through a correct development of the corporate governance activities and promoting a market-driven management inspired by long-term su...

  10. FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

    OpenAIRE

    Ciprian-Dan COSTEA

    2014-01-01

    Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting informatio...

  11. Liquidity, Investors and International Capital Markets

    NARCIS (Netherlands)

    D. Vagias

    2013-01-01

    textabstractThis dissertation consists of four empirical studies that seek to furnish a better understanding over liquidity’s broader implications in the decision-making process of investors, managers and regulators in international capital markets. Chapter 2 investigates the time-series as well as

  12. Informational segmentation in international capital markets

    OpenAIRE

    Wahl, Jack E.

    1988-01-01

    The economic influence of barriers to international information acquisition and, hence, of informational segmentation in international capital markets depends heavily upon the prevailing level of risk aversion. We find that these barriers are likely to have second order economic impact only. Furthermore, improving international informational integration is likely to Increase all asset prices when causing less heterogeneity of international subjective probability beliefs.

  13. International convergence of capital market interest rates.

    NARCIS (Netherlands)

    Fase, M.M.G.; Vlaar, P.J.G.

    1997-01-01

    This article investigates the extent of capital market interest rate convergence among six EU countries on the one hand, and a group of four countries with floating exchange rates - US, Germany, Japan and Switzerland - on the other. We conclude that interest rate changes within the EU have been and

  14. DISPUTE RESOLUTION AND MEDIATION ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    CRISTIAN GHEORGHE

    2011-04-01

    Full Text Available Capital Market is usually depicted as a place for experts, for people with high trading skills. This is a half truth. There are entities established and functioning under strict scrutiny of Romanian National Securities Commission (RNSC, in compliance with Capital Market Law and regulations. There are also the investors, in many cases individuals involved in shares/financial instruments trade. In both cases disputes can rise. Disputes are inevitable a part of human interaction, hence the need for dispute resolution. First option is the judicial court system. Alternative dispute resolution comprises arbitration and mediation. Arbitration is an alternative choice to provide simpler, speedier and more accessible justice than ordinary courts as well as expertise in matters that are technical in nature and require special knowledge to adjudicate upon. Capital Market environment provides an institutional arbitration court for all participants, including investors. In many cases the agreement executed between participants under RNSC scrutiny The other option for settling disputes outside the court is mediation. Mediation can provide a much cheaper and quick extrajudicial resolution of disputes in commercial matters without time consuming procedures and rigid rules. Agreements resulting from mediation are more likely to be complied with voluntarily and are more likely to foster the commercial relationship between the parties. The interaction between investors and brokerage houses is based on investment services agreement concluded by parties. This is the usual framework for disputes between parties and the usual “landscape” for mediation on capital market.

  15. Benchmarking a Transition Economy Capital Market

    Directory of Open Access Journals (Sweden)

    A. Keller

    2007-09-01

    Full Text Available As the centrally planned communist nations of Central Europe lacked liquid and efficient capital markets,financial systems architecture became instrumental to their transition into market economies. Now, afteralmost 17 years of operations, it is time to take a snapshot of one of these economies and compare it to a welldeveloped capital market. This study is the first to provide a quantifiable comparison of the quality of thecapital markets of a fully developed and a transition economy; namely Euronext France [Euronext] and theWarsaw Stock Exchange [WSE]. Using intraday data for the Euronext market and the WSE it is shown thatwhile overall liquidity is certainly much greater in Euronext, range based intra-day volatility is significantlylower in the WSE. For stocks with the highest market capitalisation the WSE has lower transaction costs inthe first [largest] decile than Euronext. These results indicate that while the established market is significantlymore liquid in terms of average trade size and trade numbers it does not always offer lower transaction costsor volatility. This is a new result as most contributions to the literature argue that an emerging market within atransition economy will suffer from excess volatility.

  16. Electricity prices and generator behaviour in gross pool electricity markets

    International Nuclear Information System (INIS)

    O'Mahoney, Amy; Denny, Eleanor

    2013-01-01

    Electricity market liberalisation has become common practice internationally. The justification for this process has been to enhance competition in a market traditionally characterised by statutory monopolies in an attempt to reduce costs to end-users. This paper endeavours to see whether a pool market achieves this goal of increasing competition and reducing electricity prices. Here the electricity market is set up as a sealed bid second price auction. Theory predicts that such markets should result with firms bidding their marginal cost, thereby resulting in an efficient outcome and lower costs to consumers. The Irish electricity system with a gross pool market experiences among the highest electricity prices in Europe. Thus, we analyse the Irish pool system econometrically in order to test if the high electricity prices seen there are due to participants bidding outside of market rules or out of line with theory. Overall we do not find any evidence that the interaction between generator and the pool in the Irish electricity market is not efficient. Thus, the pool element of the market structure does not explain the high electricity prices experienced in Ireland. - Highlights: • We consider whether a gross pool achieves competitive behaviour. • We analyse the Irish pool system econometrically. • Results indicate the Irish pool system appears to work efficiently. • Generators appear to be bidding appropriately

  17. Management, marketing concept and intellectual capital

    Directory of Open Access Journals (Sweden)

    Mihajlović Dragan

    2009-01-01

    Full Text Available The aim of this work describes the strong influence the development of the management theory to the complex nature of modern marketing concept and intellectual capital. Often, in the contemporary conversation we hear the word organizational behavior that is closely related to the concept of modern business philosophy and importance of human capital. Sudden development of human thought in the beginning of the twentieth century has a great impact on all areas of social life, and specially on the promotion of all areas of business and the impact of the application of marketing, its development and implementation as a basis for achieving global competitiveness. Changes caused by the development of management in the business have led to the interactive relationship between organizations and consumers, but also to the development of relations within the organization between employees. .

  18. Capital Markets Union and the fintech opportunity

    OpenAIRE

    Demertzis, Maria; Merler, Silvia; Wolff, Guntram B.

    2017-01-01

    Complementing Europe's bank-based system with deeper capital markets and more cross-border financial integration promises benefits, but despite long-running debate and policy action, financial system change remains slow. Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new business models empowered by intelligent algorithms, big data, cloud computing and artificial intelligence. Lower costs and poten...

  19. Capital Market-Driven Corporate Finance

    OpenAIRE

    Malcolm Baker

    2009-01-01

    Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited intermediation, and corporate opportunism. Investor tastes when combined with imperfectly competitive intermediaries lead prices and interest rates to deviate from fundamental values. Opportunistic firms respond by issuing securities ...

  20. Credit Market Development and Human Capital Accumulation

    OpenAIRE

    Ho, Wai-Hong

    2008-01-01

    In a two period overlapping generations economy with asymmetric information, we investigate the interaction between credit market development and human capital accumulation. As is typical, young borrowers supply their endowed unit of labor time to earn wage income which is used as internal funds. In contrast to conventional setups, young lenders distribute theirs between acquiring education and working for earnings. Through identifying the risk types of borrowers by a costly screening tech...

  1. The Concept of Efficient Capital Market

    Directory of Open Access Journals (Sweden)

    Vlad Costică

    2017-01-01

    Full Text Available The efficient market capital was defined in 1939 by the American economist Eugene Famma which started from the fact that the information, which is essential for determining the price of a financial asset, has an asymmetric distribution in the market, and therefore there are different decisions sale / purchase of one and the same security title. The asymmetric information distorts the value by later incorporating it in the price. A price that does not reflect accurately the characteristics of the issuer has the effect of reducing the expected real return of the seller or buyer. The only factor that should affect future expectations is the investor's attitude towards risk.

  2. Derivative Securities on Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Ramona Maria GOGONCEA

    2011-12-01

    Full Text Available This study aimed to investigate whether the world wide agreed models of valuation of derivates may be properly applied to the Romanian capital market, obtaining reliable results for decision makers. The most common valuation models take into account market data such as, interest and exchange rates, volatilities and the price of the underlying instrument. The procedures for valuation must clearly define the nature of the market data to be taken into consideration (for example the zero-coupon curve for the valuation of swaps and the independent reference base to be used (Reuters at a given time, bid/offer or mid price, broker. In order to be able to obtain the results, I based my study on a self-developed software which can calculate the price and characteristics for different types of derivatives securities once the primary data are filled in. I compared the results obatined usig the valuation models with the actual prices on the Romanian capital market. I expected that the results obtained to be more accurate as the parameters used in the calculation models properly reflect market data as at that date being as widely as possible.. These assumptions were only supported for certain value orientations. In conclusion, explanations for these results are given and limitations for this study are discussed. Also, suggestions for future research are presented in the final part of the article.

  3. Security cost allocation under combined bilateral-pool market dispatch

    International Nuclear Information System (INIS)

    Abdullah, M.P.; Hassan, M.Y.; Hussin, F.

    2008-01-01

    Most electricity markets around the world are a combination of bilateral and pool markets, such as NordPool and NYPOOL. In these models, market participants bid into the pool and also make bilateral contracts with each other. This paper addressed the issue of congestion management and security cost allocation in a power pool market model. The basic idea of security cost allocation is to divide the incurred security cost due to congestion relief into pool and bilateral market based on their flow contribution to the congested line. A newly proposed security cost allocation strategy of the combined bilateral-pool market was also presented along with case studies using IEEE-14 bus system that tested the proposed method. Using the proposed method, it was shown that security costs are allocated to market participants at different prices which reflect the load contribution to the security problem. This solves the problem of the uniform security cost allocation in a pure pool market system having uniform pricing, and provides a proper security signal to market participants. 11 refs., 3 tabs., 4 figs

  4. GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

    OpenAIRE

    Fazekas Balazs

    2014-01-01

    JEREMIE (Joint European Resources for Micro to Medium Enterprises) program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture c...

  5. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    OpenAIRE

    NEAGU OLIMPIA

    2012-01-01

    There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the pap...

  6. An introduction to capital markets products, strategies, participants

    CERN Document Server

    Chisholm, Andrew M

    2002-01-01

    This comprehensive resource provides a complete introduction to global capital markets by explaining key instruments used in markets and their practical applications. An Introduction to Capital Marketsassumes no starting knowledge of the subject and begins with a general overview of the structure of the capital markets industry. Readers will quickly learn about swaps applications, options trading strategies, and much more. This introduction to financial markets offer valuable insights for anyone interested in the theory, practice, products, and applications within this field.

  7. East Asian Capital Markets: Integration and Convergence

    Directory of Open Access Journals (Sweden)

    Yana Valeryevna Dyomina

    2016-09-01

    Full Text Available The article examines the interdependence of East Asian stock and bond markets. Hierarchical cluster analysis of bond markets of ten regional countries shows that the most similar ones are the following: Indonesia, Malaysia, the Philippines and Singapore. In 2006-2009 Thailand also belonged with this group, however, since 2010 it is a separate cluster. The second cluster includes Hong Kong, the Republic of Korea and China, the third one - Japan, the fourth one - Vietnam. As for regional equity markets, the study shows that regional stock indices respond to the dynamics of American ones to a greater extent than to the dynamics of each other. In addition, Asian indices’ interconnection is chiefly negative. To assess stock indices’ convergence the author employs cluster analysis which divides 16 studied stock exchanges in 7 different groups. According to the obtained results, the author concludes that integration of regional capital markets is the long-term goal. Besides, markets’ integration will be easier and faster within clusters; inter-cluster mergers will be the next step. The basic problem here arises from the Japanese market, which, in the case of forced or ill-conceived program of events, will absorb all other markets or end up outside the integration processes

  8. Market and Labour Control in Digital Capitalism

    Directory of Open Access Journals (Sweden)

    Philipp Staab

    2016-11-01

    Full Text Available Theorists of post capitalism have recently argued for a more or less inevitable end to capitalism. They assume that private accumulation is systematically blocked by the inability of capitalist corporations to create revenues by setting prices as they lose control over the reproduction of their commodities and that in this process, capitalist labour will eventually disappear. Drawing on a case study of Amazon and thoughts on the policies of other leading digital corporations, we challenge these assumptions. Key corporate players of digitization are trying to become powerful monopolies and have partly succeeded in doing so, using the network effects and scaling opportunities of digital goods and building socio-technical ecosystems. These strategies have led to the development of in part isomorphic structures, hence creating a situation of oligopolistic market competition. We draw on basic assumptions of monopoly capital theory to argue that in this situation labour process rationalization becomes key to the corporation’s competitive strategies. We see the expansion of digital control and the organizational structures applied by key corporate players of the digital economy as evidence for the expansion of capitalist labour, not its reduction.

  9. Farmers' involvement in capital markets investment as an alternative ...

    African Journals Online (AJOL)

    ... markets investment were significantly associated with their investment in the capital market. The study recommended that agricultural extension agents should be mobilised to develop and disseminate information on the capital markets to farmers. Stock brokers should also visit farmer groups for enlightenment campaigns.

  10. Market capitalization of the trucking industry sector, 2005

    Science.gov (United States)

    2006-08-01

    This report focuses on the market valuation of the overall trucking industry sector and each segment within it. In the past, while the focus has been on stock price appreciation or depreciation, this report emphasizes market capitalization returns. S...

  11. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-12-01

    Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

  12. Empirical Analysis of the Impact of Capital Market on Economic ...

    African Journals Online (AJOL)

    The Nigerian capital market had not been performing effectively in terms of providing long term capital needed by firms to finance capital projects. This cast doubts on its ability to meaningfully enhance the growth of the economy against the apriori expectations amidst different reforms that were introduced by the government ...

  13. 76 FR 1889 - Risk-Based Capital Guidelines: Market Risk

    Science.gov (United States)

    2011-01-11

    ... ``three-pillar'' framework that includes (i) risk-based capital requirements for credit risk, market risk... incremental risk capital requirement to capture default and credit quality migration risk for non... (advanced approaches rules) (collectively, the credit risk capital rules) \\8\\ by requiring any bank subject...

  14. Internal capital markets: The bright side of corporate politics

    NARCIS (Netherlands)

    Cremers, M.; Huang, R.; Sautner, Z.

    2008-01-01

    This study looks inside the internal capital market of a large retail-banking group to study how internal corporate politics affect internal capital allocation. Our data is from the firm's managerial accounting system and covers all cash flows, internal capital transfers, and investments at the

  15. Capital Market Implications of Corporate Disclosure: German Evidence

    Directory of Open Access Journals (Sweden)

    Michael Grüning

    2011-04-01

    Full Text Available This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD. Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evidence for a capital-costreduction effect of disclosure based on the analysis of investors’ return requirements and market values. Altogether, no evidence is found that the information processing at the German capital market is structurally different from other markets.

  16. Pooling data for the analysis of dynamic marketing systems

    NARCIS (Netherlands)

    Horvath, C.; Wieringa, J.E.

    Vector autoregressive (VAR) models have become popular in marketing literature for analyzing the behavior of competitive marketing systems. One drawback of these models is that the number of parameters can become very large, potentially leading to estimation problems. Pooling data for multiple

  17. The Capital Market and Performance of the Nigerian Economy: A ...

    African Journals Online (AJOL)

    A vibrant capital market plays a crucial role in promoting the growth and development of the economy. This study examined the performance of the capital market and its impact on the economic growth of Nigeria. Using a time series data covering a period of 26 years (1985–2010) and employing the econometric tool of ...

  18. Credit Rating Agencies, Financial Regulations and the Capital Markets

    NARCIS (Netherlands)

    K. Shahzad (Khurram)

    2013-01-01

    textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit

  19. PORTFOLIO OPTIMIZATION ON CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Sinisa Bogdan

    2013-12-01

    Full Text Available Purpose of this paper was to research portfolio optimization problem on Croatian capital market using Markowitz theory. Research systematically investigated the selection of securities, and defined the importance of using fundamental analysis when selecting the best combination of securities. Since fundamental analysis involves a large number of indicators, this paper selected key indicators that enable a complete and quick securities review on the market. This paper clarifies diversification effect and influence of the correlation coefficient on diversification. Two basic types of assets (stocks and cash funds have been chosen to build the optimal portfolio. Cash funds were selected because they represent a form of risk-free investment, while stocks were chosen because of the high level of return which they achieve. At the end of paper, optimal portfolio was calculated with an excellent yield of 1.82% and deviation of 5.77% on a monthly basis which corresponds to the minimum deviation of the selected stocks. Calculated optimal portfolio achieves better expected value than investing in stock index CROBEX, which for the same period achieves the expected result of -0.02%.

  20. Capital Market Development: A Spur to Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Ismail O. Fasanya

    2013-10-01

    Full Text Available This paper examines the relationship between capital market development and Nigeria’s economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is an essential catalyst for economic growth and is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.

  1. China’s Capital Market: its Structure and Characteristics

    Directory of Open Access Journals (Sweden)

    Ionela Bălțătescu

    2010-10-01

    Full Text Available The purpose of the present article is to briefly overview the main characteristics and structure of China’s capital market. The first part of the paper presents the main stock exchanges, futures exchanges and commodity exchanges of China, securities products available in China, China’s level of domestic market capitalization and other key financial information and statistics regarding China capital market. The second part of the paper contains a short review on the liberalization and reforms of China’s financial market, especially the programs QFII (Qualified Foreign Institutional Investor, QDII (Qualified Domestic Institutional Investor and mini-QFII.

  2. INDIAN CAPITAL MARKET REVIEW: ISSUES, DIMENSIONS AND PERFORMANCE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Mohd. Shamim Ansari

    2012-12-01

    Full Text Available The purpose of an efficient capital market is to mobilize funds from those who have it and route each them to those who can utilize it in the best possible way. India’s financial market is multi-facet but not balanced. It has state of art equity market but relatively less developed and immature corporate bond market. The Indian capital market in the recent year has undergone a lot of innovation in term regulation and mode of operation. A well developed corporate bond market is also essential for financial system stability, efficiency and overall economic growth. However, If we look at the scenario of capital market in India we find that Indian households have traditionally preferred parking their surpluses in bank deposits, government savings schemes and less than 10% of their investments in financial assets in shares, debentures and mutual funds. The Indian capital market has recently put the worst behind and moved towards strong growth. In this back drop the present paper aims to (i identify various grey points of Indian capital market; (ii Evaluated how it performed during post financial crisis period; and (iii suggests necessary policy reforms for a relatively mature capital market.

  3. Staged Financing in Venture capital market.

    OpenAIRE

    Damania, Priti

    2009-01-01

    The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.

  4. Impact from the blockchain technology on the Nordic capital market

    OpenAIRE

    Victoria, Karlsson Lundström

    2016-01-01

    This master thesis explores how the blockchain technology might affect the capital market, a market with an established role in our current society. This exploration is conducted by a literature study and an interview study with participants within the capital market, in order to gather several opinions and experiences of the technology. The blockchain technology is a registration technology that provides a high degree of security and the possibility to cut of intermediaries. These are two su...

  5. Limited Capital Market Participation and Human Capital Risk

    OpenAIRE

    Jonathan Berk; Johan Walden

    2010-01-01

    The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

  6. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  7. Risk Financing for Schools: The Capital Markets Approach.

    Science.gov (United States)

    Rudolph, Richard G.

    1988-01-01

    The capital markets approach is an alternative means of risk financing whereby a school system establishes and controls its own insurance company and makes systematic contributions to pay for expected and anticipated losses and their associated costs. (MLF)

  8. The Capital Market in Nigeria in Historical Perspective | Balogun ...

    African Journals Online (AJOL)

    Open Access DOWNLOAD FULL TEXT ... Emerging capital markets all over the world have a history and Nigeria is not in any way different. ... this paper considers the establishment and operation of the Securities and Exchange Commission.

  9. Did capital market convergence lower the effectiveness of monetary policy?

    NARCIS (Netherlands)

    Jansen, P.W.

    2009-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  10. farmers' involvement in capital markets investment as an alternative ...

    African Journals Online (AJOL)

    DR. TOSIN FASINA

    2014-04-02

    Apr 2, 2014 ... specifically examined farmers' awareness of the capital markets as well as ... from serving as a source of raising long-term funds, agricultural .... the national level of literacy, which may likely enhance their understanding of the.

  11. Longevity risks and capital markets: The 2010-2011 update

    OpenAIRE

    Blake, David; Courbage, Christophe; MacMinn, Richard; Sherris, Michael

    2011-01-01

    This Special Issue of Geneva Papers on Risk and Insurance - Issues and Practice contains 10 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity Six: The Sixth International Longevity Risk and Capital Markets Solutions Conference that was held in Sydney on 9-10 September 2010. It was hosted by the Australian Institute for Population Ageing Research, the Australian School of Business and the Unive...

  12. Measuring capital market efficiency: Global and local correlations structure

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2013-01-01

    Roč. 392, č. 1 (2013), s. 184-193 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Capital market efficiency * Fractal dimension * Long-range dependence * Short-range dependence Subject RIV: AH - Economics Impact factor: 1.722, year: 2013 http://library.utia.cas.cz/separaty/2012/E/kristoufek-measuring capital market efficiency global and local correlations structure.pdf

  13. The dynamics of risk premiums in Nord Pool's futures market

    International Nuclear Information System (INIS)

    Mork, E.

    2006-01-01

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and forwards

  14. Interdependencies Between the Capital Market and the Monetary Policy Decisions

    Directory of Open Access Journals (Sweden)

    Claudia Guni

    2010-12-01

    Full Text Available The declared scope of this work is to highlight the main correlations between the monetary and the capital market, including identifying the adequate objective of monetary policy which might positively influence over the offer on the capital market. The main target of the monetary market consists in the stability of the prices. The link between monetary policy and stock market is extremely important. The stock prices are sensible to economical conditions. Moreover, these prices rapidly change, thus there is a chance for a deviation from the fundamental value, with side-effects for economy.

  15. WOMEN ENTREPRENEURSHIP: EFFECT OF SOCIAL CAPITAL, INNOVATION AND MARKET KNOWLEDGE

    Directory of Open Access Journals (Sweden)

    BANAFSHEH DASTOURIAN

    Full Text Available ABSTRACT Women entrepreneurship plays a key role in the economic growth. This study investigates the mediatory role of innovation concerning the effect of social capital on entrepreneurship. The sample population included 130 female entrepreneurs in Ilam province, Iran. Using questionnaire as the main means of data collection, the correlation among variables of entrepreneurship, innovation, social capital and market knowledge was evaluated. Data analysis was performed by structural equation modeling in LISREL software. The findings showed that social capital and innovation had a positive and significant effect on entrepreneurship. However, the impact of social capital on innovation was not confirmed.

  16. An auction game model for pool-based electricity markets

    International Nuclear Information System (INIS)

    Gan, Deqiang; Wang, Jianquan; Bourcier, Donald V.

    2005-01-01

    A single-period auction game model for analyzing strategic behavior in pool-based electricity markets is introduced in the paper. We study the Nash equilibrium in a pure strategy sense of such games. First an equilibrium existence lemma is proved. Equilibrium characterization under tight capacity constraints is provided. Then it is demonstrated that an auction game does not possess a pure strategy Nash equilibrium under a wide range of market conditions. The paper provides a characterization of equilibrium under weak capacity constraints. We apply the introduced results to analyze market power indices presented in our earlier work and in related reports. Applications to actual market analysis, as well as limitations of the introduced model are provided. (author)

  17. Conference on EU Capital Markets Union: Contents and Discontents

    NARCIS (Netherlands)

    N. Dorn (Nicholas)

    2015-01-01

    markdownabstract__Abstract__ In February 2015 the Commission published its Green Paper on Capital Markets Union (CMU) and an Action Plan will follow later in 2015. The consultation period ends in May, so June/July is a good time to take stock. In terms of its intentions for market structure, CMU

  18. Power Pool of Alberta annual report 2000 : building a market

    International Nuclear Information System (INIS)

    2001-01-01

    As of January 1, 2001, deregulation of the electricity market in Alberta became a reality, and was accompanied by steady growth in demand for electricity combined with other factors that pushed the price of electricity upward. The Power Pool of Alberta ensures that market operations are open and fair. Its mandate, under the Electric Utilities Act, is the overall market surveillance in Alberta's electric industry. It is accomplished by working closely with industry and seeking feedback through four standing committees: Human Resources, Operations, Finance and Audit, and Balancing Pool. The goal for the coming years is to build confidence in the market, whereby consumers are confident about the fairness of the market price for electricity in Alberta, the choices available, and the continued reliability of the electric system in Alberta. The Energy Trading System was explained with information about system control and customer service, and details provided on the consultation and collaboration processes. The financial analysis of the year 2000 was provided, as well as a statement of operation, a balance sheet, and a statement of cash flows. tabs., figs

  19. THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

    OpenAIRE

    Dragoş Mînjină; Andrei Stănculescu

    2007-01-01

    The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

  20. Can capital markets create incentives for pollution control?

    International Nuclear Information System (INIS)

    Lanoie, Paul; Roy, Maite; Laplante, Benoit

    1998-01-01

    It has been observed that upon trading-off the costs and benefits of pollution control, profit-maximizing firms may choose not to invest their resources in pollution abatement since the expected penalty imposed by regulators falls considerably short of the investment cost. Regulators have recently embarked on a deliberate strategy to release information to markets (investors and consumers) regarding firms' environmental performance in order to enhance incentives for pollution control. In this paper, we analyze the role that capital markets may play to create such incentives. Evidence drawn from American and Canadian studies indicates that capital markets react to the release of information, and that large polluters are affected more significantly by such release than smaller polluters. This result appears to be a function of the regulator's willingness to undertake strong enforcement actions as well as the possibility for capital markets to rank and compare firms with respect to their environmental performance

  1. THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Ion POHOAŢĂ

    2014-06-01

    Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

  2. THE IMPLICATIONS OF LIQUIDITY CRISES IN THE CONTEXT OF EMERGING CAPITAL MARKET

    OpenAIRE

    Felicia Ramona Birău

    2012-01-01

    This article aims to highlight the implications of liquidity crises in the context of emerging capital market. Capital markets, and especially emerging capital market appear to behave notably differently during periods of liquidity crises in comparison with periods of stability. The concept of emerging capital market itself is in obvious antithesis to the idea of financial equilibrium. This particular category of capital markets is characterized in a certain measure by profound institutional,...

  3. Understanding Internal Capital Markets and Corporate Policies

    NARCIS (Netherlands)

    Cremers, M.; Huang, R.; Sautner, Z.

    2009-01-01

    This study looks inside a large retail-banking group to understand how corporate politics affect internal capital allocation. The group consists of a headquarters organization and about 150 member banks which own the headquarters. Our data is from the firm’s managerial accounting system and covers

  4. The Islamic Capital Market Response to the Real Earnings Management

    Directory of Open Access Journals (Sweden)

    Rita Yuliana

    2017-06-01

    Full Text Available This study aims to prove the effect of the company's status, i.e membership on the Islamic capital market and the status as suspect firm, as a determinant of real earnings management (REM. REM is conducted by abnormally increasing sales, increasing production and reducing discretionary costs in order to achieve a certain earnings target. This study uses Earnings Distribution Analysis (EDA technique, which refers to the Prospect Theory (Kahneman & Tversky, 1979 to identify the suspect firms. Suspect firms are companies that have small positive earnings. The samples of this research are companies listed on the Indonesia Stock Exchange in 2011 and 2012. Based on the result of regression analysis, hypothesis testing results show that the suspect firms conduct real earnings management in all three types of activities more aggressively than the non-suspect firms. Furthermore, this study also showed empirical evidence that there are differences in real earnings management actions between companies listed in the Islamic capital market compared to conventional capital markets. Then, this study also showed that the Islamic capital market is more appropriate in response to the REM than the conventional capital market.

  5. A Pooled Mean Group Estimation of Capital Inflow and Growth in sub Saharan Africa

    Directory of Open Access Journals (Sweden)

    Chimere Okechukwu Iheonu

    2017-09-01

    Full Text Available This study empirically analysed the impact of capital inflow on growth in sub Saharan Africa employing the Pooled Mean Group estimator from the years 1985 to 2015. The study utilised Foreign Direct Investment (FDI, Official Development Assistance and Foreign Aid (ODA and Remittance (REM as indicators of capital inflow. Short run result indicates that the various forms of capital inflow do not have significant impact on growth but while FDI and REM were negatively related to growth, AID was positively related to growth. However, in the long run, FDI and AID have a positive and significant impact on growth while REM has a negative and significant impact on growth in sub Saharan Africa. The study concludes that planning and legislative lags are inferential from the insignificance of capital inflows on growth in the short run, while growth falls in the long run as a result of increase in labour’s income earned in diaspora. The study recommends that in the short run, economic policies should be tailored towards the development of technological based services while in the long run, government should create schemes for citizens in diaspora to participate in, to endear sector-specific economic activities as well as targeting FDI and AID as policy options to spur growth. Finally, specific capital inflow policy options should be employed as not all forms of capital inflow precipitates growth.

  6. Globalization, capital market and economic development in Nigeria

    Directory of Open Access Journals (Sweden)

    Olanrewaju Adewole Adediran

    2015-01-01

    Full Text Available This article examines the economic integration caused by globalization and effect of capital market in Nigeria context. It establishes the type of relationship and level of significance of globalization and capital market on the economic development. Globalization concept is framed as import plus export divided by growth ratio. The capital market was determined in terms of proxy (by GDP by price index. The growth ratio assessed the level of development using econometric model. The results suggest that sound economic reform and financial policies are necessary to achieve sustainable development in Nigeria. However, there is need to increase exports, reduce imports and control exchange rate for Nigeria to achieve sustainable economic development.

  7. Interdependence of NAFTA capital markets: A minimum variance portfolio approach

    Directory of Open Access Journals (Sweden)

    López-Herrera Francisco

    2014-01-01

    Full Text Available We estimate the long-run relationships among NAFTA capital market returns and then calculate the weights of a “time-varying minimum variance portfolio” that includes the Canadian, Mexican, and USA capital markets between March 2007 and March 2009, a period of intense turbulence in international markets. Our results suggest that the behavior of NAFTA market investors is not consistent with that of a theoretical “risk-averse” agent during periods of high uncertainty and may be either considered as irrational or attributed to a possible “home country bias”. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.

  8. The EU Capital Markets Union and Financial Stability

    Directory of Open Access Journals (Sweden)

    Kravchuk Igor S.

    2017-06-01

    Full Text Available The aim of the article is to study the processes of formation of the EU Capital Markets Union in the context of their influence on stability of the markets and the financial system as a whole. In the course of analyzing the project for the building of a single capital market with respect to financial stability, there determined its positive aspects as well as threats and challenges associated with simplification of information requirements to the prospectus of public offering of securities, low liquidity and higher volatility of the equity markets of small and medium-sized businesses, reduction of the regulatory requirements to investment firms (securities traders, correction of prudential norms for infrastructure investments of banking institutions and insurance companies, introduction of a simple, transparent and standard securitization, a secondary market for distressed banking assets, and a potential spread of financial instability at cross-border investments in securities.

  9. 13 CFR 108.10 - Description of the New Markets Venture Capital Program.

    Science.gov (United States)

    2010-01-01

    ... Venture Capital Program. 108.10 Section 108.10 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Introduction to Part 108 § 108.10 Description of the New Markets Venture Capital Program. The New Markets Venture Capital (“NMVC”) Program is a...

  10. Is the Economic andTesting the Efficient Markets Hypothesis on the Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Dragoș Mînjină

    2013-11-01

    Full Text Available Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital market revealed mostly that this market is not characterised by the weak form of the efficient markets hypothesis. However, recent empirical studies have obtained results for the weak form of the efficient markets hypothesis. The present decline period of the Romanian capital market, recorded on the background of adverse economic developments internally and externally, will be an important test for the continuation of recent positive developments, manifested the level of informational efficiency too.

  11. EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Bernard Adjekophori

    2016-07-01

    Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

  12. Durability of capital goods: taxes and market structure

    Energy Technology Data Exchange (ETDEWEB)

    Raviv, A [Carnegie-Mellon Univ., Pittsburgh; Zemel, E

    1977-04-01

    This paper examines the durability of capital goods produced under different market structures when tax considerations are included. Since investment tax credit and depreciation allowances are realized by the owner of the durable good, the durability of products produced by an industry which sells its output differs from that of an industry which rents. For each of these two commercial forms, both monopolistic and competitive market structure are considered. Potential gains from different forms of regulation are discussed.

  13. Testing weak form efficiency on the capital markets in Serbia

    Directory of Open Access Journals (Sweden)

    Kršikapa-Rašajski Jovana

    2016-01-01

    Full Text Available Weak-form efficient market hypothesis assumes that participants on the financial markets are not able to achieve above-average returns based on historical prices. In order to establish the presence of a weak-form market efficiency in the Serbian market, the analysis incorporates daily data of the two most prominent indices on the Belgrade Stock Exchange, BELEX 15 and BELEX LINE, since their inception until 31 December 2014. Results obtained by the analysis and testing indicate that the capital market in Serbia can not be considered sufficiently efficient, more precisely it indicates that postulates assumed by the weak-form market efficiency are not fully met. Taking into account that the capital market in Serbia is still underdeveloped, primarily because of the small volumes, turnover and types of securities which are traded on the market, as well as the fact that it is not sufficiently regulated and transparent, lack of investors is noticeable. Consequently, analysis presented in this paper indicates a weak sustainability of the efficient market hypothesis in Serbia.

  14. Social capital and mango marketing in Odo-oba and Fiditi markets of ...

    African Journals Online (AJOL)

    This study evaluated the role of social capital in marketing of mango fruits in order to improve the marketing services and efficiency of the marketers in Oyo State, Nigeria. Primary data for the study were collected using structured questionnaire. Descriptive statistics and least square regression were used to analyze ...

  15. German nuclear expansion: state, capital, world market

    International Nuclear Information System (INIS)

    Galvan, C.G.

    1988-01-01

    This paper intends to discuss the technological development as it happened in Germany or, better, it places in the scene of world market, where it did. In the attention center is the big achievement of pacific use of atomic technology: the nuclear power plants, which the new energy is used in electric generation. (C.M.)

  16. Mercury Retrograde Effect in Capital Markets: Truth or Illusion?

    Directory of Open Access Journals (Sweden)

    Murgea Aurora

    2016-06-01

    Full Text Available From the most ancient times, the astrological beliefs have played an important role in human history, thinking, world-views, language and other elements of social culture. The practice of relating the movement of celestial bodies to events in financial markets is relatively newer but despite the inconsistency between financial astrology and standard economic or financial theory, it seems to be largely spread among capital market traders. This paper evaluates one of the astrological effects on the capital market, more precisely the Mercury retrograde effect on US capital market. Despite the fact that it is just an optical illusion the astrological tradition says that Mercury retrograde periods are characterized by confusion and miscommunications. The trades could be less effective, the individuals more prone to make mistakes so there is a long-held belief that it is better to avoid set plans during Mercury retrograde, signing contracts, starting new ventures or open new stock market positions. The main findings of this study are lower return’s volatilities in the Mercury retrograde periods, inconsistent with the astrologic theories assumptions but consistent with the idea that trader’s beliefs in Mercury retrograde effect could change the market volatility exactly in the opposite sense than the predicted one.

  17. Internal capital markets and lending by multinational bank subsidiaries

    NARCIS (Netherlands)

    De Haas, Ralph; van Lelyveld, Iman

    We use new panel data on the intra-group ownership structure and the balance sheets of 45 of the largest multinational bank holdings to analyze what determines the credit growth of their subsidiaries. We find evidence for the existence of internal capital markets through which multinational banks

  18. 77 FR 53059 - Risk-Based Capital Guidelines: Market Risk

    Science.gov (United States)

    2012-08-30

    ...'' framework that includes (1) Risk-based capital requirements for credit risk, market risk, and operational... default and credit quality migration risk for non-securitization credit products. With respect to... securitization positions, the revisions assign a specific risk- weighting factor based on the credit rating of a...

  19. On the role of information disclosures in capital markets

    NARCIS (Netherlands)

    Jia, Xue

    2016-01-01

    This dissertation uses economic modelling to explore the value of information disclosures to the firm and investors in capital markets. Specifically, two chapters investigate the interaction between manager’s decisions and the value of information to investors, while another two chapters examine how

  20. Other people’s money: essays on capital market frictions

    NARCIS (Netherlands)

    Bersem, M.R.C.

    2012-01-01

    This dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than

  1. Accrual Anomaly in the Brazilian Capital Market

    Directory of Open Access Journals (Sweden)

    César Medeiros Cupertino

    2012-10-01

    Full Text Available This paper analyzes the phenomenon known as accrual anomaly in Brazil. In particular, we examine two hypotheses: (a that the earnings expectation included in the stock price fails to reflect the difference in persistence of the earnings components (accruals and cash flows; and (b that the construction of a hedge portfolio by taking a long (short position in assets with low (high accruals generates consistently abnormal returns. The data set includes nonfinancial firms listed on the BM&FBOVESPA between 1990 and 2008. The empirical tests required conducting panel data regressions to identify the persistence of earnings and theircomponents; the Mishkin test to identify whether the market rationally prices earnings; and the composition of a zero-investment (hedge portfolio to analyze whether a trading strategy based on accruals consistently provides abnormal positive returns. The results indicate that the accrual component is not mispriced by the Brazilian market, and that a trading strategy based on accruals does not provide consistently positive returns. Although this evidence does not encourage arbitrage, the results are relevant from various perspectives. The methodology applied permitted identifying the quality of earnings and of their components, as well as association between the components of earnings and returns.

  2. THE ISSUE OF ASYMMETRIC INFORMATION UPON THE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Olga Pleşco

    2013-07-01

    Full Text Available The capital market has an important role at the micro and macro economical level, having the capacity to mobilize resources and to place them in a productive manner. The relation between accounting and capital market started to be analyzed from the middle of XXth century, when the investors started to ask more details about the companies’ activity and not just general accounting values. The certainty is nowadays a part of the cost of information which is consciously assumed by the users differently in pre-crisis and crisis time. Informational asymmetry plays a double role through the participants on the capital market: positive one for those who use the lack of information of others with economic responsibility and negative when information holders use them to affect the other participants or users. This paper seeks to examine the impact of financial information on the level of the capital value of the companies in order to evaluate the influence and to establish the measures that must be applied to reduce the asymmetries between different users of that information.

  3. Companies investments on Private Equity/Venture Capital market

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2009-12-01

    Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

  4. Social and cultural capital in project marketing service firms: Danish architectural firms on the German market

    DEFF Research Database (Denmark)

    Skaates, Maria Anne; Tikkanen, Henrikki; Alajoutsijärvi, Kimmo

    2002-01-01

    This article analyses the marketing activities of three Danish architectural firms in Germany during the 1990s from a perspective that is new to project marketing, in that the Bourdivan concepts of social and cultural capital are applied to the offerings and activities of firms. In architecture...... provide support for our claim that the accumulation of social and cultural capital is crucial to acquiring architectural projects, while also indicating that cultural and social capital are internationally transferable to a limited extent only. This in turn suggests that national construction industries...

  5. 12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

    Science.gov (United States)

    2010-01-01

    ... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION... Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital markets... defense crisis could impede the normal access of Farm Credit banks to the capital markets. Whenever the...

  6. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    OpenAIRE

    Minarnita Yanti Verawati Bakara; Bambang Hermanto

    2014-01-01

    This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI) of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi) of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Co...

  7. ANALYZING FAT-TAILED DISTRIBUTIONS IN EMERGING CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2013-05-01

    Full Text Available The aim of this article focuses on analyzing the implications of fat-tailed distributions in emerging capital markets. An essential aspect that was highlighted by most empirical research, especially in terms of emerging capital markets, emphasizes the fact that extreme financial events can not be accurately predicted by the normal distribution. Fat-tailed distributions establish a very effective econometric tool in the analysis of rare events which are characterized by extreme values that occur with a relatively high frequency .The importance of exploring this particular issue derives from the fact that it is fundamental for optimal portfolio selection, derivatives valuation, financial hedging and risk management strategies. The implications of fat-tailed distributions for investment process are significant especially in the turbulent context of the global financial crisis.

  8. Long-term uncertainty evaluation of pool electricity markets

    International Nuclear Information System (INIS)

    Alvarez Lopez, Juan; Ponnambalam, Kumaraswamy

    2010-01-01

    Pool electricity markets are cleared under the strong assumption of having a perfectly known future; in real life, this is anything but true. The inability to predict the random parameters of the supply and the demand function introduces risk into the market clearing process. Therefore, the main interest is to minimize such risk by means of a trade-off of the mean and the variance of the social cost function. This paper considers random variations on the levels and on the slopes of the quadratic supply and demand functions. Correlation is considered between the corresponding coefficients of the supply and demand curves. By means of the mean-variance Markowitz theory, the risk introduced by these random variations is analyzed. A comprehensive analysis on the effects that the mean-variance Markowitz theory has on the nodal spot prices and on the point-elasticities of the supply and demand curves is made. The non-linear optimization model presented in this paper is validated through a three-, a six-, and a 21-node system. (author)

  9. Long-term uncertainty evaluation of pool electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Alvarez Lopez, Juan [Network Analysis Department, Electric Research Institute (Mexico); Ponnambalam, Kumaraswamy [Systems Design Engineering, University of Waterloo, 200 University Ave. West, N2L 3G1, Waterloo, Ontario (Canada)

    2010-02-15

    Pool electricity markets are cleared under the strong assumption of having a perfectly known future; in real life, this is anything but true. The inability to predict the random parameters of the supply and the demand function introduces risk into the market clearing process. Therefore, the main interest is to minimize such risk by means of a trade-off of the mean and the variance of the social cost function. This paper considers random variations on the levels and on the slopes of the quadratic supply and demand functions. Correlation is considered between the corresponding coefficients of the supply and demand curves. By means of the mean-variance Markowitz theory, the risk introduced by these random variations is analyzed. A comprehensive analysis on the effects that the mean-variance Markowitz theory has on the nodal spot prices and on the point-elasticities of the supply and demand curves is made. The non-linear optimization model presented in this paper is validated through a three-, a six-, and a 21-node system. (author)

  10. Internal Capital Market Controls and Financial Performance in Multidivisional Firms.

    OpenAIRE

    Hill, Charles W L

    1988-01-01

    It is proposed that, within the population of M-form firms, the control systems necessary to realize economic benefits from interrelationships between subunits o f a firm are incompatible with the systems necessary to realize benef its from an M-form type internal capital market. This hypothesis is t ested on 156 large U.K. firms. Questionnaire data are used to classif y the firms according to their internal control characteristics. The findings provide tentative support for the hypothesis. C...

  11. Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets

    OpenAIRE

    Shyam NMI Sunder

    2001-01-01

    The concept of common knowledge concerning higher orders of knowledge has seen exciting new developments in the fields of philosophy, game theory, statistics, economics and cognitive science in the recent decades. Even though information lies at the heart of accounting and capital markets research, these new developments have remained at the periphery of these fields. Common knowledge thinking may significantly advance our understanding of financial reporting, analysis, securities valuation, ...

  12. Capital market financing, firm growth, and firm size distribution

    OpenAIRE

    Didier Brandao,Tatiana; Levine,Ross Eric; Schmukler,Sergio L.

    2015-01-01

    How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. T...

  13. Modelling of capital requirements in the energy sector: capital market access. Final memorandum

    Energy Technology Data Exchange (ETDEWEB)

    1978-04-01

    Formal modelling techniques for analyzing the capital requirements of energy industries have been performed at DOE. A survey has been undertaken of a number of models which forecast energy-sector capital requirements or which detail the interactions of the energy sector and the economy. Models are identified which can be useful as prototypes for some portion of DOE's modelling needs. The models are examined to determine any useful data bases which could serve as inputs to an original DOE model. A selected group of models are examined which can comply with the stated capabilities. The data sources being used by these models are covered and a catalog of the relevant data bases is provided. The models covered are: capital markets and capital availability models (Fossil 1, Bankers Trust Co., DRI Macro Model); models of physical capital requirements (Bechtel Supply Planning Model, ICF Oil and Gas Model and Coal Model, Stanford Research Institute National Energy Model); macroeconomic forecasting models with input-output analysis capabilities (Wharton Annual Long-Term Forecasting Model, Brookhaven/University of Illinois Model, Hudson-Jorgenson/Brookhaven Model); utility models (MIT Regional Electricity Model-Baughman Joskow, Teknekron Electric Utility Simulation Model); and others (DRI Energy Model, DRI/Zimmerman Coal Model, and Oak Ridge Residential Energy Use Model).

  14. Social capital and transaction costs in millet markets.

    Science.gov (United States)

    Jacques, Damien Christophe; Marinho, Eduardo; d'Andrimont, Raphaël; Waldner, François; Radoux, Julien; Gaspart, Frédéric; Defourny, Pierre

    2018-01-01

    In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1-9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

  15. Social capital and transaction costs in millet markets

    Directory of Open Access Journals (Sweden)

    Damien Christophe Jacques

    2018-01-01

    Full Text Available In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1–9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

  16. A study of the logical model of capital market complexity theories

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory.Based on the research, the paper foretells the developing direction of complexity science in a capital market.

  17. TESTING THE EFFICIENT MARKET HYPOTHESIS ON THE ROMANIAN CAPITAL MARKET

    OpenAIRE

    Daniel Stefan ARMEANU; Sorin-Iulian CIOACA

    2014-01-01

    The Efficient Market Hypothesis (EMH) is one of the leading financial concepts that dominated the economic research over the last 50 years, being one of the pillars of the modern economic science. This theory, developed by Eugene Fama in the `70s, was a landmark in the development of theoretical concepts and models trying to explain the price evolution of financial assets (considering the common assumptions of the main developed theories) and also for the development of some branches in the f...

  18. Rethinking capital markets reform: a reassessment of Olson problem and regulatory dualism in the German capital markets from a varieties of capitalism perspective

    Directory of Open Access Journals (Sweden)

    André Ziccardi de Carvalho

    2015-09-01

    Full Text Available Since its proposition by Peter A. Hall and David Soskice the Varieties of Capitalism (VoC approach has been particularly important to explain the relationship between economic agents and sets of institutional arrangements that, even in regulatory scenarios that Law and Finance’s school would consider “less than optimal”, are able to generate sustainable economic growth. In this context the VoC approach has been consistently challenging the traditional “one fits all” approach towards capital markets reform usually endorsed by institutions such as the World Bank and the International Monetary Fund, as well as by many scholars and capital markets regulators associated with La Porta’s Law and Finance School. As any theoretical framework, however, the VoC approach also faces its own challenges and still lacks the scientific maturity achieved by the Law and Finance School. Consequently a conciliation between the relational view of the firm proposed by the VoC approach and the overview of corporate governance practices throughout the world presented by the Law and Finance School would be instrumental to construe a more clear understanding of the competitive advantages generated by certain sets of institutions and, at the same time, more accurately assess impacts of reforms that, even if implemented with the legitimate goal of promoting firms’ transparency and higher corporate governance standards, may counter-intuitively generate unprecedented corporate and capital markets crisis. By analyzing two concepts proposed by Ronald J. Gilson, Henry Hansmann and Mariana Pargendler that have an apparent fundamental link to La Porta’s school of Law and Finance (i.e. Olson Problem and Regulatory Dualism through a varieties of capitalism approach, this study aims at rethinking the traditional “one fits all” approach towards capital markets reform and taking a further step in the direction of conciliating the VoC approach with La Porta’s Law

  19. DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

    Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

  20. Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia

    Directory of Open Access Journals (Sweden)

    Zainal Abidin Sahabuddin

    2017-07-01

    Full Text Available Debt was able to be used by firm as source of funds for investment-related activities,especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when firm decided to borrow money from debt holders.The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on capital structure of firms. The population of this study was the firms listed on Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as sample were taken from the population by conducting stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had the positive impact on capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.

  1. The financing and growth of firms in China and India : evidence from capital markets

    OpenAIRE

    Didier, Tatiana; Schmukler, Sergio L.

    2013-01-01

    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 ...

  2. ROMANIAN DEMOGRAPHIC FACTORS AND THE INVESTMENTS ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Petric Ioana Ancuta

    2010-07-01

    Full Text Available The growing interest for investments in capital markets creates the need for studies focused on monitoring and analysing demographic environment in which the investors operate. Its analysis may represent a starting point for finding out opportunities and threats brought by environment for the evolution of Financial Investment Services Companies in Romania. Our paper starts from the assumption that the behaviour of the investor in financial services is influenced by the demographic factors. We focus on some of them, in a descriptive manner. Specifically, they are: monthly net average incomes, gender, age, employment rate and education level of the population. This study also presents a short case of a Financial Investment Services Company named Target Capital.

  3. Islamic Financial Engineering : Comparative Study Agreements in Islamic Capital Market in Malaysia and Indonesia

    Directory of Open Access Journals (Sweden)

    Adhitya Ginanjar

    2014-03-01

    Full Text Available Objective –The objective of this paper is to provide a discussion Islamic Financial Engineering which practice between Indonesian Capital Market and Malaysian capital market. This paper also investigate whether regulator could effectively take a role in materializing demands for Islamic securities and whether regulator declaration is more convincing than sharia compliance declaration between IDX and KLSE.Methods - We use descriptive analytic and literature study to see the background, market response caused by regulatory for Islamic Financial Engineering. We also analyze Islamic capital market regulatory from middle east countries.Results - We find that Islamic Capital Market in KLSE (Malaysian Capital Market more higher growth than IDX (Indonesia Capital Market because of Islamic Capital Regulatory in KLSE much easier to improve Islamic Financial Engineering from conventional schemes.Conclusion - This finding could explain why Islamic Capital Market in KLSE is still growing rapidly and IDX will adjust their Islamic Capital Market Regulatory to compete with regional Islamic Capital Market.Keywords : Islamic Financial Engineering, Risk, Return, Derivative, Hedging, Option, Forward, Hybrid  contract

  4. Capital Market Integration in ASEAN Countries: Special Investigation of Indonesian Towards the Big Four

    Directory of Open Access Journals (Sweden)

    Barli Suryanta

    2012-01-01

    Full Text Available ASEAN already proposed financial integration through capital market integration based on ASEAN Economics Community (AEC 2020 treaty in order to aim comprehensive ASEAN economic integration. The objective of this study is to occur the capacity of Indonesian in terms of integrating its capital market towards the big four i.e., Singaporean, Malaysian, Philippines, and Thailand.  Vector Auto-regression (VAR analysis is utilized to investigate Indonesian market returns co-movement and dynamic link with ASEAN 4. The conclusion of this study, there is neither co-movement nor strong dynamic link between Indonesian capital market with those of Singaporean, Malaysian, Philippines, and Thailand. Keywords: ASEAN Capital market integration, Indonesian Capital Market, ASEAN 4 Capital Market, VAR Framework.

  5. a Statistical Dynamic Approach to Structural Evolution of Complex Capital Market Systems

    Science.gov (United States)

    Shao, Xiao; Chai, Li H.

    As an important part of modern financial systems, capital market has played a crucial role on diverse social resource allocations and economical exchanges. Beyond traditional models and/or theories based on neoclassical economics, considering capital markets as typical complex open systems, this paper attempts to develop a new approach to overcome some shortcomings of the available researches. By defining the generalized entropy of capital market systems, a theoretical model and nonlinear dynamic equation on the operations of capital market are proposed from statistical dynamic perspectives. The US security market from 1995 to 2001 is then simulated and analyzed as a typical case. Some instructive results are discussed and summarized.

  6. Scared away? Discouraged borrowers and Capital market information

    DEFF Research Database (Denmark)

    Christensen, Jesper Lindgaard; Hain, Daniel S.

    2014-01-01

    of discouraged borrowers. Implications Implications entail missed opportunities for firms, which in turn is likely to have deterrent effects on overall investments and economic growth. Financial institutions will miss out on business opportunities but will also have difficulties in fine-tuning their credit......We do the first study on discouraged borrowers in Denmark to firstly investigate the extent of this phenome-non in Denmark. Secondly, we test if characteristics of firms (age, size, innovativeness, industry) impact their likelihood of being discouraged from entering the capital markets. Thirdly...

  7. Health care capital market and product market constraints and the role of the chief financial officer.

    Science.gov (United States)

    Wheeler, J R; Smith, D G

    2001-01-01

    To understand better the financial management practices and strategies of modern health care organizations, we conducted interviews with chief financial officers (CFOs) of several leading health care systems. The constraints imposed on health care systems by both capital and product markets has made the role of the CFO a challenge.

  8. EARNINGS MANAGEMENT AND ECONOMIC CRISES IN THE BRAZILIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Aldy Fernandes da Silva

    2014-05-01

    Full Text Available The 2008 economic crisis challenged accounting, either demanding recognition and measurement criteria well adjusted to this scenario or even questioning its ability to inform appropriately entities’ financial situation before the crisis occurred. So, our purpose was to verify if during economic crises listed companies in the Brazilian capital market tended to adopt earnings management (EM practices. Our sample consisted in 3,772 firm-years observations, in 13 years – 1997 to 2009. We developed regression models considering discretionary accruals as EM proxy (dependent variable, crisis as a macroeconomic factor (dummy variable of interest, ROA, market-to-book, size, leverage, foreign direct investment (FDI and sector as control variables. Different for previous EM studies two approaches were used in data panel regression models and multiple crises were observed simultaneously. Statistics tests revealed a significant relation between economic crisis and EM practices concerning listed companies in Brazil in both approaches used.

  9. The role of financial market performance in hospital capital investment.

    Science.gov (United States)

    Reiter, Kristin L; Song, Paula H

    2011-01-01

    Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

  10. Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

    OpenAIRE

    Jiranyakul, Komain

    2014-01-01

    This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

  11. Foreign IPO capital market choice: Understanding the institutional fit of corporate governance

    OpenAIRE

    Moore, C. B.; Bell, R. G.; Filatotchev, I.; Rasheed, A. A.

    2012-01-01

    While product market choices were central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. Based on a sample of 103 and 99 foreign IPOs in the US and UK respectively during the period 2002-2006, we find that internal governance characteristics (founder CEO,...

  12. Integration of Capital Markets from Central and Eastern Europe: Implications for EU Investors

    Directory of Open Access Journals (Sweden)

    Alexandra HOROBET

    2014-04-01

    Full Text Available Our paper investigates the extent of capital market co-movements between three emerging markets Czech Republic, Hungary and Poland and three developed markets from the European Union – Austria, France and Germany. We test whether an increase in correlations between the six markets took place in recent years, as revealing higher integration of capital markets in the region. We find a statistically significant positive trend in cross-market correlations between 1999 and 2008, before the emergence of the global financial crisis. Movements in national stock markets are not fully synchronized, but increases in market volatilities lead to increases in cross-country correlations. There is a long-term relationship between some of these countries capital markets, and information is transmitted from one market to the other. Our findings confirm previous studies and lead to the conclusion that stock markets from Central and Eastern Europe became more integrated with the developed markets in European Union.

  13. MODEL OF SHARIA PRINCIPLES INTEGRATION IN THE APPLICATION OF CAPITAL MARKET LAW

    Directory of Open Access Journals (Sweden)

    Desy Nurkristia Tejawati

    2017-09-01

    Full Text Available Indonesia is a country which most of the population is islamic, so of course in the life of the economy should be based on existing principles of sharia. At present, it must be admitted that the principles of sharia have grown in various fields of economy, including Banking, Insurance, and Capital Markets. However, in the Capital Market, although some of its instruments have been found in the Capital Market, the redulation is very minimal. This research is aimed at assisting Financial Services Authority in implementing Roadmap of Sharia Capital Market starting 2015 to 2019 to find a concept of Capital Market Law in accordance with Sharia Principles, so that Sharia Principles can be applied in isolation and different from Market Law regulation Conventional Capital that has been done. Research is a normative juridical research because it focuses on the rules of legislation using empirical data. The approach used is the approach of legislation and concept approach. Sharia Capital Market is a place for investors and emitents whose business field is not contrary to Sharia principles to conduct buying and selling activities in a way that uses the principles of sharia. The implementation of Sharia principles in Shariah Capital Market is in the business field of issuers, contracts used, and there are also arrangements related to Sharia Capital Market Experts.

  14. THE APPLICATION OF THE CAPITAL ASSET PRICING MODEL ON THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Bojan Tomic

    2013-12-01

    Full Text Available The paper describes and analyzes the application of the capital asset pricing model (CAPM and the single-index model on the Zagreb stock exchange during the drop in the total trade turnover, and mostly in the trade of equity securities. This model shows through the analysis techniques used to estimate the systematic risk per share compared to the market portfolio. Also, the model quantifies the environment in which a company and its stocks exist, expressing it as risk, or a beta coefficient. Furthermore, with respect to the market stagnation, one can also discuss the usefulness of the model, especially if the quality of the input data is questionable. In this regard, the importance of the proper application and interpretation of the results obtained based on the model during the stagnation of the market, and especially during the stagnation of the trade of equity securities, is gaining even greater importance and significance. On the other hand, the results obtained through the analysis of data point to problems arising during the application of the model. It turns out the main problem of applying the CAPM model is the market index with negative returns during the observation period.

  15. The development of capital market and bank risk: The case of Iran

    Directory of Open Access Journals (Sweden)

    Navid Babak Jamshidi

    2017-01-01

    Full Text Available This paper is an attempt to investigate about relationship between the development of capital market and bank risk in Tehran Stock Exchange. Three hypotheses were presented in this research. This is a descriptive- correlative research. Multi-variable regression was used in this research. According to results of this research, there is a significant relationship between the development of capital market and bank risk. Additionally, there is significant relationship between Beta, income variety, and market value and capital market development. Also, due to effective role of bank in Iran economy bridge market, it is possible to point out its effective role in capital market. Results of this research confirm this claim. It is suggested to stakeholders and users of banking information and capital market to pay attention to bank risks regard their decision-making.

  16. The impact of capital markets on the economic growth in South Africa

    Directory of Open Access Journals (Sweden)

    Queen Sarah Khetsi

    2015-03-01

    Full Text Available Capital markets are institutions that actively play a role in the development of an economy. This study investigates the impact of capital markets on economic growth in South Africa from 1971-2013. The results indicated that there is a positive relationship between economic growth and capital markets in South Africa. Furthermore, the country should focus on factors that contribute to the development of capital markets, such as the development of financial institutions. The study contributes to the existing body of empirical literature with regards to economic growth and capital markets, especially with reference to stock markets as South Africa has one of the largest stock markets (JSE in the world.

  17. The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

    OpenAIRE

    Ag. Sunarno Handoyo

    2015-01-01

    This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Pr...

  18. Failing electricity markets: should we shoot the pools?

    International Nuclear Information System (INIS)

    Green, Richard

    2003-01-01

    This paper discusses the electricity reforms in California and in England and Wales. In both cases, a centralised spot market played a major role, and both markets have now been abolished. This paper argues that their disappearance is not evidence that future electricity restructuring should avoid the use of spot markets. Instead, the problems in England and Wales were largely due to market power. In California, problems arising from market power and a tightening demand-supply balance were turned into a disaster because the spot market had not been backed up by hedging contracts. (Author)

  19. Determinants of Board Interlocking in the Brazilian Capital Market

    Directory of Open Access Journals (Sweden)

    Flávio Ribeiro

    2016-10-01

    Full Text Available The objective in this article was to identify the main determinants of Board Interlocking in the Brazilian capital market. As the theoretical structure, the Agency theory and Corporate Governance, the Resource Dependence theory and the Board of Administrators and the Characteristics of Board Interlocking. The sample consists of 58 Brazilian companies that participate in the Bovespa Index (Ibovespa. An empirical analytic study was undertaken. With regard to the objectives, it is characterized as exploratory and, with regard to the procedures, a documentary research was undertaken. The data on the Boards of Administrators were collected from the Reference Forms available on the website of the São Paulo Stock Exchange (BM&FBOVESPA. The results found demonstrate the generalized presence of Board Interlocking in these companies, normally associated with four factors: (1 economic group formation; (2 governmental control; (3 formation of pension funds; and (4 presence of professionals with acknowledged market experience. The results also suggest that the first three factors give rise to long-lasting links and that these connections are hard to break. On the other hand, the links established through professionals with market experience tend to be more unstable because the presence of these professionals is highly demanded to serve on the board of different companies.

  20. EVOLUTION OF THE ROMANIAN CAPITAL MARKET IN THE LAST FOUR YEARS

    Directory of Open Access Journals (Sweden)

    SORIN CLAUDIU RADU

    2012-10-01

    Full Text Available The effects of the great recession have also been felt in Romania and the domestic capital market, component of the European financial market, has suffered from the negative evolutions of the world’s economy, fallowing the downward trend of the external markets since the crisis started. Considering the economic situation as of 2008, the Romanian capital market was faced with a small number of transactions, a decreased stock capitalization and low level of credibility, massive diminishment of liquidities, capital withdrawal on the financial market and significant depreciation of stock exchange indicators. This paper aims at presenting the evolution of the capital market in Romania for the last four years, pinpointing several strategic directions that are meant to support the domestic stock exchange and place them in the European stock exchanges top.

  1. Financial resources for development. Capital markets in developing countries: a study on borrowing by developing countries in the emerging capital markets of the Middle East

    Energy Technology Data Exchange (ETDEWEB)

    Nashashibi, H S

    1980-10-01

    Private transfers of capital from the Organization of Petroleum Exporting Countries (OPEC) to developing countries are intended to complement private transfers from the Organization of Economic Cooperation and Development (OECD) by tapping the emerging capital markets in the Middle East. Developing countries will be able to diversify their borrowing and gain additional financing. The long-term investment of oil-producing countries will benefit and the pressures on the banking institutions to recycle funds will lessen. Middle East capital markets include international loans and international bonds. The history of the Kuwaiti dinar (KD) bond market, with its advantages for both investors and borrowers, illustrates the successful development of a capital market. Financial intermediation needs to be improved, however, if the Middle East is to become efficient enough to compete with the Euromarkets. Efficiency will require different measures and should reflect strengthening relationships among Middle East nations. (DCK)

  2. INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2010-01-01

    Full Text Available Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.

  3. DATA MINING AND APPLICATION OF IT TO CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    Cenk AKKAYA

    2011-07-01

    Full Text Available Nowadays with the development of technology importance given to knowledge increases gradually. Data mining enables to form forecasts and models regarding future by making use of past data. Any method which helps to discover data can be used as a data mining method. Enterprises gain important competitive advantage by data mining methods. Data mining is used in different fields. In finance field it is a specially used in financial performance applications, guessing the enterprise bankruptcies and failures, determining transaction manipulation, determining financial risk management, determining customer profile and depth management. It can be costly, risky and time consuming for enterprises to gain knowledge. Thus today enterprises use data mining as an innovative competitive mean. The aim of the study is to determine the importance of data mining applications to capital markets.

  4. Is the world oil market 'one great pool'? A test

    International Nuclear Information System (INIS)

    Rodriguez, A.E.; Williams, M.D.

    1993-01-01

    In a recent paper (Weiner, 1991) it was argued that crude oil markets are regionalized, thus challenging the assertion that the world oil market is homogeneous. This argument bears on the effectiveness of various energy policies. It is argued that these policies should be analyzed using constructs such as antitrust markets, rather than in relation to an ad-hoc definition of regionalization like that used by Weiner. Regionalization and geographic antitrust markets, empirics, and policy implications of regional markets are discussed. By drawing clear parallels between the concept of regionalization and antitrust markets, it is shown that: due to Wiener's flawed methodological and empirical approach, it is not clear that crude oil markets are, in fact, regional; and policies that appear at first glance to require regional markets to be effective, may be explained even in a unified world market. Strong evidence is found in support of a unified world oil market. Some policy implications in the area of import taxes are discussed. 35 refs., 1 tab

  5. Effects of capital markets development on economic growth of Western Balkan countries

    Directory of Open Access Journals (Sweden)

    MSc. Artor Nuhiu

    2011-12-01

    Full Text Available Through this research paper we have tried to elaborate the issue whether capital market development is an alternative towards economic growth and economic prosperity of developing countries in general, the Western Balkan countries in particular. The focus of the paper is to study the effects of proper functioning of capital markets and their im-pact on increasing the level of savings, capital investments and in locating relevant resources for long-term financing of the economy. The research paper presents positive and negative arguments, linking the establishment and development of a capital market and its impact on economic development of developing countries, particularly Western Balkan countries.

  6. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2016-12-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  7. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2011-08-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  8. Academic Researchers on the Project Market in the Ethos of Knowledge Capitalism

    Science.gov (United States)

    Brunila, Kristiina; Hannukainen, Kristiina

    2017-01-01

    How knowledge capitalism retools the scope of academic research and researchers is an issue which this article ties to the project market in the ethos of knowledge capitalism. In Finland, academic research has been forced to apply for funding in project-based activities reflecting European Union policies. The project market, which in this article…

  9. THE ANALYSIS OF CAPITAL MARKET INTEGRATION IN ASEAN REGION BY USING THE OGARCH APPROACH

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-04-01

    Full Text Available Capital market integration is a topic that attracts a lot of research interests in regional and international capital markets. Unfortunately, the various studies that have been done tend to use analytical tools that have not been able to conclude the degree of capital market integration quantitatively, hence a study that is able to measure the degree of capital market integration quantitatively is required. This study investigated the capital markets integration in ASEAN by using the Orthogonal Generalized Autoregressive Conditional Heteroscedasticity (OGARCH method which could provide the degree of integration quantitatively. Capital markets studied were Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Thailand Stock Exchange, Singapore Stock Exchange and Philippines Stock Exchange during period of January 2001 – December 2016. The result of this study was there was a co-movement among ASEAN capital markets studied, but not all these ASEAN capital markets were fully integrated. This study also found that Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Stock Exchange Thailand, and Singapore Stock Exchange were integrated but Philippines Stock Exchange was not. The Philippines Stock Exchange tended to be segmented rather than integrated.

  10. The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

    Directory of Open Access Journals (Sweden)

    Ag. Sunarno Handoyo

    2015-12-01

    Full Text Available This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. The samples are 150 respondents as the owners of the embroidery business in Central Java Province. The technical analysis used is Structure Equations Modeling with AMOS Software version 22. The results show that: (1 marketing innovation has significant effect on competitive advantage; (2 market orientation has significant effect on competi-tive advantage; (3 social capital has significant effect on competitive advantage; (4 competitive advantage has significant effect on marketing performance; (5 marketing innovation has significant effect on marketing performance; (6 market orientation has significant effect on marketing performance; (7 social capital has no significant effect on marketing performance. The implication of this study is that the MSMEs of embroidery could improve marketing performance by increasing marketing innovation, market orientation, social capital and competitive advantage. This study also shows that competitive advantage is an intervening variable on marketing performance.

  11. Just like the lottery? Player behaviour and anomalies in the market for football pools.

    Science.gov (United States)

    Forrest, David; Pérez, Levi

    2015-06-01

    Football pools were an antecedent to lotto in providing a long-odds, high-prize gambling opportunity for a mass market in Europe. Even after lotto has become well established, pools games continue to occupy a significant niche in the gaming market in several jurisdictions, most notably Spain. This paper employs 23 years of sales data from the national pools game in Spain to investigate similarities between the behaviour of lotto players and pools players. It observes similar phenomena as have been noted in lotto sales studies, including strong sensitivity of sales to the size of jackpot on offer, significant habit effects, a halo effect whereby there is some short-term persistence in increased sales whenever a high jackpot is offered (even after jackpot size has returned to normal), and a tendency to jackpot fatigue (over time, the size of the jackpot has to be increased to more than before to stimulate the same increase in sales). Notwithstanding that the football pools are marketed as based on knowledge and understanding of sport whereas lotto is a pure numbers game, modelling sales of the pools therefore yields findings very similar to those reported in the literature on lotto. This suggests that both sets of players share common psychological and cognitive traits and economic motivation. Those responsible for promoting pools should therefore be able to draw on findings from the much more extensive literature on lotto when formulating strategy in terms of game design and marketing.

  12. Unilateral and collusive market power in the electricity pool of England and Wales

    International Nuclear Information System (INIS)

    Bunn, D.W.; Martoccia, M.

    2005-01-01

    This paper uses a detailed market microsimulation of agent bidding behaviour to provide insights into the evolution of generator market power in the electricity pool of England and Wales. We identify an evolution, as market concentration declined, from unilateral market power dominance in the early years (1990-1996) to tacit collusive coordination towards the end (1996-2001), whereupon the pool was replaced by voluntary bilateral trading. The microsimulation analysis does not provide closed form solutions for market equilibrium nor a multi-agent co-evolutionary set of scenarios, but provides a diagnostic aid in determining when market concentration may decline to the point at which price leadership gives way to tacit collusion as means of exercising market power. (author)

  13. Prof. Wu Xiaoqiu:China Is Striving for the World's Most Developed Capital Market

    Institute of Scientific and Technical Information of China (English)

    Sun Yongjian; Zhang Yue

    2007-01-01

    @@ China's capital market is a hot issue in the new year. The best strategy to develop the Chinese capital market in the coming 15 to 20 years was discussed in the China Capital Market Forum, which was held in China at Renmin University on January 13. Government officials, scholars, and entrepreneurs commented that by 2020, the Chinese capital market will develop into one of the best capital markets in the world,not only in terms of size, but also asset quality, liquidity and dynamic trade. Is this a realistic goal? What steps should we take to pursue this target? With these questions in mind, after the forum, China's Foreign Trade interviewed Prof. Wu Xiaoqiu, Vice President of Renmin University of China,and the Director of the Finance & Securities Institute of Renmin University.

  14. Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

    Directory of Open Access Journals (Sweden)

    Fikret Kartal

    2013-08-01

    Full Text Available Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

  15. 76 FR 19355 - Notice of Staff Attendance at Southwest Power Pool Markets Operations Policy Committee Meeting

    Science.gov (United States)

    2011-04-07

    ...) Markets Operations Policy Committee (MOPC), as noted below. Their attendance is part of the Commission's... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Notice of Staff Attendance at Southwest Power Pool Markets Operations Policy Committee Meeting The Federal Energy Regulatory Commission hereby...

  16. Allocation of emission permits with leakage through capital markets

    International Nuclear Information System (INIS)

    Maestad, Ottar

    2007-01-01

    This paper analyses how tradable emission permits should be allocated to firms when capital is internationally mobile. When international environmental problems are attempted solved through uncoordinated policies between countries, it might be desirable for the home country to issue free emission permits in proportion to the use of capital in order to prevent leakage through international capital movements. The desirability of free emission permits will however be reduced if capital also can be employed in a domestic non-polluting sector. In this case, it may even be optimal to tax the use of capital in the polluting sector. It is also shown that it is always optimal to subsidise the use of capital in the polluting sector if the use of labour is taxed at an optimal rate. Finally, leakage does not affect the optimal domestic emission limit as long as appropriate capital subsidies and labour taxes are implementeed. (author)

  17. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    Directory of Open Access Journals (Sweden)

    Minarnita Yanti Verawati Bakara

    2014-11-01

    Full Text Available This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Composite Index (JCI of Indonesia Stock Exchange from January 05, 1988 to December 31, 2007.Should nonlinearity be found, the outcomes of each observation are compared to analyze the implications of each country in global, regional and local position of their competition in the continuously changing world of interdependency environment. The implications of nonlinearity finding in the three ASEAN countries capital markets to the current issues of AFAS on Financial Services, Harmonization among ASEAN countries capital markets in the ASEAN region and ASEAN integration and liberalization on Financial Services are analyzed.BDS statistic and R/S Analysis as our tools for nonlinearity testing are applied. Nonlinearity evidences in Jakarta Composite Index, Pilipino Stock Exchange Index and Straits Times Index are found.

  18. Capital markets in Central and Eastern Europe: two selected cases

    Directory of Open Access Journals (Sweden)

    Nicolescu Luminiţa

    2017-07-01

    Full Text Available The evolution of mutual funds in terms of their inflows and outflows is seen as a good indicator of the capital markets’ performance in different countries. At individual level, investors substantiate their buying decisions on the past performance information and invest asymmetrically in funds with very good performance in the previous periods. Numerous studies, mainly conducted in US, illustrate that mutual fund flows are highly dependent on the funds’ previous performance, as a common behavior of investors resides in looking for highly performing funds than to get rid of poorly performing ones. This paper investigates the flows of funds into and out of Slovakian and Hungarian mutual funds during the period 2007-2014 and has as main purpose to analyze the behavior of investors in mutual funds in these two emerging financial markets. The analysis focuses on identifying patterns in investors’ decision making processes and on checking the similarity of their behavioral patterns and illustrating differences among the two. Given the peculiarities of the studied period, a financially turbulent period, the paper also tries to evaluate if and how the financial crisis affected the investing behavior of Slovakian and Hungarian investors, based on the evolution of inflows and outflows of funds in a period that comprises the global financial crisis and the present period in which recovery has started.

  19. Capital Market Integration and Consumption Risk Sharing over the Long Run

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

    integration. We also calculate the welfare costs of imperfect capital market integration and risk sharing and find that these costs vary a lot over time. Finally, we show that consumption risk sharing is higher during times of crises, i.e. at times when marginal utility is high and risk sharing is most......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...... capital market integration forecasts more consumption risk sharing in the future. This finding is robust is to controlling for trade openness and exchange rate volatilities. Hence, financial integration seems to drive consumption risk sharing whereas we find no evidence that risk sharing forecasts market...

  20. CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    MIHAELA SUDACEVSCHI

    2013-05-01

    Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

  1. The influence of labor market changes on first-time medical school applicant pools.

    Science.gov (United States)

    Cort, David A; Morrison, Emory

    2014-12-01

    To explore whether the number and composition of first-time applicants to U.S. MD-granting medical schools, which have fluctuated over the past 30 years, are related to changes in labor market strength, specifically the unemployment rate and wages. The authors merged time series data from 1980 through 2010 (inclusive) from five sources and used multivariate time series models to determine whether changes in labor market strength (and several other macro-level factors) were related to the number of the medical school applicants as reported by the American Medical College Application Service. Analyses were replicated across specific sex and race/ethnicity applicant pools. Two results surfaced in the analyses. First, the strength of the labor market was not influential in explaining changes in applicant pool sizes for all applicants, but was strongly influential in explaining changes for black and Hispanic males. Increases of $1,000 in prevailing median wages produced a 1.6% decrease in the white male applicant pool, while 1% increases in the unemployment rate were associated with 4.5% and 3.1% increases in, respectively, the black and Hispanic male applicant pools. Second, labor market strength was a more important determinant in applications from males than in applications from females. Although stakeholders cannot directly influence the overall economic market, they can plan and prepare for fewer applications from males, especially those who are black and Hispanic, when the labor market is strong.

  2. The year of the cat: Taxing nuclear risk with the help of capital markets

    International Nuclear Information System (INIS)

    Eberl, Jakob; Jus, Darko

    2012-01-01

    This paper proposes new regulation for nuclear power reactors aimed at increasing their safety. We begin by describing how limited liability leads to risk-loving behaviour in nuclear power companies and unsafe nuclear power reactors. By reviewing current regulatory regimes, we show that this issue is not being sufficiently addressed today. Therefore, we evaluate five regulatory instruments: (1) safety regulation, (2) minimum equity requirements, (3) mandatory insurance, (4) risk-sharing pools, and (5) catastrophe bonds. We conclude that any of these instruments either cannot be recommended in its pure form or is infeasible in reality. We therefore propose a new approach that, in its core, consists of a two-stage procedure. In the first stage, capital markets assess the risk stemming from each nuclear reactor via catastrophe bonds. In the second step, the regulator uses this private risk assessment and intervenes by charging an actuarially fair premium in the form of a Pigouvian risk tax. Society ultimately acts as an explicit insurer for nuclear risk and is, on average, fairly compensated for the risk it is taking over. - Highlights: ► Limited liability leads to excessive risk-taking in nuclear power companies. ► Current regulation does not address this issue sufficiently. ► We evaluate five regulatory instruments and explain their shortcomings. ► We propose a market-based nuclear risk tax as a new regulatory instrument.

  3. Capital Market Integration and Consumption Risk Sharing over the Long Run

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

    2016-01-01

    capital market integration forecasts more consumption risk sharing in the future. This finding is robust to controlling for trade openness and exchange rate volatility as alternative drivers of risk sharing. Finally, we calculate the welfare costs of imperfect consumption risk sharing and find......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...

  4. An Empirical Analysis of the Impact of Capital Market Activities on ...

    African Journals Online (AJOL)

    An Empirical Analysis of the Impact of Capital Market Activities on the Nigerian Economy. ... Others include the expansion of the stock market in terms of depth and breadth and the attraction of foreign direct investment and foreign portfolio investment into the Nigerian economic landscape. Keywords: Nigeria, Market ...

  5. Labour Market Intermediaries: A Corrective to the Human Capital Paradigm (Mis)matching Skills and Jobs?

    Science.gov (United States)

    Dobbins, Tony; Plows, Alexandra

    2017-01-01

    The orthodox supply-side human capital theory (HCT) paradigm is inadequate for understanding and adjusting to labour market volatility in UK regional economies like Wales. This article explores the role of regional labour market intermediaries (LMIs) in matching supply (skills) and demand (job opportunities) in regional labour markets. Some LMIs…

  6. Pricing initial public offerings in premature capital markets : the case of Hungary

    NARCIS (Netherlands)

    Schindele, I.; Perotti, E.C.

    2002-01-01

    This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public Offerings (IPO) market in 1990-1998, a period of transition from socialist to market economy and immaturity of the domestic capital market. The evidence suggests that political issues

  7. Capital Mobility and Exchange Market Intervention in Developing Countries

    OpenAIRE

    Michael P. Dooley; Donald J. Mathieson; Liliana Rojas-Suarez

    1997-01-01

    This paper develops a new technique for measuring changes in the degree of capital mobility confronting a developing country that has restrictions on capital flows and official ceilings on domestic interest rates. Because such official controls rule out the use of traditional interest rate parity conditions to measure changes in the degree of capital mobility, the analysis first examines an intertemporal model of an open economy. This model describes the linkages between the cost of undertaki...

  8. Funding Continuum for Private Business Owners: Evidence from the Pepperdine Private Capital Markets Project Survey

    OpenAIRE

    Maretno A. Harjoto; John K. Paglia

    2011-01-01

    The Pepperdine Private Capital Markets Project survey for business owners, administered during the spring of 2010, reveals an increasingly important role of friends and family (Friends/Family) to provide capital for privately-held businesses. Examining business owners’ perceptions of their sources of capital reveals that, overall, business owners prefer Friends/Family and angel financing as well as asset-based lenders and banks (ABL/Bank). Business owners consider Friends/Family financing to ...

  9. Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

    Directory of Open Access Journals (Sweden)

    Radu CIOBANU

    2011-06-01

    Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

  10. Evaluation of Effect of Global Economic Meltdown on Capital Market Performance

    Directory of Open Access Journals (Sweden)

    ONAOLAPO ADEKUNLE RAHMAN

    2013-07-01

    Full Text Available The recent financial crisis that loomed the global economy was considered more inclusive than any other period of financial turmoil in the past 60 years. This paper evaluates the implications of the global economic meltdown on the Nigerian Capital Market Performance using the market capitalization of the Nigerian Stock Exchange as a major indicator. When the global economic meltdown came, it poses a recession on the Market Capitalization and the volume of share index of the Nation. This study depends entirely on secondary data in form of annual aggregate time series data of Market capitalization (dependent variable, exchange rate, interest rate, inflation rate, market share index with Dummy variable to represent the period of economic crisis. Ordinary least square of multiple regressions was used to analyze the data into econometric model while F-statistics was used to test for the formulated hypothesis. This study depicts that the global economic meltdown has a negative effect on the Capital Market Performance. It was therefore recommended that the Federal government and the regulatory agencies (CBN, NSE, SEC etc. should come up with intervention and fiscal policies that will suppress these effects and jumpstart the capital market and that the policies should be properly implemented and monitored.

  11. Comparative Study between Capital Asset Pricing Model and Arbitrage Pricing Theory in Indonesian Capital Market during Period 2008-2012

    Directory of Open Access Journals (Sweden)

    Leo Julianto

    2015-09-01

    Full Text Available For decades, there were many models explaining the returns earned emerged in order to fulfil the curiosity had by human. Since then, various studies and empirical findings in many countries’ stock market showedthat the empirical findings of market return explanation and the return of assets meet the different results in both clarify of model and identification of significant determinant variables.Therefore, many comparative studies between models were accomplished. In this study, the author attempts to do comparative study between two models, APT and CAPM, in Indonesian Capital Market during period 2008 until 2012.  Besides, the author also attempts to find how much inflation, interest rate, and exchange rate describe the returns earned in each sector existed in Indonesia Capital Market. As the result, the author find out that CAPM has bigger explanation power than APT in Indonesian Capital Market during period 2008-2012. Besides, the author also found that among macroeconomic factors, there are only two macroeconomic factors that can affect certain samples significantly.  They are change in BI rate, which affect AALI, ANTM, ASII, TLKM, UNTR, and change in exchange rate, which affect INDF and TLKM significantly.

  12. Association of market, organizational and financial factors with the number, and types of capital expenditures.

    Science.gov (United States)

    McCue, Michael J

    2011-01-01

    Prior literature provides only a descriptive view of the types and numbers of capital expenditures made by hospitals. This study conducted an empirical analysis to assess simultaneously what market, organizational, and financial factors relate to the number of capital projects as well as the specific types: medical equipment, expansion, and maintenance projects. Sampling California hospital capital expenditure data from 2002 to 2007, this study aggregated the number of capital projects by each type of capital investment decision: medical equipment, expansion, and maintenance/renovation per hospital. Using ordinary least squares regression, this study evaluated the association of these factors with these types of capital investment projects. This study found that hospitals capturing a greater share of the market, maintaining high levels of liquidity, and operating with more than 350 beds invested in a greater number of capital projects per hospital as well as medical equipment and expansionary projects per hospital. Within the state of California, the demand for health care services within a hospital market as well as cash and investment reserves were key drivers in the hospital CEOs and boards' decision to increase their capital purchases. The types of purchases included capital outlays related to medical equipment, such as CT scanners, MRIs, and surgical systems, and revenue-generating expansionary projects, such as new bed towers, hospitals wings, operating and emergency rooms, and replacement hospitals from 2002 to 2007.

  13. Bookworms and Party Animals: An Artificial Labour Market with Human and Social Capital Accumulation

    Science.gov (United States)

    Farhat, Daniel

    2014-01-01

    Data show that educated workers earn higher wages and are unemployed less often. Some researchers believe that education improves a worker's productivity (or "human capital"), making them more desirable on the job market, while others believe that it improves a worker's network (or "social capital"), giving them more…

  14. Immigrant performance in the labour market: bonding and bridging social capital

    NARCIS (Netherlands)

    Lancee, B.

    2012-01-01

    To what extent can different forms of social capital help immigrants make headway on the labour market? An answer to this pressing question begins here. Taking the Netherlands and Germany as case studies, the book identifies two forms of social capital that may work to increase employment, income

  15. Did capital market convergence lower the effectiveness of the interest rate as a monetary policy tool?

    NARCIS (Netherlands)

    Jansen, Pieter W.

    2006-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  16. The Nordic power exchange Nord pool and the Nordic model for a liberalised power market

    International Nuclear Information System (INIS)

    Houmoller, A. P.

    2000-01-01

    As the first countries in the world, the Nordic countries Norway, Sweden, Finland and denmark have established a common, multinational power exchange. By means of this common power exchange, these countries also have established a common power market. this is also the first - and for the time being - the only place in the world, where you can find a multinational, truly competitive power market. This Nordic model has attracted much interest from other countries in Europe, Asia, North America and South America. The presentation will explain, how the common power exchange makes it possible for the four countries and the five system operators in Scandinavia physically and financially to operate a common, multinational, competitive power market. The presentation will explain how this systems works in the Nordic countries by discussion the following items: - The non-commercial players: The Transmission System Operators and the local grid operators; - The market players: the producers, the retailers, the traders, the brokers and the end users; - The access to the grid: The point tariff system; - The fairness towards the market players and the security of supply: The balancing power and the regulating power; - The power exchange handles bottlenecks in the grid. The presentation will explain how this is done and will demonstrate how this gives the power market a bottleneck handing method which:- Is neutral and fair towards all the market players, - Ensures that all the capacity of any bottleneck is utilised during every hour of operation, - Is extremely easy to use for the Transmission System Operators - also if the bottleneck is cross-border bottleneck; - The Nord Pool spot market Elspot; - The Nord Pool futures market Eltermin; - Area prices; - How financial contracts replace physical contracts when the power market is liberalised; - The day-to-day market and the market for long-term contracts in a liberalised power market; - How to eliminate the c ounter party risk

  17. THE IMPORTANCE OF STATE’S ROLE IN THE HUNGARIAN VENTURE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Jenő Konecsny

    2011-07-01

    Full Text Available The presence of state also has an indirect and direct effect on the developement of the Hungarian venture capital market. Indirect effect is realized through the law legislation and the direct one by the operate of the different venture capital firms and funds which invest public financial sources. The main purpose of the direct intervention is to finance the under-capitalized small and medium-sized start-up companies with equity. The paper examines the Hungarian venture capital market from the aspect of state intervention. It starts with an European overview which summarizes the common and different attributes of state’s role in the venture capital market between several European countries. The paper focuses on the Hungarian situation, it describes concisely the effect and efficiency of the governmental instructions which were taken for the legislation of the venture capital market. Using the results of a previous research the paper also examines the characteristics of the direct instructions. The paper decribes briefly the main details of the publicprivate initiative called JEREMIE-program, which started on the Hungarian venture capital market in the recent past.

  18. Testing Black Market vs. Official PPP: A Pooled Mean Group Estimation Approach

    OpenAIRE

    Goswami, Gour Gobinda; Hossain, Mohammad Zariab

    2013-01-01

    Testing purchasing power parity (PPP) using black market exchange rate data has gained popularity in recent times. It is claimed that black market exchange rate data more often support the PPP than the official exchange rate data. In this study, to assess both the long run stability of exchange rate and the short run dynamics, we employ Pooled Mean Group (PMG) Estimation developed by Pesaran et al. (1999) on eight groups of countries based on different criteria. Using the famous Reinhart and ...

  19. Successful implementation effect of insurance services in money and capital financial markets

    OpenAIRE

    Nemat Tahmasebi

    2016-01-01

    One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring...

  20. Value Relevance dari Intangible Assets Bagi User di Capital Market (suatu Tinjauan Literatur)

    OpenAIRE

    Muliawati

    2014-01-01

    Capital market facilitate buying and selling long term securities. There are many parties involved in capital markets include investors, issuers (companies) and regulators. Agency problems arises when there are conflict of interest between the needs of principals (investors) and agents (companies or issuers). This problem is caused by information asymmetry. Financial statements are principal means through which a company communicate its financial information to interested parties. Financial s...

  1. Testing the Relationship between Interest Rates Volatility and Market Capitalization: the case of Mauritius

    Directory of Open Access Journals (Sweden)

    Edesiri Godsday Okoro

    2014-12-01

    Full Text Available This paper tests the relationship between interest rates volatility and market capitalization in Mauritius. Using annual time series data sourced from the Financial Services Commission Annual Statistical Bulletin of Mauritius during the period 2006 through 2010, data of interest rates volatility and market capitalization were estimated in a non-linear model using the Vector Auto-regression technique. The study found that interest rates volatility has significant effect on the level of market capitalization although a negative effect. This implies a negative relationship between interest rates volatility and market capitalization. Thus, if market capitalization is affected by interest rates, then the economy becomes highly susceptible to volatile external distress. This indicates some dangers for the economic survival of Mauritius. It was on this note that we recommended an effective policy aimed at stabilizing macroeconomic variable like interest rates, focusing at the same time on alternative measures of promoting market capitalization if aggregate economic growth must be harnessed. Policymakers should design the optimal policy mix that would help the nation cope efficiently with the economic and social costs of the external distress accompanying higher and dwindling interest rates in Mauritius.

  2. 76 FR 76712 - Notice of Staff Attendance at Southwest Power Pool Markets and Operations Policy Committee Meeting

    Science.gov (United States)

    2011-12-08

    .... Markets and Operations Policy Committee. Their attendance is part of the Commission's ongoing outreach... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Notice of Staff Attendance at Southwest Power Pool Markets and Operations Policy Committee Meeting The Federal Energy Regulatory Commission...

  3. An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

    Directory of Open Access Journals (Sweden)

    Victor Dragota

    2008-10-01

    Full Text Available This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual moments.

  4. Successful implementation effect of insurance services in money and capital financial markets

    Directory of Open Access Journals (Sweden)

    Nemat Tahmasebi

    2016-11-01

    Full Text Available One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring investments and exert corporate governance can facilitate the exchange of goods and services, distribution and risk management, reducing transaction costs and data analysis may lead to better allocation of resources and ultimately economic growth. Insurance companies and generally insurance industry in each country is the most important and active financial institutions operating in the financial market especially capital markets in addition to securing economic activity could have basic role in mobility of financial markets and providing funds to invest in the economic activity through the provision of insurance services. In this study, successful financial services of insurance and investment funds in insurance companies such as Dana, Alborz, and Asia have been studied in Tehran. According to the hypothesis, there is a significant correlation between successful implementation of insurance services and money and capital financial markets. There is a significant correlation between different types of insurance services (institution-building, instrument making, and general insurance policies and money and capital financial markets.

  5. External relationships and marketing practices in Serbian firms: The intangible capital perspective

    Directory of Open Access Journals (Sweden)

    Mitić Sanja

    2015-01-01

    Full Text Available This paper presents selected results of research on intangible capital in Serbian firms. The results are part of a broader research project, based on a survey of a sample of Serbian firms. The focus of the project is the various forms of intangible capital, and in this paper we analyse whether and to what degree firms build up their brand capital and increase marketing competencies, and what kind of external relationships they experience. The results provide the first insight into the development of the marketing resources of Serbian firms and show that this element of intangibles is gradually improving but still is at a low level. We find significant differences in the use of marketing resources between firms in regard to their size, international market experience, and ownership type. A more significant development of brand capital, external relationships, and marketing innovations and competencies is found in larger firms, firms with considerable international business experience compared to firms primarily oriented to the domestic market, and in foreign-owned firms. After identifying the strengths and weaknesses of marketing practices in Serbian enterprises we suggest some measures for overcoming the analyzed constraints in order to improve firms’ market positioning, especially in foreign markets.[Projekat Ministarstva nauke Republike Srbije, br. 179062

  6. Modeling and forecasting electricity price jumps in the Nord Pool power market

    DEFF Research Database (Denmark)

    Knapik, Oskar

    extreme prices and forecasting of the price jumps is crucial for risk management and market design. In this paper, we consider the problem of the impact of fundamental price drivers on forecasting of price jumps in NordPool intraday market. We develop categorical time series models which take into account......For risk management traders in the electricity market are mainly interested in the risk of negative (drops) or of positive (spikes) price jumps, i.e. the sellers face the risk of negative price jumps while the buyers face the risk of positive price jumps. Understanding the mechanism that drive...

  7. The role of reserves and production in the market capitalization of oil and gas companies

    International Nuclear Information System (INIS)

    Ewing, Bradley T.; Thompson, Mark A.

    2016-01-01

    We examine the role proved reserves and production play in the market capitalization of publicly traded oil and gas companies engaged in the exploration and production of hydrocarbons. The paper provides two important contributions to the literature. First, we extend the existing research by utilizing the method of Robust Least Squares to estimate a multivariate market capitalization model that controls for firm type. Second, we document the impacts that oil and gas reserves to production ratios have on market capitalization. This is a key finding in the context of discounted net cash flow models and the findings suggest there is an optimal tradeoff between current and future production, given current volumes of reserves, the latter of which is valued positively by the market. Moreover, this optimal tradeoff or the optimal profit-maximizing intertemporal production choice is unique to the type of hydrocarbon being considered. Additionally, our findings highlight the importance of capital structure in the heavily capital intensive oil and gas industry. The results from this research should benefit both oil and gas companies and investors. Specifically, the results provide new and robust information as to the empirical relationships between key determinants of oil and gas company market valuations. - Highlights: • We utilized Robust Least Squares to estimate a multivariate market capitalization model. • There is a differential impact that oil and gas reserves to production ratios have on market capitalization. • The optimal profit-maximizing intertemporal production choice is unique to the type of hydrocarbon being considered. • Results provide new information as to the relationships between key determinants of oil and gas company market valuations.

  8. Analyzing the Stock Markets Role as a Source of Capital Formation in Pakistan

    Directory of Open Access Journals (Sweden)

    Hakim Ali Kanasro

    2011-12-01

    Full Text Available This paper is to examine the stock markets role in the capital formation in Pakistan from the period 1st January 2001 to 31st December 2008. This analytical study is based on the data collected from the secondary sources such as State Bank of Pakistan and three stock exchanges; Karachi, Lahore and Islamabad Stock exchanges. The stock market size of capital, number of listed companies and liquidity positions has been examined in the study. The study reveals that Karachi Stock exchange is the oldest and biggest Stock exchange of Pakistan and it is the first mover to adapt institutional developments, new policies and procedures in the business of securities exchange and shares a big role in the capital formation in Pakistan. In recent years all stock exchanges have implemented the advanced technology and fully automated trading systems. This has changed the stock markets role in the capital formation as great boom has been observed during the study period.

  9. 76 FR 2369 - Notice of Staff Attendance at Southwest Power Pool Markets and Operation Policy Committee and...

    Science.gov (United States)

    2011-01-13

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Notice of Staff Attendance at Southwest Power Pool Markets and Operation Policy Committee and Strategic Planning Committee Meetings January 5... the meetings of the Southwest Power Pool, Inc. (SPP) Markets and Operations Policy Committee (MOPC...

  10. The dynamics of risk premiums in Nord Pool's futures market

    Energy Technology Data Exchange (ETDEWEB)

    Mork, E. [Consultant, Oslo (Norway)

    2006-04-15

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and

  11. THE PROCESS OF EVALUATING PRIMARY FINANCIAL ASSETS ON THE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ionel Eduard Ionescu

    2013-12-01

    Full Text Available The capital market is where supply meets demand and stocks, bonds, future contracts and other stock products are circulated. This study intends to argue for the importance of financial instruments on the capital market, and especially their evaluating process. On such a market, the moment when an investor decides to buy or sell a portfolio is very important. Hence the numerous questions that an investor is faced with: should I buy today? Should I wait? What will be the price trend the following days? In order to be able to handle any situation, it is necessary to carry out calculations on the evaluation indicators of financial instruments.

  12. The Educational Asset Market: A Finance Perspective on Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education.......Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information...

  13. Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market

    Directory of Open Access Journals (Sweden)

    Fernando Batista Fontana

    2013-04-01

    Full Text Available Purpose: This paper presents a study on factors explaining the level of voluntary human capital information in companies with shares in the Brazilian stock exchange. Assuming the existence of information asymmetry between managers and shareholders, agency theory states that disclosure might lead to a reduction in agency costs. The proprietary costs theory indicates that information disclosure might increase the company’s costs. According to these theories, the likelihood that the managers will voluntarily disclose information depends on certain factors that are characteristic of the company. Understanding the disclosure of information regarding intangible assets, specifically human capital, has strategic relevance for enterprises because these features, although not always recorded in accounting, represent a competitive business edge in the current economy.Design/methodology/approach: The study examined 145 annual reports, representing 29 companies in the period of 2005-2009. The level of voluntary disclosure was determined through content analysis of annual reports using representative indicators of human capital information.Findings: The statistical results indicate that factors such as size, debt, growth and time of registration with the brazilian Securities and Exchange Commission explain the level of voluntary human capital disclosure of the companies studied.Originality/value: An important contribution of this research is the formulation and non-repudiation of the time of registration with the CVM hypothesis as a factor that explains the level of human capital disclosure because none of the revised studies have tested this hypothesis.

  14. Optimal Decision Making Framework of an Electric Vehicle Aggregator in Future and Pool markets

    DEFF Research Database (Denmark)

    Rashidizadeh-Kermani, Homa; Najafi, Hamid Reza; Anvari-Moghaddam, Amjad

    2018-01-01

    An electric vehicle (EV) aggregator, as an agent between power producers and EV owners, participates in the future and pool market to supply EVs’ requirement. Because of uncertain nature of pool prices and EVs’ behavior, this paper proposed a two stage scenario-based model to obtain optimal decis...... electricity markets, a sensitivity analysis over risk factor is performed. The numerical results demonstrate that with the application of the proposed model, the aggregator can supply EVs with lower purchases from markets....... decision making of an EV aggregator. To deal with mentioned uncertainties, the aggregator’s risk aversion is applied using conditional value at risk (CVaR) method in the proposed model. The proposed two stage risk-constrained decision making problem is applied to maximize EV aggregator’s expected profit...... in an uncertain environment. The aggregator can participate in the future and pool market to buy required energy of EVs and offer optimal charge/discharge prices to the EV owners. In this model, in order to assess the effects of EVs owners’ reaction to the aggregator’s offered prices on the purchases from...

  15. Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance

    Directory of Open Access Journals (Sweden)

    Jana Vychytilová

    2014-01-01

    Full Text Available Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.

  16. 78 FR 43829 - Risk-Based Capital Guidelines; Market Risk

    Science.gov (United States)

    2013-07-22

    ... have no practical impact on the rules that apply to the provision of official export credits.'' \\8\\ \\7... treatment of certain securitization positions under the SSFA with regard to determining the delinquency of... increase the capital requirements for a securitization exposure when delinquencies in the underlying assets...

  17. 78 FR 76521 - Risk-Based Capital Guidelines; Market Risk

    Science.gov (United States)

    2013-12-18

    ... ``[t]his means that the change has no practical impact on the rules that apply to the provision of... delinquency of the underlying exposures as discussed below. Among the inputs to the SSFA is the ``W'' parameter, which increases the capital requirements for a securitization exposure when delinquencies in the...

  18. The role of higher education institutions in shaping the intellectual capital in light of marketing innovation

    OpenAIRE

    Lidia Białoń

    2013-01-01

    The systemic approach implied by marketing innovation requires professional shaping of the intellectual capital. Innovation marketing shall fulfill its role on the basis of 5 i’s principle. Fulfillment of those tasks requires specialists, thoroughly trained in marketing, management and in the theoretical foundations for innovative activity. The higher education institutions are responsible for preparing such specialists. The fundamental problems lie both in constructing adequate curricula and...

  19. IMPACT OF ROMANIA'S INTEGRATION INTO EUROPEAN UNION ON THE CAPITAL MARKET IN ROMANIA

    OpenAIRE

    Leonardo Badea

    2007-01-01

    The present paper intends to study the development of the stock exchange market in Romania stating as marks, two simple things, namely: the progress of the stock exchange market before and after January 1, 2007, and also the progress of the stock exchange markets in the neighboring states after 2004. For this study, the mathematical calculus of the stock exchange index variation and the stock exchange capitalization is followed. The results have a direct link with the macroeconomic situation ...

  20. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    OpenAIRE

    CONSTANTIN LAURA-GABRIELA; CERNAT-GRUICI BOGDAN; IAMANDI IRINA-EUGENIA

    2014-01-01

    Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (re)insurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR) and Granger causality analyses. The proposed examination is further develope...

  1. Carbon Emission Disclosure and the Cost of Capital: An Analysis of Malaysian Capital Market

    Directory of Open Access Journals (Sweden)

    Binti Abd Rahman Noor Raida

    2017-01-01

    Full Text Available The main purpose of this study is to examine the relationship between voluntary disclosure and cost of capital by exploring the impact of voluntary carbon emission disclosure (VCED on the firm’s weighted-average cost of capital. A carbon disclosure index is used to evaluate the quality of carbon emission disclosure in 2013 and 2014 annual reports of 247 Malaysian public listed companies. By using content analysis, the result highlights a significant increase in the level and quality of carbon emission disclosure practice from 2013 to 2014. In addition, the finding from regression analysis indicates insignificant relationship between VCED quality and weighted-average cost of capital. Overall, our findings suggest that the carbon emission disclosure is still low, as such, the quality of VCED do not have an impact on firm’s cost of capital. The results of the study allow the government to measure progress toward achieving its target to reduce carbon emission and will add weight to the call by accounting regulation body such as Malaysian Accounting Standard Board for a specific standard on carbon reporting.

  2. HUMAN CAPITAL, INEQUALITIES AND LABOUR MARKET PARTICIPATION IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Ana-Maria ZAMFIR

    2016-05-01

    Full Text Available This paper aims to analyse characteristics of the labour market participation in Romania in order to highlight the existing inequalities in employment opportunities. Official statistics are analysed for providing an in-depth overview of the recent evolutions of the Romanian labour market. Special attention will be given to gender, rural-urban and age inequalities. The results show significant gaps in labour market participation for specific groups such as people living in rural areas, women and youth and high level of regional heterogeneity regarding the existing employment opportunities. The findings of the article are useful for policy makers and institutions with responsibilities in labour market and education fields.

  3. Combined hydro-wind generation bids in a pool-based electricity market

    International Nuclear Information System (INIS)

    Angarita, Jorge L.; Usaola, Julio; Martinez-Crespo, Jorge

    2009-01-01

    Present regulatory trends are promoting the direct participation of wind energy in electricity markets. The final result of these markets sets the production scheduling for the operation time, including a power commitment from the wind generators. However, wind resources are uncertain, and the final power delivered usually differs from the initial power committed. This imbalance produces an overcost in the system, which must be paid by those who produce it, e.g., wind generators among others. As a result, wind farm revenue decreases, but it could increase by allowing wind farms to submit their bids to the markets together with a hydro generating unit, which may easily modify its production according to the expected imbalance. This paper presents a stochastic optimization technique that maximizes the joint profit of hydro and wind generators in a pool-based electricity market, taking into account the uncertainty of wind power prediction. (author)

  4. The world oil market is not one great pool: A reply to Rodriguez and Williams

    International Nuclear Information System (INIS)

    Weiner, R.J.

    1993-01-01

    In a paper by Rodriguez and Williams (Energy Studies Review, 1993), the case for a single-pool world oil market is put forward. Criticisms of the assumptions and conclusions are offered. To counter the paper's assumption that antitrust is the relevant metric for measuring the extent of geographic markets, it is argued that for energy security policy decisions, it is the economic market which matters. The paper does show that the world oil market is indeed unified in the long run, but this is not relevant to the short term, the relevant time-frame for energy security decisions. The paper's choice of spot market data for its cointegration analysis is also criticized by using several examples of pricing decisions that would not make sense in a unified world market but which do make sense in a regionalized market. It is also unclear how representative spot prices are of the oil market. Finally, the conclusions of the paper that favor policies focusing on secure vs insecure import sources and supplier diversification are seen as unsupported by the paper's statistical findings. 15 refs

  5. Evolution of FX Markets via Globalization of Capital

    Science.gov (United States)

    McCauley, Joseph L.

    This paper is about money, and why today's foreign exchange (FX) markets are unstable. According to the literature [1], FX markets were fundamentally different before and after WW I. Any attempt to discuss this topic within standard economic theory necessarily fails because money/liquidity/uncertainty is completely excluded from that theory [2]. Fortunately, our market dynamics models adequately serve our purpose. Eichengreen [1] has presented a stimulating history of the evolution of FX markets from the gold standard of the late nineteenth century through the Bretton Woods Agreement (post WWII-1971) and later the floating currencies of our present market deregulation era (1971-present). He asserts a change from stability to instability over the time interval of WWI. Making his argument precise, we describe how speculators could have made money systematically from a market in statistical equilibrium. The present era normal liquid FX markets are in contrast very hard, to a first approximation impossible, to beat, and consequently are described as `martingales'. The ideas of martingales and options/hedging were irrelevant in the pre-WWI era. I end my historical discussion with the empirical evidence for the stochastic model that describes FX market dynamics quantitatively accurately during the last 7-17 years [3].

  6. Capitalizing on emergence: The 'new' civil security market in Europe

    NARCIS (Netherlands)

    Hoijtink, M.

    2014-01-01

    In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

  7. Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Daniel Karl Detzer

    2015-03-01

    Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

  8. Capital Market Effects of Taxes and Corporate Tax Avoidance

    OpenAIRE

    Tassius, Alexander

    2016-01-01

    This thesis consists of four essays: The first essay entitled “Tax Effects on Asset Pricing – New Evidence from Tax Reform Announcements in Germany”, co-authored with Michael Overesch, Chair of Business Taxation at the University of Cologne, not only presents price effects for German shares given rumors about lowering the German corporate tax rate but also shows price effects for bonds following a substantial cut in the German personal interest tax rate. The second essay “Capital Inco...

  9. The Spirit of Capitalism and Stock-Market Prices

    OpenAIRE

    Gurdip S. Bakshi; Zhiwu Chen

    1996-01-01

    In existing theory, wealth is no more valuable than its implied consumption rewards. In reality, investors acquire wealth not just for its implied consumption but for the resulting social status. Max M. Weber (1958) refers to this desire for wealth as the spirit of capitalism. The authors examine, both analytically and empirically, implications of Weber's hypothesis for consumption, savings, and stock prices. When investors care about relative social status, propensity to consume and risk-tak...

  10. THE EFFECT OF REVENUE AND MARKET SEGMENTATION LEVEL TOWARDS VENTURE CAPITAL INVESTMENT IN MOBILE APPLICATION BUSINESS

    Directory of Open Access Journals (Sweden)

    Dennis Adrian

    2014-05-01

    Full Text Available The development of mobile applications has mushroomed in local and foreign industries. This provides a tremendous opportunity for developers. For technopreneur developer, the capital to run the business is one of the biggest problems despite the fact that they may have great competence in the field. The fact that the business has big potential market in Indonesia has invited investors from local and overseas to invest as venture capital. However, due to the lack of knowledge on building collaboration with the investors and on understanding the market and investor needs in a long term, the developer finds difficulties to grow its business and to compete with bigger competitors. The research intends to seek the influence in selecting the level of revenue and market segmentation to support the investment decisions in the business of mobile applications, so that the mobile application developer is able to monetize their business to attract investors to invest in the venture capital.

  11. The role of higher education institutions in shaping the intellectual capital in light of marketing innovation

    Directory of Open Access Journals (Sweden)

    Lidia Białoń

    2013-09-01

    Full Text Available The systemic approach implied by marketing innovation requires professional shaping of the intellectual capital. Innovation marketing shall fulfill its role on the basis of 5 i’s principle. Fulfillment of those tasks requires specialists, thoroughly trained in marketing, management and in the theoretical foundations for innovative activity. The higher education institutions are responsible for preparing such specialists. The fundamental problems lie both in constructing adequate curricula and in training the instructors for using them in class. On the one hand, such program should derive from the logic of the processes of innovation; on the other it should draw from the rules of marketing and management. The necessary level and structure of the intellectual capital demands precise adaptation of such programs to consolidated actions within marketing innovation.

  12. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

  13. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

  14. Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

    Directory of Open Access Journals (Sweden)

    Michael Regan

    2017-02-01

    Full Text Available This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

  15. Legal Protection for Investor in Capital Market Stock Trading

    OpenAIRE

    Sofyan, Tito

    2013-01-01

    Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

  16. Market entry and exit by biotech and device companies funded by venture capital.

    Science.gov (United States)

    Burns, Lawton R; Housman, Michael G; Robinson, Charles A

    2009-01-01

    Start-up companies in the biotechnology and medical device sectors are important sources of health care innovation. This paper describes the role of venture capital in supporting these companies and charts the growth in venture capital financial support. The paper then uses longitudinal data to describe market entry and exit by these companies. Similar factors are associated with entry and exit in the two sectors. Entries and exits in one sector also appear to influence entry in the other. These findings have important implications for developing innovative technologies and ensuring competitive markets in the life sciences.

  17. THE HERDING BEHAVIOR ON SMALL CAPITAL MARKETS: EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Andreea Pece

    2014-07-01

    Full Text Available The evolution of financial markets is influenced by the speculative bubbles and by the occurance of financial crisis. The speculative bubbles are formed on the markets when take place an unsustainable growth in the price of a financial asset, which leads to a high level of instability and to the rise of financial crashes. One of the cause of speculative bubbles is the herding behavior of investors characterized by trading in the same direction on the market, the same stocks, in the same period of time, or when they ignore the private information and trades similar with other investors, which may lead to incorrect trading decision. The aim of this paper is to test the existence of herding behavior on the Romanian stock market and the impact of the subprime financial crisis on the behavior of investors. We have analyzed the Romanian stock market on sector level by using firm level data. The statistical methodology used in this paper was proposed by Chang et al. (2000 and uses the cross sectional absolute deviation of returns (CSAD as a measure of return dispersion.The results indicate the existence of herding behavior of investors in various sectors, both for upper and lower markets. We also conclude that during the subprime crisis, is no evidence of herding, due to the fact that the impact of the crisis was transmitted globally.

  18. Optimal Sizing and Sitting of Smart Microgrid Units under Pool Electricity Market

    DEFF Research Database (Denmark)

    Hakimi, Seyed Mehdi; Hajizadeh, Amin

    2017-01-01

    , reliability cost, power loss cost and selling and buying electricity cost. The new idea of this paper is the investigation of pool electricity market aspects in optimization of smart microgrid. On the other hand, cost minimization of smart microgrid is related to their bidding strategies. Therefore two...... different optimization tools are considered. First, a game-theoretical (GT) model has been used for bidding strategy of smart microgrid as a price-maker, in a long-term electricity market. Secondly, a particle swarm optimization (PSO) algorithm is employed to obtain the best cost value of smart microgrids...... construction. This study was performed for the Ekbatan residential complex in Tehran, Iran. It has three smart microgrids consist of renewable energy resources. They participate in a long-term electricity market as a price maker. The results show that the proposed method is more effective and has lower cost...

  19. Bidding strategy for pumped-storage plant in pool-based electricity market

    International Nuclear Information System (INIS)

    Kanakasabapathy, P.; Shanti Swarup, K.

    2010-01-01

    This paper develops optimal bidding strategies for a pumped-storage plant in a pool-based electricity market. In the competitive regime, when compared to simple hydroelectric generator, profit of the pumped-storage plant is maximized by operating it as a generator when market clearing price is high and as a pump when the price is low. Based on forecasted hourly market clearing price, a multistage looping algorithm to maximize the profit of a pumped-storage plant is developed, considering both the spinning and non-spinning reserve bids and meeting the technical operating constraints of the plant. The proposed model is adaptive for the nonlinear three-dimensional relationship between the power produced, the energy stored, and the head of the associated reservoir. Different operating cycles for a realistic pumped-storage plant are considered and simulation results are reported and compared. (author)

  20. The relationship between spot and futures prices in the Nord Pool electricity market

    International Nuclear Information System (INIS)

    Botterud, Audun; Kristiansen, Tarjei; Ilic, Marija D.

    2010-01-01

    We analyze 11 years of historical spot- and futures prices from the hydro-dominated Nord Pool electricity market. We find that futures prices tend to be higher than spot prices. The average convenience yield is therefore negative, but varies by season and depends on the storage levels in hydro reservoirs. The average realized return on holding a long position in the futures market is also negative. The negative convenience yield and risk premium contrast empirical findings in most other commodity markets. We argue that differences between the supply and demand sides in terms of risk preferences and the ability to take advantage of short-term price variations can contribute to explain the observed relationship between spot- and futures prices. In addition, our analysis shows that the relationship between spot and futures prices is clearly linked to the physical state of the system, such as hydro inflow, reservoir levels, and demand. (author)

  1. Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Antoniade-Ciprian ALEXANDRU

    2011-07-01

    Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

  2. Building a Better Applicant Pool--A Case Study of the Use of Predictive Modeling and Market Segmentation to Build and Enroll Better Pools of Students

    Science.gov (United States)

    Herridge, Bart; Heil, Robert

    2003-01-01

    Predictive modeling has been a popular topic in higher education for the last few years. This case study shows an example of an effective use of modeling combined with market segmentation to strategically divide large, unmanageable prospect and inquiry pools and convert them into applicants, and eventually, enrolled students. (Contains 6 tables.)

  3. The Economic Benefits of Generation Revenue Assessment in Pool-Based Market Model for Restructured Electricity Supply Industry

    Directory of Open Access Journals (Sweden)

    Ngadiron Zuraidah

    2016-01-01

    Full Text Available The electricity supply industry had undergo deregulation and restructuring toward becoming a more transparent and competitive electricity market environment. The pool market model is amongst the most preferred electricity market model. Even though it is a safe option to be more competitive and transparent electricity supply industry, there are issues on the welfare of the generators involved. This paper addresses the pricing issue in the pool market by extending the capacity payment mechanism in the single auction power pool. In the proposed model, the approach of minimum capacity payment involving the efficiency of the generators is introduced. A case study is conducted to illustrate the proposed model. An economic analysis is performed to highlight the merits of the proposed model with the pure pool in term of generation revenue.

  4. The regulating power market on the Nordic power exchange Nord Pool. An econometric analysis

    International Nuclear Information System (INIS)

    Skytte, K.

    1999-08-01

    What differentiates the structure of Nord Pool from other power exchanges around the world is the way the balance from the spot market is maintained until the actual, physical delivery takes place, via the regulating power market in Norway. This paper reveals the pattern of the prices on the regulating power market, by analysing the cost of being unable to fulfil the commitments made on the spot market. Some power producers with unpredictable fluctuations (e.g. wind) will need to buy regulation services. The disclosed pattern implies that these producers must pay a limited premium of readiness in addition to the spot price; this premium is independent of the amount of regulation. The level of the premium of readiness for down-regulation is shown to be strongly influenced by the level of the spot price. On the other hand, it is demonstrated that the premium for up-regulation is less correlated to the spot price. Furthermore, it is found that the amount of regulation affects the price of regulating power for up-regulation more strongly than it does for down-regulation. The disclosed cost of using the regulating power market is a quadratic function of the amount of regulation. This asymmetric cost may encourage bidders with fluctuating production to be more strategic in their way of bidding on the spot market. By using such strategies the extra costs (for example wind power) needed to counter unpredictable fluctuations may be limited. 12 refs

  5. Offer of secondary reserve with a pool of electric vehicles on the German market

    International Nuclear Information System (INIS)

    Jargstorf, Johannes; Wickert, Manuel

    2013-01-01

    This paper analyzes the business case of offering secondary downward reserve for frequency control on the German market by a pool of electrical vehicles. Former benchmark studies promised high revenues especially for this case. The benefits could provide an incentive to customers to buy an electric vehicle. The business case is analyzed for the German market as a case study. Specific regulations for this market, real driving patterns and real market data are taken into account when calculating revenues. Secondary reserve is strictly regulated, requiring a very high level of availability. As a result, simulated revenues are lower than assumed. Simulation shows average revenues of less than 5€ per month and vehicle. As a major bottleneck for an offer of secondary reserve, fully charged batteries are identified. Additionally an issue is made of costs for communication and customer compensation. Based on the simulation results, it is argued that the market for secondary reserve should not be accessed with these small units. For electric vehicles, easier accessible markets with lower related costs should be considered instead. -- Highlights: •We analyze a business case of providing reserve power with electric vehicles. •We include legal regulations for providing reserve power in the calculation. •Reserve requirements lead to a significant drop in expected revenues. •Results show that vehicles are not suitable to offer reserve power

  6. Capital Market Research in Accounting: Evidence from The Tehran Stock Exchange

    OpenAIRE

    Mohammad Namazi; Amin Nazemi; Mohamat Sabri Hassan

    2009-01-01

    The major purpose of this study is to classify and analyse capital market research conducted in the Tehran Stock Exchange Market (TSEM). Similar to Namazi and Nazemi’s (2005) review of Finance Studies on the TSEM in 1991–2003, we review, classify and analyse the significant Accounting Studies related to the TSEM. Consequently, by both employing content analysis and archival methodology and considering academic accounting courses and programs established by the Ministry of Science, Researc...

  7. SPILLOVER EFFECTS OF PENSION FUNDS ON CAPITAL MARKETS. THE EU-15 COUNTRIES CASE

    Directory of Open Access Journals (Sweden)

    MILOŞ LAURA RAISA

    2012-12-01

    Full Text Available The paper aims at providing new empirical evidence for the connection between pension reform and domestic stock market development, in the case of the old member states of European Union. We seek to measure the impact of private pension funds’ assets on the capital market development, using a panel data regression and after controlling for other explanatory variables. As predicted in the literature, the results show a positive connection.

  8. Capital Investment and Market Segmentation: Making Movies for Mormon Audiences

    Science.gov (United States)

    Wright, Newell D.; Larsen, Val

    2014-01-01

    Is there a commercially viable market in the United States for movies made for Mormons? David "Dutch" Richards, a graduate of Brigham Young University's School of Film, thinks there is. He believes that in the Western United States, especially in Utah and the Intermountain West, there are enough Mormons who would pay to watch a film by,…

  9. Role of Financial Information in Emerging Capital Markets ...

    African Journals Online (AJOL)

    ... "discriminate" analysis between good and bad performance companies. In a world of advance information technology (IT), use of electronic data processing naturally provides a competitive niche in the instantaneous business decision making process in stock markets. African Journal of Finance and Management Vol.7(2) ...

  10. Capital stock management during a recession that freezes credit markets

    NARCIS (Netherlands)

    Caulkins, J.P.; Feichtinger, G.; Grass, D.; Hartl, R.F.; Kort, Peter; Seidl, A.

    This paper considers the problem of how to price a conspicuous product while maintaining liquidity during a recession which both reduces demand and freezes credit markets. Reducing price would help maintain cash flow, but low prices can erode brand image and, hence, long-term sales. The paper

  11. Pengaruh Intellectual Capital terhadap Market Value pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2011

    OpenAIRE

    Psp, Doni Diwaf; Efni, Yulia; Wijaya, Errin Yani

    2014-01-01

    This study examined the effect of Intellectual Capital (IC) on financial performance. the variable is the Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Customer Capital Efficiency (CCE) to variable Market to Book Value (MB).The population on this research is the entire of telecommunications sector companies that have go public and listed on the Indonesia Stock Exchange (IDX) during the period of 2006-2011. The sampling technique used was a saturated sampling (census)...

  12. Does the association between different dimension of social capital and adolescent smoking vary by socioeconomic status? a pooled cross-national analysis.

    Science.gov (United States)

    Pförtner, Timo-Kolja; De Clercq, Bart; Lenzi, Michela; Vieno, Alessio; Rathmann, Katharina; Moor, Irene; Hublet, Anne; Molcho, Michal; Kunst, Anton E; Richter, Matthias

    2015-12-01

    To analyze how dimensions of social capital at the individual level are associated with adolescent smoking and whether associations differ by socioeconomic status. Data were from the 'Health Behaviour in School-aged Children' study 2005/2006 including 6511 15-year-old adolescents from Flemish Belgium, Canada, Romania and England. Socioeconomic status was measured using the Family Affluence Scale (FAS). Social capital was indicated by friend-related social capital, participation in school and voluntary organizations, trust and reciprocity in family, neighborhood and school. We conducted pooled logistic regression models with interaction terms and tested for cross-national differences. Almost all dimensions of social capital were associated with a lower likelihood of smoking, except for friend-related social capital and school participation. The association of family-related social capital with smoking was significantly stronger for low FAS adolescents, whereas the association of vertical trust and reciprocity in school with smoking was significantly stronger for high FAS adolescents. Social capital may act both as a protective and a risk factor for adolescent smoking. Achieving higher levels of family-related social capital might reduce socioeconomic inequalities in adolescent smoking.

  13. Optimal pricing of a conspicuous product during a recession that freezes capital markets

    NARCIS (Netherlands)

    Caulkins, J.P.; Feichtinger, G.; Grass, D.; Hartl, R.F.; Kort, P.M.; Seidl, A.

    2011-01-01

    This paper considers the problem of how to price a conspicuous product when the economy is in a recession that disrupts capital markets. A conspicuous product in this context is a luxury good for which demand is increasing in brand image. Brand image here means the ability of a consumer to impress

  14. Access to finance for innovation: the role of venture capital and the stock market

    NARCIS (Netherlands)

    Bogliacino, F.; Lucchese, M.

    2011-01-01

    Financial constraints for young and small firms can prevent them from contributing to innovation and the creation of new jobs. The paper analyzes two of the several institutional mechanisms implemented to overcome that hurdle: the development of the venture capital market and access to the stock

  15. Legal aspects on the role of trust in the capitals market

    Directory of Open Access Journals (Sweden)

    David Andrés Aguirre Soriano

    2013-07-01

    Full Text Available This article aims at the analysis of the role of the trustee in the capitals market, who becomes protagonist by participating as institutional investor, issuer of values and through investment trusts and management of securitization processes; these figures will be analyzed in the present paper.

  16. 12 CFR Appendix B to Part 3 - Risk-Based Capital Guidelines; Market Risk Adjustment

    Science.gov (United States)

    2010-01-01

    ...) The bank must have a risk control unit that reports directly to senior management and is independent... management systems at least annually. (c) Market risk factors. The bank's internal model must use risk.... Section 4. Internal Models (a) General. For risk-based capital purposes, a bank subject to this appendix...

  17. Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market

    NARCIS (Netherlands)

    Engelen, Peter-Jan; Kabir, Mohammed Rezaul

    2006-01-01

    This paper examines the effect of temporarily suspending the trading of exchange-listed individual stocks. We evaluate whether regulatory authorities can successfully use the mechanism of trading suspension in forcing companies to disclose new and material information to the capital market. Previous

  18. Aspects of capital budgeting decision-making process of emerging markets transnational corporations

    OpenAIRE

    Alieva, D.

    2012-01-01

    Considers present-day aspects of capital budgeting decision-making in investment projects by transnational corporations (TNCs) in emerging markets. Discusses peculiarities of cash flows of TNC mother and project companies which influence the decision-making in project investment. A number of effective valuation techniques for multicurrency projects has been proposed, taking into account adjustments for various factors.

  19. 77 FR 52887 - Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and...

    Science.gov (United States)

    2012-08-30

    ... Discipline and Disclosure Requirements; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 169 / Thursday... Assets; Market Discipline and Disclosure Requirements AGENCY: Office of the Comptroller of the Currency... Approach NPR) includes proposed changes to the agencies' general risk-based capital requirements for...

  20. Capitalizing on Children's Spirituality: Parental Anxiety, Children as Consumers, and the Marketing of Spirituality

    Science.gov (United States)

    Mercer, Joyce Ann

    2006-01-01

    Children's spirituality has become a significant for-profit enterprise in North American consumer culture. This article explores the marketing of children's spirituality as an aspect of the larger construction of children as consumers in the context of late globalized capitalism. Playing off of parental anxieties over the need to avail their…

  1. Clustering as an Organizational Response to Capital Market Inefficiency: Evidence from Microenterprises in Ethiopia

    NARCIS (Netherlands)

    Ali, M.A.; Peerlings, J.H.M.; Zhang, X.

    2014-01-01

    Absence of a well-developed capital market has been listed as a key obstacle to industrialization in developing countries in the development literature. In this paper, we show that industrial clusters, through specialization and division of labor, can ease the financial constraints of

  2. Building a castle on sand: effects of mass privatization on capital market creation in transition economies

    Czech Academy of Sciences Publication Activity Database

    Fungáčová, Zuzana

    -, č. 256 (2005), s. 1-51 ISSN 1211-3298 R&D Projects: GA ČR GA402/05/1014 Institutional research plan: CEZ:AV0Z70850503 Keywords : mass privatization * emerging capital markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp256.pdf

  3. The Marketization of Religion: Field, Capital, and Consumer Identity

    OpenAIRE

    James H. McAlexander; Beth Leavenworth Dufault; Diane M. Martin; John W. Schouten

    2014-01-01

    Certain institutions traditionally have had broad socializing influence over their members, providing templates for identity that comprehend all aspects of life from the existential and moral to the mundanely material. Marketization and detraditionalization undermine that socializing role. This study examines the consequences when, for some members, such an institution loses its authority to structure identity. With a hermeneutical method and a perspective grounded in Bourdieu's theories of f...

  4. Exploring the capital markets and securitisation for renewable energy projects

    Energy Technology Data Exchange (ETDEWEB)

    Haggard, M.E.; Thompson, M.A.; Colonna, S.

    2000-07-01

    This study looks at the opportunities for renewable energy projects to access the bond market to finance projects or refinance existing projects, and what, if anything, is required to facilitate this. In addition, the study looks at the possible use of securitisation to group projects together as a means of dealing with some of the challenges faced by renewables, such as small size relative to most bond issues and the transaction costs. (author)

  5. Exploring the capital markets and securitisation for renewable energy projects

    International Nuclear Information System (INIS)

    Haggard, M.E.; Thompson, M.A.; Colonna, S.

    2000-01-01

    This study looks at the opportunities for renewable energy projects to access the bond market to finance projects or refinance existing projects, and what, if anything, is required to facilitate this. In addition, the study looks at the possible use of securitisation to group projects together as a means of dealing with some of the challenges faced by renewables, such as small size relative to most bond issues and the transaction costs. (author)

  6. Eugene F. Fama: Nobel prize for 2013: Capital market efficiency

    Directory of Open Access Journals (Sweden)

    Pantelić Svetlana

    2015-01-01

    Full Text Available In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (irregularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.

  7. Robert J. Shiller: Nobel prize for 2013: Capital market efficiency

    Directory of Open Access Journals (Sweden)

    Pantelić Svetlana

    2015-01-01

    Full Text Available In 2013 the Nobel Prize in Economic Sciences was awarded to the American economists, Eugene Fama, Lars Peter Hansen and Robert Shiller. The monetarists, Fama and Hansen, from the University of Chicago, and the Neo- Keynesian, Shiller, from the Yale University, according to the Swedish Royal Academy, won this prestigious prize for their research providing mathematical and economic models to determine (irregularities in the stock value trends at the stock exchanges. With his colleagues, in the 1960s Fama established that, in the short term, it is extremely difficult to forecast stock prices, given that new information gets embedded in the prices rather quickly. Shiller, however, determined that, although it is almost impossible to predict the stock prices for a period of few days, this is not true for a period of several years. He discovered that the stock prices fluctuate much more substantially than corporation dividents, and that the relationship between prices and dividends tends to decline when high, and to grow when low. This pattern does not apply only to stocks, but also to bonds and other forms of capital.

  8. R - evolution in Time Series Analysis Software Applied on R - omanian Capital Market

    Directory of Open Access Journals (Sweden)

    Ciprian ALEXANDRU

    2014-06-01

    Full Text Available Worldwide and during the last decade, R has developed in a balanced way and nowadays it represents the most powerful tool for computational statistics, data science and visualization. Millions of data scientists use R to face their most challenging problems in topics ranging from economics to engineering and genetics. In this study, R was used to compute data on stock market prices in order to build trading models and to estimate the evolution of the quantitative financial market. These models were already applied on the international capital markets. In Romania, the quantitative modeling of capital market is available only for clients of trading brokers because the time series data are collected for the commercial purpose; in that circumstance, the statistical computing tools meet the inertia to change. This paper aims to expose a small part of the capability of R to use mix-and-match models and cutting-edge methods in statistics and quantitative modeling in order to build an alternative way to analyze capital market in Romania over the commercial threshold.

  9. Some comments on Hurst exponent and the long memory processes on capital markets

    Science.gov (United States)

    Sánchez Granero, M. A.; Trinidad Segovia, J. E.; García Pérez, J.

    2008-09-01

    The analysis of long memory processes in capital markets has been one of the topics in finance, since the existence of the market memory could implicate the rejection of an efficient market hypothesis. The study of these processes in finance is realized through Hurst exponent and the most classical method applied is R/S analysis. In this paper we will discuss the efficiency of this methodology as well as some of its more important modifications to detect the long memory. We also propose the application of a classical geometrical method with short modifications and we compare both approaches.

  10. Long Term Trend Analysis in the Capital Market – The Case of Serbia

    Directory of Open Access Journals (Sweden)

    Radukić Snežana

    2014-09-01

    Full Text Available The paper explores the possibility of making investment decisions in emerging markets by using the trend analysis method on a particular example of the capital market in Serbia. The authors, starting from the common features of technical analysis, have analysed the common share index value in the capital market in Serbia, in the Belgrade Stock Exchange - Belexline from 1 March 2006 to 31 March 2009, by the usage of two moving averages method - Moving Average Convergence Divergence (MACD: an intermediate term of 50 days and a long-term one of 100 days. The above mentioned moving averages identify the establishment of a trend, the cessation of the existing one, a change and an establishment of the new one.

  11. Why do Goals Matter? Sport Events and Capital Market Returns

    Directory of Open Access Journals (Sweden)

    Aurora Murgea

    2016-01-01

    Full Text Available Expected utility theory and Efficient Market Hypothesis (EMH seem to be unable to properly explain the returns’ evolution in the stock market. The players does not act as rational as the theories assume and the prices seldom follow the EMH rules. The football clubs stock prices represent a good example for this statement since their stockholders have both rationale and emotional reasons for their investment. On the one side, they act as a regular investor who decide been driven by profit but on the other side they are usually fans of those clubs and have an emotional determinant for holding the stocks. The aim of this paper is analyses the relationship between the football matches outcomes and price returns on a time span that range during ten seasons 2006/2007 – 2015/2016, for Borussia Dortmund (Germany, AFC Ajax (Holland, Lazio (Italy and a nine seasons time span(2007/2008 – 2015/2016 for SL Benfica (Portugal.

  12. The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Seyed Mohamad Fahimi

    2017-11-01

    Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

  13. Fractality Evidence and Long-Range Dependence on Capital Markets: a Hurst Exponent Evaluation

    Science.gov (United States)

    Oprean, Camelia; Tănăsescu, Cristina

    2014-07-01

    Since the existence of market memory could implicate the rejection of the efficient market hypothesis, the aim of this paper is to find any evidence that selected emergent capital markets (eight European and BRIC markets, namely Hungary, Romania, Estonia, Czech Republic, Brazil, Russia, India and China) evince long-range dependence or the random walk hypothesis. In this paper, the Hurst exponent as calculated by R/S fractal analysis and Detrended Fluctuation Analysis is our measure of long-range dependence in the series. The results reinforce our previous findings and suggest that if stock returns present long-range dependence, the random walk hypothesis is not valid anymore and neither is the market efficiency hypothesis.

  14. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  15. Stock Splits and Liquidity for Two Major Capital Markets from Central–Eastern Europe

    Directory of Open Access Journals (Sweden)

    Józef Rudnicki

    2012-12-01

    Full Text Available In the stock market there occur some events that contradict the efficient market hypothesis therefore they are called anomalies. One of the mysterious corporate events which has attracted the attention of numerous researchers is a stock split. I perform the review of implications of splitting the stock for market liquidity of companies listed on the Warsaw Stock Exchange and the Vienna Stock Exchange. I use event study, in particular Market model method and Market adjusted return method, to inspect the behavior of abnormal changes in daily trading volume for stock splits performed between 2000 through 2011 over a short run and assuming a longer time interval. Moreover, I juxtapose the results for both stock exchanges to examine whether the stock split phenomenon for two major capital markets from this part of Europe can be better explained by means of existing theories on stock splits. The research is aimed at analyzing the implications of the split for market liquidity, i.e. whether there occurs an immediate effect following the split as well as whether this corporate event improves the level of market liquidity over long run. Furthermore, the goal of the paper is to investigate whether the investors can cash in on the stock split, more specifically, whether they can profit from lower transaction costs. I document a significant growth in the market liquidity of stock splitting firms over 36 months following the split for both capital markets what is indicative of lower transaction costs for investors. The 1–percent significant results are consistent with the liquidity hypothesis on stock splits.

  16. Developing competitive advantage through startups and venture capital in emerging markets: A view from Israel.

    Directory of Open Access Journals (Sweden)

    Alexander Maune

    2017-06-01

    Full Text Available This article presents an examination of the emergence and co-evolution of startups and venture capital that led to the transformation of Israel into a Start-Up and Innovation Nation since its inception in 1948. Throughout, the co-evolution of startups and venture capital was considered a critical linkage between venture capital emergence and startup intensive cluster. The article also examined the three phased evolutionary model of 1969 to 2000. A discursive approach of related relevant literature was used. The study found out that the co-evolution of startups and venture capital, policy targeting and a network of a number of other factors as will be discussed in the three phased evolutionary model were critical to the emergence and change of the Israeli high-technology industry into a high-technology startup intensive industry. Israel has become the second largest world market for venture capital with more than 240 venture capitals since 1992. Israel has also become the lead in research and development attracting more than 270 multinational companies with more than 250 establishing research centers and employing over 108 000 in the country. The study also found that Israel leads other nations in per capita startups, engineers, scientists and technicians. This article will be critical for policy formulation and implementation especially in Emerging Markets. This article may lead to a shift in strategy in many emerging countries. This article will also help expand the academic knowledge by filling the existing gaps within the body of knowledge. Therefore, the article has academic, economic and policy value.

  17. The efficient market hypothesis of brazilian capital market, 2000-2010: an event study of distribution of dividends

    Directory of Open Access Journals (Sweden)

    Daniel Moreira Carvalho

    2013-11-01

    Full Text Available In the semi-strong form of the Efficient Markets Hypothesis - EMH, developed by Fama (1970, 1991, the prices reflect both the past and any information disclosed by companies, making impossible to an investor to get abnormal returns consistently, based on this type of information. In this paper we analyze the price behavior of common shares of 87 listed companies in the BM&FBovespa, in the announcements of 452 events of dividend distribution, occurred between January 2000 and September 2010, in order to identify the EMH in semi-strong form of Brazilian capital market. We used an event study, which evaluates abnormal returns of stocks relative to the market return (Ibovespa. The analysis of the abnormal return in the event window (10 days before and after the dividend distribution announcement showed an upward trend, with significant positive abnormal returns on days t-5, t-3, and t-1 to t+1. The results go in the direction of other studies of national literature and contribute to attest that the Brazilian capital market lacks the semi-strong form of informational efficiency.

  18. The application of the CAPM model on selected shares on the Croatian capital market

    Directory of Open Access Journals (Sweden)

    Zrinka Tolušić

    2014-12-01

    Full Text Available The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well.

  19. HOW DOES THE JEREMIE PROGRAM AFFECT THE HUNGARIAN VENTURE CAPITAL MARKET?

    Directory of Open Access Journals (Sweden)

    Zsuzsanna Széles

    2011-01-01

    Full Text Available In the 2007-2013 EU's budgetary period a new program was introduced for SMEs. JEREMIE - Joint European Resources for Micro to medium Enterprises - offers to EU Member States and regions the possibility to invest some of their EU structural funds allocations in revolving funds and so recycle financial resources in order to enhance and accelerate investments in enterprises. The market for venture capital and private equity is relatively small in Central and Eastern Europe, but has matured during the past decade and yields are better than in Western Europe. In 2009 Hungary got the first notification for the venture capital part of the JEREMIE program, and started to organize the channel to distribute this renewable source for Hungarian start-up and innovative (from micro to medium enterprises. 2010 was the first year of the “JEREMIE venture capital funds” in Hungary. There are no tangible results yet, but a snapshot could be taken about how this program affects the Hungarian venture capital market.

  20. MARKET INFORMATIONAL EFFICIENCY TESTS AND ITS CRITICS: THE CASE OF EMERGENT CAPITAL MARKETS

    OpenAIRE

    OPREAN Camelia; BRATIAN Vasile

    2012-01-01

    Efficient Market Hypothesis (EMH) has attracted a considerable number of studies in empirical finance, particularly in determining the market efficiency of an emerging financial market. Conflicting and inconclusive outcomes have been generated by various existing studies in EMH. In addition, efficiency tests in the emerging financial markets are rarely definitive in reaching a conclusion about the issue. The paper proposes a critical analysis regarding the testing methods of the informational...

  1. ESTIMATING RISK ON THE CAPITAL MARKET WITH VaR METHOD

    Directory of Open Access Journals (Sweden)

    Sinisa Bogdan

    2015-06-01

    Full Text Available The two basic questions that every investor tries to answer before investment are questions about predicting return and risk. Risk and return are generally considered two positively correlated sizes, during the growth of risk it is expected increase of return to compensate the higher risk. The quantification of risk in the capital market represents the current topic since occurrence of securities. Together with estimated future returns it represents starting point of any investment. In this study it is described the history of the emergence of VaR methods, usefulness in assessing the risks of financial assets. Three main Value at Risk (VaR methodologies are decribed and explained in detail: historical method, parametric method and Monte Carlo method. After the theoretical review of VaR methods it is estimated risk of liquid stocks and portfolio from the Croatian capital market with historical and parametric VaR method, after which the results were compared and explained.

  2. The ERICAM model: a proposal for amelioration of nuclear liability by funding on the capital markets

    International Nuclear Information System (INIS)

    Tyran, J.R.

    1995-01-01

    The ERICAM model (Environmental Risk Internalization through Capital Markets) includes the capital markets as a source contributing to the coverage of risks due to nuclear activites, thus enhancing the effectiveness and functions of the nuclear liability law. The model proposed will allow higher amounts for compensation and will increase financial security, flow of information, and efficient use of resources. The implementation of the model can be achieved on the financing side by issuing Nuke bonds, linking accident-specific options to government bonds. This will essentially increase the risk coverage compared to present means, and will be a pin-pointed addition to the existing layer system. There are three institutions proposed to act as mediators in the implementation of the model: A government authority to supervise the trade in Nuke bonds. Risk-bearing associations in oder to enhance the model's efficiency, and to reduce transaction costs. Rating agencies that will reduce the expenditure for information. (orig./HP) [de

  3. Tax Incentive, Public Share Proportion, and Firm Performance: Evidence from Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Vierly Ananta Upa

    2012-01-01

    Full Text Available Indonesian government has changed the taxation law in 2007. The regulation revealed thatcompanies listed on capital market can obtain reduced income tax rate by 5 percent. Decrease inincome tax rates is granted to domestic corporate taxpayers listed on capital market that have publicownership over 40 percent of the total paid shares and the shares owned by at least 300 parties. Thepurpose of this research is to analyze the effectiveness of government regulation (PP No. 81 of 2007.This research used companies listed on Indonesia Stock Exchange (IDX which have right offeringin 2009-2010 as a sample. Sample selection is performed based on purposive sampling method. Theresult indicates that government regulation related to tax incentives, which was aimed to increasethe proportion of public ownership, is still less effective. In addition, this study also showed that theproportion of public ownership has no significant effect on firm performance

  4. Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

    International Nuclear Information System (INIS)

    Donovan, Charles; Nuñez, Laura

    2012-01-01

    The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

  5. The effects of demand uncertainty on strategic gaming in the merit-order electricity pool market

    Science.gov (United States)

    Frem, Bassam

    In a merit-order electricity pool market, generating companies (Gencos) game with their offered incremental cost to meet the electricity demand and earn bigger market shares and higher profits. However when the demand is treated as a random variable instead of as a known constant, these Genco gaming strategies become more complex. After a brief introduction of electricity markets and gaming, the effects of demand uncertainty on strategic gaming are studied in two parts: (1) Demand modelled as a discrete random variable (2) Demand modelled as a continuous random variable. In the first part, we proposed an algorithm, the discrete stochastic strategy (DSS) algorithm that generates a strategic set of offers from the perspective of the Gencos' profits. The DSS offers were tested and compared to the deterministic Nash equilibrium (NE) offers based on the predicted demand. This comparison, based on the expected Genco profits, showed the DSS to be a better strategy in a probabilistic sense than the deterministic NE. In the second part, we presented three gaming strategies: (1) Deterministic NE (2) No-Risk (3) Risk-Taking. The strategies were then tested and their profit performances were compared using two assessment tools: (a) Expected value and standard deviation (b) Inverse cumulative distribution. We concluded that despite yielding higher profit performance under the right conjectures, Risk-Taking strategies are very sensitive to incorrect conjectures on the competitors' gaming decisions. As such, despite its lower profit performance, the No-Risk strategy was deemed preferable.

  6. Foreign Exchange Exposure of A Selected Number of Swedish Multinationals : The Capital Market Approach

    OpenAIRE

    Shudzeka, Basile N; Kum, Hyceinth N.

    2007-01-01

    This research work analyses the impact of exchange rate fluctuations on firm value. It is based on a sample of 10 Swedish multinational companies selected from two market capitalization segments (Mid and Large Cap) according to the OMX index classification. A multiple linear regression model is used to explore the dependency of the log returns (continuously compounded returns) of each of the sampled companies to the percentage changes in the spot exchange rates for the SEK/U.S. Dollar and SEK...

  7. Research network on capital markets and financial integration in Europe : results and experience after two years

    OpenAIRE

    European Central Bank ; Center for Financial Studies (CFS)

    2008-01-01

    In April 2002 the European Central Bank (ECB) and the Center for Financial Studies (CFS) launched the ECB-CFS Research Network to promote research on “Capital Markets and Financial Integration in Europe”. The ECB-CFS research network aims at stimulating top-level and policy-relevant research, significantly contributing to the understanding of the current and future structure and integration of the financial system in Europe and its international linkages with the United States and Japan. This...

  8. Investors Perception on Civil Remedies and Civil Action under the Capital Markets and Services Act 2007

    OpenAIRE

    Yeon, Asmah Laili; Yaacob, Nurli

    2016-01-01

    The Capital Markets and Services Act 2007 provides civil action and remedies for the victim of securities crimes. Whether these remedies are sufficient to protect investors’ interest when dealing in securities transaction is an issue to be discussed in the paper? This paper aims to analyze investors’ perception on civil remedies and action. This paper based on the legal research findings where a systematic method of exploring, investigating, analyzing and conceptualizing legal issues pertaini...

  9. Distributed ledger technology in the capital market : Shared versus private information in a permissioned blockchain

    OpenAIRE

    Piccolo, Alessandro

    2017-01-01

    This master thesis explores how blockchain technologies can be utilized within the financial sector with focus on how to store both private and public information on the blockchain. The capital market is looking into ways of cutting down administrative work through streamlining the financial process by using blockchain technologies. Public key encryption together with hash functions and a consensus mechanism make up the basis for creating a shared trustless database system. The thesis was con...

  10. Creative Destruction and Cycles in the US Capital Market: Evidence from Fortune 500 Firms

    OpenAIRE

    Chakraborty, Debojyoti; Bhattacharya, Kaushik

    2009-01-01

    The paper analyzes the relationship between creative destruction and cycles in the US capital market. Creative destruction in a year is measured by the number of new firms in the Fortune 500 list. Creative destruction is found to be positively associated with smoothed annual returns based on the Dow Jones Index (DJI), signifying that new entries in Fortune 500 tend to be more during boom than during recession years. Easier financing of innovative ideas during boom is hypothesized as a reason ...

  11. Pension risk management in a developing economy:lessons from the nigerian capital market

    Directory of Open Access Journals (Sweden)

    Onafalujo Akin k.

    2010-12-01

    Full Text Available The killer risk in any pension scheme is the failure of pension asset sufficiency to meet the promised benefits to retirees. A Pension Risk Management aims at ex ante arrangement to protect retirees’ standard of living. Nigeria introduced pension reforms in 2004 fatefully at the same time when extensive reforms were made in the banking sector. Prior to the Act being passed, there was a major proposition that pension funds should not be invested in Nigerian capital market. This paper reviews pension risks of the new DCS (Defined Contributory Scheme and the implications of investing pension fund in the capital market of a developing economy. A trend analysis was performed on market index and capitalization and a simulated pension asset was subjected to pension risks. Despite the asset allocation guideline on investments by the Pension Commission, there is certainly uncertainty concerning guaranteeing pension payments in future due to unmanaged pension risks. This paper suggests investment policy should accompany a DCS based on the risk appetite of workers, minimum guarantee of returns on investment of pension assets and a range of interest rates for actuarially determined annuities. Further studies may examine wither PFAs should operate as closed end or open end mutual funds.

  12. INTEREST RATE REGIME AND THE PERFORMANCE OF THE NIGERIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Edirin Jeroh

    2015-12-01

    Full Text Available This study x-ray’s the interest rates regime in Nigeria as it affects the performance of the Nigerian Capital Market. In order to achieve this objective, relevant data for a period of 33 years spanning from 1981 – 2013 were obtained from the Factbook of the Nigerian Stock Exchange, CBN Statistical Bulletin as well as the annual accounts of quoted firms for the relevant years. The data obtained were analysed with the Ordinary Least Square (OLS technique. The result from our analysis reveal among others that changes in interest rate regimes have majorly influenced the level of the performance of the Nigerian Capital Market. Based on the above, we recommend that capital market regulators and other regulatory agencies should keep an eye on movements in interest rates and the Minimum Rediscount Rate (MRR (now MPR and watch their trend. We also recommend that efforts must be put in place to establish a policy review and reassessment mechanism that would help in assessing the impact of selected policy measures on the economy so that policy makers would know the effectiveness and efficiency of designed policies and be guided in the policy review and development process in the country.

  13. Novel transmission pricing scheme based on point-to-point tariff and transaction pair matching for pool market

    International Nuclear Information System (INIS)

    Chen, Qixin; Xia, Qing; Kang, Chongqing

    2010-01-01

    Transmission pricing scheme is a key component in the infrastructure of power market, and pool is an indispensable pattern of market organization; meanwhile, pay-as-bid (PAB) serves as a main option to determine market prices in pool. In this paper, a novel transmission pricing scheme is proposed for pool power market based on PAB. The new scheme is developed by utilizing point-to-point (PTP) tariff and introducing an approach of transaction pair matching (TPM). The model and procedure of the new scheme are presented in detail. Apart from the advantages of existing transmission pricing schemes, such as ensuing open, fair and non-discriminatory access, proper recovery for investment as well as transparency, the new scheme provides economic signals to promote the maximum use of the existing transmission network, encourages appropriate bidding behaviors in pool, and helps to reduce the possibility of the enforcement of market power and the appearing of price spikes; thus improves market operation efficiency and trading effects. In order to testify the effectiveness of the proposed scheme, a case based on IEEE 30-bus system is studied. (author)

  14. Novel transmission pricing scheme based on point-to-point tariff and transaction pair matching for pool market

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Qixin; Xia, Qing; Kang, Chongqing [State Key Lab. of Power System, Dept. of Electrical Engineering, Tsinghua University, Beijing 100084 (China)

    2010-04-15

    Transmission pricing scheme is a key component in the infrastructure of power market, and pool is an indispensable pattern of market organization; meanwhile, pay-as-bid (PAB) serves as a main option to determine market prices in pool. In this paper, a novel transmission pricing scheme is proposed for pool power market based on PAB. The new scheme is developed by utilizing point-to-point (PTP) tariff and introducing an approach of transaction pair matching (TPM). The model and procedure of the new scheme are presented in detail. Apart from the advantages of existing transmission pricing schemes, such as ensuing open, fair and non-discriminatory access, proper recovery for investment as well as transparency, the new scheme provides economic signals to promote the maximum use of the existing transmission network, encourages appropriate bidding behaviors in pool, and helps to reduce the possibility of the enforcement of market power and the appearing of price spikes; thus improves market operation efficiency and trading effects. In order to testify the effectiveness of the proposed scheme, a case based on IEEE 30-bus system is studied. (author)

  15. Generation Expansion Planning in pool market: A hybrid modified game theory and improved genetic algorithm

    International Nuclear Information System (INIS)

    Shayanfar, H.A.; Lahiji, A. Saliminia; Aghaei, J.; Rabiee, A.

    2009-01-01

    Unlike the traditional policy, Generation Expansion Planning (GEP) problem in competitive framework is complicated. In the new policy, each Generation Company (GENCO) decides to invest in such a way that obtains as much profit as possible. This paper presents a new hybrid algorithm to determine GEP in a Pool market. The proposed algorithm is divided in two programming levels: master and slave. In the master level a Modified Game Theory (MGT) is proposed to evaluate the contrast of GENCOs by the Independent System Operator (ISO). In the slave level, an Improved Genetic Algorithm (IGA) method is used to find the best solution of each GENCO for decision-making of investment. The validity of the proposed method is examined in the case study including three GENCOs with multi-type of power plants. The results show that the presented method is both satisfactory and consistent with expectation. (author)

  16. Generation expansion planning in Pool market: A hybrid modified game theory and particle swarm optimization

    International Nuclear Information System (INIS)

    Moghddas-Tafreshi, S.M.; Shayanfar, H.A.; Saliminia Lahiji, A.; Rabiee, A.; Aghaei, J.

    2011-01-01

    Unlike the traditional policy, Generation Expansion Planning (GEP) problem in competitive framework is complicated. In the new policy, each GENeration COmpany (GENCO) decides to invest in such a way that obtains as much profit as possible. This paper presents a new hybrid algorithm to determine GEP in a Pool market. The proposed algorithm is divided in two programming levels: master and slave. In the master level a modified game theory (MGT) is proposed to evaluate the contrast of GENCOs by the Independent System Operator (ISO). In the slave level, a particle swarm optimization (PSO) method is used to find the best solution of each GENCO for decision-making of investment. The validity of the proposed method is examined in the case study including three GENCOs with multi-types of power plants. The results show that the presented method is both satisfactory and consistent with expectation.

  17. 12 CFR Appendix E to Part 225 - Capital Adequacy Guidelines for Bank Holding Companies: Market Risk Measure

    Science.gov (United States)

    2010-01-01

    ...) The organization must have a risk control unit that reports directly to senior management and is...-based capital ratio numerator. Section 4. Internal Models (a) General. For risk-based capital purposes... techniques adequately measure associated market risk. 10 An organization's internal model may use any...

  18. A study on the relationship between capital structure and the performance of production market: A case study of firms listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Kobra Sadat Salek Esfahani

    2013-04-01

    Full Text Available One of the most complicated and challenging issues in today's financial managers is the relationship between the components of capital structure in terms of bonds and shares used for financing and share price of their company, and its effects on the macroeconomic variables. This research aims to study the relationship between the capital structure and performance of the production market in some firms listed on Tehran Stock Exchange (TSE. In this research, the index of capital structure is debt ratio and that of production market performance is sales growth and return of assets (ROA. The statistical sample of this research includes 128 companies, which have been active in 11 various industries and listed on TSE over the period 2005-2010. The statistical techniques used to test the hypotheses of this research include correlation coefficient and pooled least squares regression (panel data. Based on the results of our survey, there is a strong and significant relationship between debt ratio and return on assets among the companies listed on TSE and most industries especially based metals at the confidence level of 95%. In contrast, there is no strong and significant relationship between debt ratio and sales growth in the above-mentioned companies and in most industries.

  19. Of neoliberalism and global health: human capital, market failure and sin/social taxes.

    Science.gov (United States)

    Reubi, David

    2016-10-19

    This article tells a different but equally important story about neoliberalism and global health than the narrative on structural adjustment policies usually found in the literature. Rather than focus on macroeconomic structural adjustment policies, this story draws our attention to microeconomic taxation policies on tobacco, alcohol and sugar now widely recognised as the best strategy to control the global non-communicable disease epidemic. Structural adjustment policies are the product of the shift from statist to market-based development models, which was brought about by neoliberal thinkers like Peter Blau and Deepak Lal. In contrast, taxation policies are the result of a different epistemological rupture in international development: the move from economies and physical capital to people and human capital, advocated by Gary Becker and others. This move was part of wider change, which saw Chicago School economists, under the influence of rational choice theory, redefine the object of their discipline, from the study of markets to individual choices. It was this concern with people and their choices that made it possible for Becker and others to identify the importance of price for the demand for tobacco, alcohol and sugar. The same concern also made it easier for them to recognise that there were inefficiencies in the tobacco, alcohol and sugar markets that required government intervention. This story, I suggest, shows that structural adjustment policies and pro-market ideology do not exhaust the relationship between neoliberalism and global health and should not monopolise how we, as political and social scientists, conceive it.

  20. Internet finance: Digital currencies and alternative finance liberating the capital markets

    Directory of Open Access Journals (Sweden)

    Kim Wales

    2015-09-01

    Full Text Available This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases

  1. The Role of Social and Cultural Capital in the Project Marketing "Milieu"

    DEFF Research Database (Denmark)

    Skaates, Maria Anne

    1999-01-01

    The selling of projects is unique in relation to other areas of industrial marketing in three respects: (1) the demand for projects is discontinuous, (2) each individual project is unique e.g. technically and financially as well as (3) complex in terms of the number of actors involved and their m......The selling of projects is unique in relation to other areas of industrial marketing in three respects: (1) the demand for projects is discontinuous, (2) each individual project is unique e.g. technically and financially as well as (3) complex in terms of the number of actors involved...... and their modes of cooperation (Tikkanen, 1998:264). On the basis of these characteristics, the role of social and cultural capital (Bourdieu, 1989) in the marketing of projects is discussed....

  2. Sustainable Cultural Events Based on Marketing Segmentation: The Case of Faro Capital of Culture

    Directory of Open Access Journals (Sweden)

    Patricia Oom do Valle

    2010-04-01

    Full Text Available The city of Faro was designated by the Portuguese government as the 2005 National Capital of Culture. The Faro 2005 National Capital of Culture took place between May and December in several cities of the Algarve region, with most events occurring in Faro. The programme consisted of 185 different performances represented through music, cinema, theatre, ballet and plastic arts. The paper analysessegments of the population that participated in the Faro 2005 event and discusses the relation between the event’s success and the degree of satisfaction of the participants. The contribution of the paper lies in pointing to the importance of an adequate marketing approach of large-scale events, such as cultural events, in order to achieve greater audience appeal/impact, in order to ensure sustainability.

  3. Intellectual Capital

    DEFF Research Database (Denmark)

    Bukh, Per Nikolaj; Christensen, Karina Skovvang

    2015-01-01

    Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...

  4. The Determinant Factors Of Sectoral Stock Return In Bullish And Bearish Condition At Indonesian Capital Market

    Directory of Open Access Journals (Sweden)

    Defrizal

    2015-07-01

    Full Text Available Abstract this study aims to explain determinant factors of sectoral stock return in bullish and bearish condition at Indonesian capital market. This study used a multi-factor asset pricing model with sectoral stock return as the dependent variable and stock market return interest rates and exchange rate as independent variables. The Identification of stock market condition by using a Markov Switching Models which are also used as the basis for segmenting the data into bullish and bearish conditions. Estimates of the model used the robust least square method. This study used data from Indonesian Stock Exchange to the observation period from January 1996 to December 2013. The results of this study were 1 simultaneously stock market return interest rates and exchange rate affected the sectoral stock return in bullish and bearish condition. 2 Partially the stock market return positively effect and is as a main factor in determining the sectoral stock return in all industries in either bullish condition or bearish condition while the effect of the interest rates and exchange rate do not consistently affect the sectoral stock return in different industries and market conditions.

  5. Ad hoc public disclosure obligations of public companies on the capital market

    Directory of Open Access Journals (Sweden)

    Marjanski Vladimir

    2012-01-01

    Full Text Available The author gives a comprehensive analysis of the obligations of public companies regarding the provision of periodical (ad hoc information to the public on the capital market. Ad hoc disclosure is to achieve a number of aims. It is one of the devices to secure the market's functional abilities. By means of regularly fulfilling this obligation, the market is provided with all the relevant information necessary to form adequate prices of market materials - i.e. securities and other financial instruments (the function of market protection. Investors are thus being able to aptly respond to modified circumstances and deliver investment decisions whether to buy or sell market materials the price of which are being changed (the function of investor protection. Due to the fact that the duty of ad hoc disclosure encompasses the obligation to reveal insider information directly affecting the emitter, ad hoc disclosure serves as a preventive measure, i.e. as a protection against illicit trade with insider information (the function of prevention against the abuse of insider information.

  6. Discerning urban spiritualities: Tahrir Square, Occupy Wall Street and the idols of global market capitalism

    Directory of Open Access Journals (Sweden)

    Calvyn C. du Toit

    2015-03-01

    Full Text Available Discernment might be said to be a process of searching for meaning in the light of an (un articulated Absolute. This search takes place in the tension between the private and public spheres of life, mostly mitigated by a community. Intermediate communities, such as churches or social movements, construct symbolic spirituality systems for its adherers to search for meaning in the light of an (unarticulated Absolute. The urban events of Occupy Wall Street and Tahrir Square also step into the tension between the public and private spheres of life, creating a (temporary symbolic spirituality system for its adherers. These events were attempts to construct alternatives to the meta-narrative of global market capitalism. As events attempting to symbolise an urban spirituality, Tahrir Square and Occupy Wall Street dissipated rapidly, effecting rather little change at the heart of global market capitalism. This article theorises a possible reason for these urban spiritualities� dissipation, namely an overlap with global market capitalism�s idols of instant gratification and technology.Interdisciplinary Implications: Viewing Occupy Walls Street and Tahrir Square as symbolic systems of spirituality further strengthens theological urban discourse whilst adding weight to viewing mass movements as spiritualities attempting discernment.

  7. Job Performance, Job Satisfaction and Human Capital in the Labour Market in Bosnia

    Directory of Open Access Journals (Sweden)

    Erkan Ilgün

    2013-01-01

    Full Text Available The paper analyses the effect of job performance, job satisfaction and humancapital. It shows that together with monetary factors, such factors as theperception of the social importance of the job, the ability to meet good friendsin the team, and the atmosphere within which the respondents work, may alsohave a high level of impact on labour supply through human capital. The paperdemonstrates the power of non-monetary factors in achieving improvementsin the context of the ‘job performance-job satisfaction-human capital’ chain,thus bringing about positive changes in labour market supply in Bosnia.

  8. THE IMPACT OF RELIGIOUSITY TO PREFERENCES OF MUSLIM ‘S INVESTOR IN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Rinda Asytuti

    2017-02-01

    Full Text Available The current study aims at knowing know how far a religiosity affects a person’s behavior in the capital market. This qualitative research uses the religiosity theory constructed by Glork and Start . These results from the interview to 3 investors as the subjects of the research shows that the religiosity of Muslim investors in Pekalongan is not automatically guarantee their invesment behaviors. This research support the previous research conclusion that religiousity not automaticaly conducted muslim investment behavior in banking and finance. On the other hand there are some research have different conclusion.

  9. Capitated chronic disease management programs: a new market for pharmaceutical companies.

    Science.gov (United States)

    Cave, D G

    1995-01-01

    With corporatism of the medical care delivery system, the pharmaceutical industry is searching for new ways to market prescription drug product lines. A new strategy focuses on developing chronic disease management programs. In doing so, pharmaceutical companies work with clinical leaders of HMOs or large physician groups on disease management guidelines to reduce practice pattern variations and improve the quality of patient care. In addition, pharmaceutical companies capitate payment to physicians treating chronic disease patients to give them financial incentives to comply with the disease management guidelines.

  10. Annual earnings announcements and market reaction: The case of a small capital market

    DEFF Research Database (Denmark)

    Lønroth, Helle Langhoff; Møller, Peder Fredslund; Thinggaard, Frank

    suggest that only a model based on reported IBES-estimates of earnings per share shortly before earnings release is descriptive of the market´s expectations. Some of these findings contradict the results in the only published 17 year old Danish event study on annual earnings announcements...

  11. Determinants of market prices of shares on the capital market of Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Alihodžić Almir

    2017-01-01

    Full Text Available Stock markets are efficient if the prices at any time reflect all publicly available information. Share prices should be adjusted at those points when investors try to take advantage of the new information that was not subject to accounting recognition. The main goal of this paper will be to determine whether the financial statements of a selected group of companies listed on the Sarajevo and Banja Luka Stock Exchange represent a good basis and reflect the market price or simply follow the legal obligations and requirements by regulatory agencies. The paper is based on the regression analysis of dependent and independent variables in the period from 2011 to 2015. The dependent variable will be the closing trading price on the stock exchanges, whereas the independent variables will be: the market price and earnings (PE ratio, earnings per share (EPS, net profit after tax (NP, return on equity (ROE, the market and book value (PB ratio, and the total turnover on the stock exchanges (TR.

  12. Credit Rating As a Factor of Stability in the Global Capital Market

    Directory of Open Access Journals (Sweden)

    Ismail Musabegović

    2014-12-01

    Full Text Available Credit rating has an outstanding importance on the capital market. Opinions and assessments of rating agencies help us to improve growth, stability and efficiency of international and domestic markets, which now include over 80 trillion dollars of rated bonds and other securities with the fixed income. The contribution of the credit agencies to the market stability and efficiency is reflected in their ability to provide accurate, clear and reliable assessments of the solvency of participants on the financial markets. An adequate and proper risk assessment of securities contributes to stability. In order to achieve a given goal and to satisfy its purpose, the assessments should be based on a fundamental understanding of the key components of the credit risk. Also, in order to ensure a reliable framework for making investment decisions, the rating agencies are obliged to offer and to provide a wide range of securities, which are based on a global comparability of rating symbols and onthe support given by the credit rating assignment committee and by the other relevant decision making bodies. Markets for structured products could not have developed without the quality assurance provided by CRAs. When analyzing a securitization program CRAs examine legal and structural protections provided to investors. Since the globalization is an inevitable phenomenon in today’s world the importance of the credit rating becomes more noticeable. On the other hand, the rating agencies have an obligation to reanalyze their decision making models in order to contribute tothe reliability of the evaluation.

  13. An Evaluation of Indonesian Capital Market Co-integration with ASEAN 4 to Enter the ASEAN Capital Market Integration in Accordance to ASEAN Economic Community (AEC 2020 Scheme: Should Indonesia Enter or Postpone?

    Directory of Open Access Journals (Sweden)

    Barli Suryanta

    2014-08-01

    Full Text Available Association of South East Asian Nations (ASEAN Economic Community (AEC 2020 has already been declared on 7 October 2003 by ASEAN Concord II in Bali, Indonesia. In general, AEC was designed to prepare ASEAN countries for ASEAN economic integration within the next 10-15 year. ASEAN Free Trade  Area (AFTA  had  actually  been  launched since 1992 though was not comprehensive enough and kept ASEAN only partially integrated. To overcome it, ASEAN proposed  inancial  integration  through  capital market  integration based on AEC commitment in order to reach comprehensive ASEAN economic integration. Indonesia is one of the  ASEAN  members  that  is  linked  by AEC  2020.  The  purpose  of  this paper is to evaluate Indonesian capital market co-integration in entering the ASEAN capital market integration compared to those of ASEAN 4. To examine the notion of the Indonesian capital  market  integration  within ASEAN  region, cointegration model  is  utilised  to  igure out co-integration between Indonesian stock market indices and ASEAN 4, i.e., Singapore, Malaysia, Philippines and Thailand. In addition, Vector Auto-regression (VAR model is also utilised to examine Indonesian market returns co-movement and dynamic link with ASEAN 4.  The  conclusions  of  this  research,  i.e.  co-integration  between  Indonesian  capital  market with  Singaporean,  Malaysian,  Philippines,  and  Thailand  does  not  exist;  there  is  neither co-movement  nor  strong  dynamic  link  between  Indonesian  capital  market  with  those  of Singaporean, Malaysian, Philippines, and Thailand. This paper also recommends Indonesia to postpone the integration of its capital market into the integrated ASEAN capital market. ";} // -->activate javascript

  14. THE ROLE OF SOCIALLY RESPONSIBLE MARKETING IN THE REPRODUCTION OF THE HUMAN CAPITAL AND REDUCTION OF ITS FIKTIVIZATION PROCESSES

    Directory of Open Access Journals (Sweden)

    Olena Brintseva

    2017-12-01

    Full Text Available The urgency of the research. Before the modern person at different stages of reproduction of the human capital, there are many calls and risks that need to be considered and also to adapt to consequences of their action. Target setting. Use of marketing tools is rather a perspective direction of improvement of processes of the human capital reproduction. However, improvement of these processes is promoted by only socially responsible marketing. Uninvestigated parts of general matters defining. Almost unexplored are questions of use of marketing tools in the realization of processes of reproduction of the human capital. The purpose of the paper is to study the use of marketing tools for more effective implementation of reproduction processes of human capital at different stages. The issue of reproduction of human capital is considered in such areas: education, health, and social and labour sphere. Methodology. The paper is based on a critical analysis of scientific researches in the sphere of socially responsible marketing and processes of reproduction of human capital. These issues are researched by Blagov Yu.E., Carroll A., Hrishnova O.A., Kotler P., Lantos J., Lambin J., Libanova E.M., Mishchuk H.Yu., and others. Results. Issues of the human capital reproduction are considered in the following spheres: education, healthcare, and social and labour sphere. It is defined that in modern conditions, social responsibility has to become a basis for the creation of all system of the public relations and cover all stages of reproduction of the human capital. Socially irresponsible marketing leads to the formation, accumulation, and distribution of the fictitious human capital and other its unproductive forms. Practical implications. Now reproduction of the human capital in Ukraine is rather strongly influenced by fiktivization processes connected with the distribution of its unproductive forms. In this context, socially irresponsible marketing of

  15. A COMPARISON OF BASIC AND EXTENDED MARKOWITZ MODEL ON CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Bruna Škarica

    2012-12-01

    Full Text Available Markowitz' mean - variance model for portfolio selection, first introduced in H.M. Markowitz' 1952 article, is one of the best known models in finance. However, the Markowitz model is based on many assumptions about financial markets and investors, which do not coincide with the real world. One of these assumptions is that there are no taxes or transaction costs, when in reality all financial products are subject to both taxes and transaction costs – such as brokerage fees. In this paper, we consider an extension of the standard portfolio problem which includes transaction costs that arise when constructing an investment portfolio. Finally, we compare both the extension of the Markowitz' model, including transaction costs, and the basic model on the example of the Croatian capital market.

  16. The age of markets: low oil and gas prices and the new competition for investment capital

    International Nuclear Information System (INIS)

    Morse, Edward L.

    1998-01-01

    This paper focuses on Iran's re-entry into the market for upstream capital to obtain the investment required to maintain current production capacity, the creation of a special contract to attract foreign investment, the impact of the US sanctions, and deals resulting from the opening-up of some offshore resources with buy-back contracts. The effects of the downturn in oil markets on Tehran's cash flow as well as foreign contractors' cash flow are reviewed, and the main concerns of the industry over the too short terms of the contract, the refusal of Iran to allow oil companies to book reserves, and the guaranteed rate of return are examined. The re-opening of Kuwait which does allow contractors to book reserves, the threat posed by Saudi Arabia if it reopens its hydrocarbon sector to foreign investment, and the potential difficulty for Iran to meet its expanded production targets are considered

  17. Dynamic Model of Islamic Hybrid Securities: Empirical Evidence From Malaysia Islamic Capital Market

    Directory of Open Access Journals (Sweden)

    Jaafar Pyeman

    2016-12-01

    Full Text Available Capital structure selection is fundamentally important in corporate financial management as it influence on mutually return and risk to stakeholders. Despite of Malaysia’s position as one of the major players of Islamic Financial Market, there are still lack of studies has been conducted on the capital structure of shariah compliant firms especially related to hybrid securities. The objective of this study is to determine the hybrid securities issuance model among the shariah compliant firms in Malaysia. As such, this study is to expand the literature review by providing comprehensive analysis on the hybrid capital structure and to develop dynamic Islamic hybrid securities model for shariah compliant firms. We use panel data of 50 companies that have been issuing the hybrid securities from the year of 2004- 2012. The outcomes of the studies are based on the dynamic model GMM estimation for the determinants of hybrid securities. Based on our model, risk and growth are considered as the most determinant factors for issuing convertible bond and loan stock. These results suggest that, the firms that have high risk but having good growth prospect will choose hybrid securities of convertible bond. The model also support the backdoor equity listing hypothesis by Stein (1992 where the hybrid securities enable the profitable firms to venture into positive NPV project by issuing convertible bond as it offer lower coupon rate as compare to the normal debt rate

  18. Law Review of Islamic Capital Market Role to Support Sustainable Economic Development

    Directory of Open Access Journals (Sweden)

    Helza Nova Lita

    2014-03-01

    Full Text Available Objective - The objective of this paper is to assess on how the rule of Islamic capital markets to support   sustainable economic development and what kind of instruments can be developed.Method – The method used in this research is the study of normative juridical approach to legislation and the concept of Islamic economics through literature review.Result – Issuer's business activities related to support for environmentally friendly business activities are part of the implementation of sharia principles despite the provisions of the implementation of Islamic finance through a decision has not been stated . All types of instruments issued by issuers of sharia in Indonesia should be consistent with Islamic economic values, including the commitment to enforcement of environmentally friendly business activities.Conclusion – This finding suggests to strengthen the legal instruments in the issuer's issuance of Islamic instruments in the form of regulations issued by the Securities and Exchange Commission  and through the National Fatwa Council of Sharia.Keywords : Islamic Capital Markets, sustainable economic development, friendly environment

  19. The Profitability of the Strategy Linking Fundamental, Portfolio and Technical Analysis on the Polish Capital Market

    Directory of Open Access Journals (Sweden)

    Flotyński Marcin

    2016-12-01

    Full Text Available In the article, several methods of taking investment decisions are described: a fundamental, portfolio, and technical analysis. They constitute different approaches which are convenient for different types of investors with various expectations and time horizons of their investments. The simultaneous combination of these three analyses is not popular. The aim of this study is to test the effectiveness of simultaneous use of a fundamental analysis, portfolio analysis, and technical analysis for shares quoted on the Warsaw Stock Exchange (WSE in 2000–2007. The research hypothesis is advanced that the concurrent-linked application of a fundamental, portfolio, and technical analysis brings better results than the separate use of these analyses. Models of capital market, such as CAPM and APT, have been used, as well as P/E ratio, Return on Equity (RoE, Relative Strength Index (RSI, and Exponential Moving Average (EMA. The combination of a financial analysis, technical indicators, and models of the capital market in order to invest on the stock exchange is author’s own method. In general, the survey has been carried out on the grounds of quantitative methods (financial analysis, regression model, and multi regression model and a comparative analysis. The results of the research have been used to create diversified portfolios on the WSE. It occurs that the concurrent use of the three analyses brings the highest rate of return of a portfolio.

  20. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  1. Evaluation of conflict hazard and financial risk in the E7 economies’ capital markets

    Directory of Open Access Journals (Sweden)

    Ümit Hacıoğlu

    2013-06-01

    Full Text Available The purpose of this research is to examine the interaction between financial stress and conflict risk having impacts on fi nancial instruments in capital markets within an interdisciplinary frame. The Fuzzy TOPSIS method is applied in order to analyse effects of conflict hazard on capital markets and fi nancial instruments in the E7 economies and to demonstrate the best possible ranks of the E7 economies based on performance evaluation criteria. In order to obtain the dynamics of data as to develop a suffi cient reference bases for expert opinions, conflict hazard index and fi nancial stress index have been structured. The empirical results confirm that there is strong relation between fi nancial stress index and confl ict hazard index for the E7 economies. The fundamental conclusion demonstrates the effects of the financial and conflict risks for the stock selection in the E7 economies by the criteria derived from the Financial Stress Index and Confl ict Risk Index.

  2. Early Warning System in ASEAN Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model

    Directory of Open Access Journals (Sweden)

    Imam Wahyudi

    2014-08-01

    Full Text Available Asia's  inancial  crisis  in  July  1997  affects  currency,  capital  market,  and  real  market throughout  Asian  countries.  Countries  in  southeast  region  (ASEAN,  including  Indonesia, Malaysia, Philippines, Singapore, and Thailand, are some of the countries where the crisis hit  the  most.  In  these  countries,  where  inancial  sectors  are  far  more  developed  than  real sectors  and  the  money  market  sectors,  most  of  the  economic  activities  are  conducted  in capital  market.  Movement  in  the  capital  market  could  be  a  proxy  to  describe  the  overall economic  situation  and  therefore  the  prediction  of  it  could  be  an  early  warning  system  of economic crises. This paper tries to investigate movement in ASEAN (Indonesia, Malaysia, Philippines,  Singapore,  and  Thailand  capital  market  to  build  an  early  warning  system from inancial sectors perspective. This paper will be very beneicial for the government to anticipate the forthcoming crisis. The insight of this paper is from Hamilton (1990 model of regime switching process in which he divide the movement of currency into two regimes, describe the switching transition based on Markov process and creates different model for each regimes. Differ from Hamilton, our research focuses on index return instead of currency to  model  the  regime  switching.  This  research  aimed  to  ind  the  probability  of  crisis  in  the future by combining the probability of switching and the probability distribution function of each  regime.  Probability  of  switching  is  estimated  by  categorizing  the  movement  in  index return  into  two  regimes  (negative  return  in  regime  1  and  positive  return  in  regime  2  then measuring  the  proportion  of  switching  to  regime  1  in  t  given  regime

  3. Stem cell industry update: 2012 to 2016 reveals accelerated investment, but market capitalization and earnings lag.

    Science.gov (United States)

    Ng, Mitchell; Song, Simon; Piuzzi, Nicolas S; Ng, Kenneth; Gwam, Chukwuweike; Mont, Michael A; Muschler, George F

    2017-10-01

    Treatments based on stem cells have long been heralded for their potential to drive the future of regenerative medicine and have inspired increasing medical and business interest. The stem cell therapy market has been expanding since 2012, but earnings and profitability still lag the broader health care sector (compounded annual growth rate in annual financing of 31.5% versus 13.4%, respectively). On the basis of historical financial data, approximately $23 billion has been invested in stem cell companies since 1994, with more than 80% of this raised from 2011 through 2016. This reflects a marked acceleration in capital investment, as companies began late-stage clinical trials, initiate partnerships or are acquired by large pharmaceutical companies. All of these data reflect a field that is emerging from infancy, which will demand more time and capital to mature. This update is relevant to researchers, clinicians and investors who wish to quantify the potential in this field. Copyright © 2017 International Society for Cellular Therapy. Published by Elsevier Inc. All rights reserved.

  4. Influence of the prudential supervision over the capitalization of the Romanian insurance market

    Directory of Open Access Journals (Sweden)

    Laura Elly NAGHI

    2013-02-01

    Full Text Available In a decade when all activities are globalized, including insurance, the recent focus of the supervisory authorities became the leveling of the legal framework concerning the solvency requirements of the companies acting on the market (as a consequence of the 2008 crisis, much more acute in USA than in Europe, where Basel Agreement decreased the fall of the banking sector. The present paper analyses the way in which the main solvency regimes applied at international level influence the equity of the insurance companies, especially the increase in the solvency capital required by the supervisors, taking into consideration the risk profile of the company. Moreover, the paper provides a blueprint of the methods to ensure the financial stability of the national industry, in order to respond adequately to systemic and systematic risks.

  5. Estimating temporary and permanent stock price innovations on Croatian capital market

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-03-01

    Full Text Available This paper evaluates the size and duration of temporary and permanent stock price innovations on Croatian capital market in the structural VAR (vector autoregression framework with Blanchard and Quah (1989 decomposition. The purpose is to identify the effects of temporary price innovations in order to determine to which extent future stock prices can be predicted. Temporary components present in stock prices are explained throughout the mean-reversion hypothesis. This means that stock prices deviate from the fundamental values, but they will revert to their mean. In that way, to some extent, it is possible to predict future price movements. The results show that for the observed period from January 2000 to September 2013, temporary innovations account for only 2.62% of price variability over a two-year horizon. This means that forecasting the future movements of stock prices on Zagreb Stock Exchange is a difficult task.

  6. The Market and Institutional Value Attachments to Sustainable Return of Human Capital to Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Aleksandar BOZIC

    2013-11-01

    Full Text Available This study explores the main characteristics of potentials and challenges of the brain grain process in a post conflict and transitional situation, by reflecting the various views and perspectives of the relevant stakeholders in the field o migration from Bosnia and Herzegovina (BiH. The focus is on highly skilled tertiary graduates’ returnees from BiH and the assessment of their skills and knowledge recognition within the labour market and public administration. The study concludes that even though it has been widely estimated that advanced countries can significantly benefit regarding country's productivity from temporary movements of tertiary migrants, societies that challenge serious human capital flow can negatively value the potential benefits of the highly skilled returnees, while their advanced skills and knowledge most likely remains unrecognized.

  7. Financial innovation in the public real estate market : How to exploit arbitrage opportunities in public real estate pricing due to investment approach differences between the real estate market and the capital market

    OpenAIRE

    Gejler, Jacob

    2013-01-01

    As the stock market is volatile and often short-term, there is a high demand for safe investments outside the stock market and institutional investors like pension funds, insurance companies and asset managers are increasingly searching for low-risk investments that can deliver safe returns.   Alternative investments, like real estate, are a popular way to invest institutional capital. However, debates whether pension savers should have the right to transfer their pension capital without rest...

  8. Is “economic freedom” strictly free market capitalism? A decompositional analysis of the Economic Freedom of the World index

    OpenAIRE

    Cohen, Joseph N

    2009-01-01

    The Frasier Institute’s Economic Freedom of the World is often taken as a metric of market capitalism. This paper argues that the index is an amalgam of measures capturing free markets and good governance, and analysts should remain cognizant of this conceptual conflation when using the index to develop policy prescriptions. Implicitly, the “economic freedom” literature suggests that countries embrace an “Anglo-Swiss” policy model, although the rich world offers alternative models that maximi...

  9. Analyzing power pools and understanding the spot market based approach to electricity trading

    Energy Technology Data Exchange (ETDEWEB)

    Goulding, D. [Ontario Hydro, Toronto, ON (Canada)

    1997-12-31

    Highlights of the evolution of the electricity industry from franchised monopoly to commoditized markets were presented. Trends in commoditized markets include increased competition, a decline in profit margins and increases in price volatility. Examples of highly regulated industries that have commoditized include long distance telephone, airline and the trucking industries. Models of possible market structures for electricity were reviewed, among them: (1) mandatory one-sided spot market, (2) mandatory spot market, less central control, (3) optional two-sided spot market, and (4) physical bilateral based market. Management of the marketplace regardless of the model used, must assure system security and system reliability and meet real-time demand on the system. Possible roles for the Independent System Operator were discussed. The principal role was predicted to be the operation of an electronic exchange for forward contracts, operation of the spot market, and acting as a clearinghouse for buyers and sellers of forward contracts. 1 tab., 4 figs.

  10. Friends and foes in the occupational career : the influence of sweet and sour social capital on the labour market

    NARCIS (Netherlands)

    Moerbeek, Hester Hagar Susan

    2001-01-01

    Contemporary studies on the influence of social capital on the labour market have mainly focused on the positive side of social relationships - how people can help each other in their careers. This study adopts a different approach by also including the negative side of social relationships - how

  11. How to Guide: Aggregate under-served markets into buying pools

    Energy Technology Data Exchange (ETDEWEB)

    None

    2000-12-26

    This activity promotes new opportunities to increase energy security and lower energy costs for under-served markets. It involves market analysis and collaboration with community partners, as well as outreach activities to inform target markets and technical assistance for participants.

  12. Capital gains

    International Nuclear Information System (INIS)

    Blishen, C.

    1997-01-01

    This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

  13. A Proposta de Valor e o Capital Humano: práticas estratégicas de marketingValue Proposition and Human Capital: strategic marketing practicesPropuesta de Valor y Capital Humano: prácticas estratégicas de marketing

    Directory of Open Access Journals (Sweden)

    SCHARF, Edson Roberto

    2012-06-01

    Full Text Available RESUMOUma das práticas de marketing adotada pelas organizações para ser mais eficiente diante do excesso de comunicação publicitária é a proposta de valor ao consumidor. Para o desenvolvimento desse processo, o capital humano é uma das possibilidades. Nesse sentido, o objetivo foi identificar se há a aplicação do constructo “capital humano” nas fases de conceituação e de desenvolvimento da proposta de valor das organizações estudadas. O conjunto social foi composto de executivos de marketing das melhores empresas do país para se trabalhar. Foram adotadas as abordagens qualitativa e quantitativa de pesquisa, com a técnica de análise de conteúdo e o método Análise Hierárquica do Processo, respectivamente. Os resultados do procedimento exploratório demonstraram que a totalidade das empresas entende o capital humano como atributo fundamental no desenvolvimento da proposta de valor e que a valorização da marca ocorre tendo como um dos principais pilares o capital humano. Os resultados do procedimento descritivo confirmaram o capital humano como um dos conceitos para a proposição de valor, embora esse processo de conceituação frequentemente seja alterado pelos parceiros estratégicos na etapa de desenvolvimento.ABSTRACTOne of the marketing practices adopted by organizations to be more efficient in face of the excess of advertising is the value proposition to consumers. The adoption of human capital is one of the options. To such end, the aim of this study was to confirm the use of the ‘human capital’ construct in both the conceptualization and development of the value proposition stages. The social group was comprised of marketing executives working for companies regarded as the best companies to work for. The results of the exploratory procedure showed that all companies understand that human capital is a key attribute in order to develop value proposition and that brand value takes place having human capital as

  14. The Effect of the European Monetary Union on International Capital Markets

    Directory of Open Access Journals (Sweden)

    Chae-Shick Chung

    1998-12-01

    Full Text Available This thesis analyzed the influence of the Economic and Monetary Union (EMU which is predicted to appear publicly on January 1999 over the international financial environment, aiming at discussing the countermeasure that Korea should take to this external environment. The inexistence of exchange risk in Europe which brought by the appearance of the single currency accelerated the flow of capital within this area, and it is predicted that the financial institutions in this area will be rearranged. It is predicted that the appearance of Euro will contribute to the development of the company bond market greatly. It is estimated that the company bond of “high-risk, high-return” including the junk bond which is unsuitable for investment will be activated, but the sound financial policy which was taken to stabilizing the Euro will greatly shrink the national debt market. At present, US dollar plays a dominant role in aspects of foreign exchange trade, international settlement, asset investment, governmental reserve assets, etc., but it is predicted that the international currency system will be polarized with the appearance of Euro. In the year 1999 in which EMU established, it is predicted that Euro will keep its stability by cooperating with the US policy, and it won’t greatly affect the private and governmental assets of other countries including Asian countries. However, the appearance of Euro might weaken the function of Yen which is another main currency further, so there is analysis that Japan will positively promote the internationalization of Yen.

  15. Value Relevance of Investment Properties: Evidence from the Brazilian Capital Market

    Directory of Open Access Journals (Sweden)

    Ketlyn Alves Gonçalves

    2017-04-01

    Full Text Available This study investigates the relevance to the capital market of the assets recognized as investment properties of companies listed on the BM&F BOVESPA, in the period from 2011 to 2014. The research conducted was based on the Ohlson model (1995 and panel analysis was carried out using linear regression with POLS and Fixed and Random Effects estimators. Two hypothesis were made: (i that Earning and Equity generate accounting information relevant to investors; and (2 that Earning, Equity and Investment Property generate accounting information relevant to investors, assuming that investment properties have incremental effect on the relevance of this information relative only to earning and to equity. Both hypotheses were rejected, so it is concluded that Investment Property assets are not of value relevance in the determination of share price and do not influence the decision making of users of accounting information. The study adds to the limited literature on the value relevance of Investment Property, permitting a better understanding of the impact of accounting disclosures used by companies on their market value.

  16. Testing Capital Asset Pricing Model: Empirical Evidences from Indian Equity Market

    Directory of Open Access Journals (Sweden)

    Kapil CHOUDHARY

    2010-11-01

    Full Text Available The present study examines the Capital Asset Pricing Model (CAPM for the Indian stock market using monthly stock returns from 278 companies of BSE 500 Index listed on the Bombay stock exchange for the period of January 1996 to December 2009. The findings of this study are not substantiating the theory’s basic result that higher risk (beta is associated with higher levels of return. The model does explain, however, excess returns and thus lends support to the linear structure of the CAPM equation. The theory’s prediction for the intercept is that it should equal zero and the slope should equal the excess returns on the market portfolio. The results of the study lead to negate the above hypotheses and offer evidence against the CAPM. The tests conducted to examine the nonlinearity of the relationship between return and betas bolster the hypothesis that the expected return-beta relationship is linear. Additionally, this study investigates whether the CAPM adequately captures all-important determinants of returns including the residual variance of stocks. The results exhibit that residual risk has no effect on the expected returns of portfolios.

  17. Developing a Model of the Efficient Management of Reserve Capital of an Endowment Insurance Company in the Ukrainian Market

    Directory of Open Access Journals (Sweden)

    Kapustian Volodymir O.

    2017-06-01

    Full Text Available The article is concerned with developing a model of the effective management of reserve capital of an endowment insurance company or so-called endowment life insurance. Such companies are powerful actors at the international market, operate with considerable capital and are effective as active investors in different areas. The main features of functioning of endowment insurance companies, as well as the factors that guarantee the sustainable development of insurance companies in both the global and Ukrainian markets, were considered. The principles of management of financial resources of insurance companies were studied. An elaborated model of management of current and reserve capital has been provided, the mechanism for establishing and operating the insurance company’s current capital, taking into account the process of income of insurance premiums and the payment of dividends on poles, has been described. An analysis of the largest endowment insurance companies in the Ukrainian market was carried out. Based on the analysis, the recommended discount rate has been calculated for the model proposed in the article.

  18. Assessment of labour market returns in the case of gender unique human capital

    OpenAIRE

    Paas, Tiiu; Tverdostup, Maryna

    2016-01-01

    Maryna Tverdostup, Tiiu Paas, ERSA 2016: The paper focuses on the identification of the unique, non-reached by the opposite gender human capital and the analysis of its effect on the earning profiles of unique human capital holders. The overwhelming research aim is to better understand the possible reasons behind gender wage disparities, focusing on the unique features of male and female human capital and their returns. When assessing the gender pay disparities, variation of human capital cha...

  19. Social Capital and Stock Market Participation via Technologies: The Role of Households’ Risk Attitude and Cognitive Ability

    Directory of Open Access Journals (Sweden)

    Ya-Fang Cheng

    2018-06-01

    Full Text Available This article reviews the relation between social capital and stock market participation via new technology. Its purpose is to acquire a thorough understanding of the structural, relational, and cognitive aspects of social capital’s influences and to recommend further empirical research ideas to the existing body of knowledge on household finance. It discusses the consideration of modern and highly technological platforms such as the internet stock market exchange platforms and applications. The stock market participation puzzle remains unsolved despite the progress in explaining the economic rationality behind investors decision making through behavioral finance. Furthermore, the researchers develop four propositions which can expound the existing relationship between social capital dimensions such as the structural, relational, and cognitive aspects and stock market participation of households. Doing so, we discuss the roles of risk attitude and the influence of cognitive ability such as financial awareness, financial literacy, and IQ (intelligence quotient to enhance the existing body of knowledge. Practically, this article adds valuable ideas in solving the issue of limited participation not just in the stock market but in other financial markets through reflecting on the sociological and (green technological concepts. Lastly, the implications for sustainable financial markets are elaborated.

  20. Opening the black box: internal capital markets and managerial power in conglomerates

    NARCIS (Netherlands)

    Glaser, M.; Lopez-de-Silanes, F.; Sautner, Z.

    2010-01-01

    How do firms allocate capital internally across units? Do more powerful and better connected managers inside a conglomerate get larger capital allocations? To answer these questions, we put together a unique five-year business-unit panel data set on planned and actual capital allocations inside a

  1. Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market

    OpenAIRE

    Clea Beatriz Macagnan; Fernando Batista Fontana

    2013-01-01

    Purpose: This paper presents a study on factors explaining the level of voluntary human capital information in companies with shares in the Brazilian stock exchange. Assuming the existence of information asymmetry between managers and shareholders, agency theory states that disclosure might lead to a reduction in agency costs. The proprietary costs theory indicates that information disclosure might increase the company’s costs. According to these theories, the likelihood that the managers wil...

  2. Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

    Directory of Open Access Journals (Sweden)

    Tomáš Meluzín

    2008-01-01

    Full Text Available Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

  3. Analysis of the Relevance of Information Content of the Value Added Statement in the Brazilian Capital Markets

    Directory of Open Access Journals (Sweden)

    Márcio André Veras Machado

    2015-04-01

    Full Text Available The usefulness of financial statements depends, fundamentally, on the degree of relevance of the information they disclose to users. Thus, studies that measure the relevance of accounting information to the users of financial statements are of some importance. One line of research within this subject is in ascertaining the relevance and importance of accounting information for the capital markets: if a particular item of accounting information is minimally reflected in the price of a share, it is because this information has relevance, at least at a certain level of significance, for investors and analysts of the capital markets. This present study aims to analyze the relevance, in the Brazilian capital markets, of the information content of the Value Added Statement (or VAS - referred to in Brazil as the Demonstração do Valor Adicionado, or DVA. It analyzed the ratio between stock price and Wealth created per share (WCPS, using linear regressions, for the period 2005-2011, for non-financial listed companies included in Melhores & Maiores ('Biggest & Best', an annual listing published by Exame Magazine in Brazil. As a secondary objective, this article seeks to establish whether WCPS represents a better indication of a company's result than Net profit per share (in this study, referred to as NPPS. The empirical evidence that was found supports the concept that the VAS has relevant information content, because it shows a capacity to explain a variation in the share price of the companies studied. Additionally, the relationship between WCPS and the stock price was shown to be significant, even after the inclusion of the control variables Stockholders' equity per share (which we abbreviate in this study to SEPS and NPPS. Finally, the evidence found indicates that the market reacts more to WCPS (Wealth created per share than to NPPS. Thus, the results obtained give some indication that, for the Brazilian capital markets, WCPS may be a better proxy

  4. ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Maria Daniela BONDOC

    2014-06-01

    Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

  5. The impact of the level of market competition intensity on enterprises activities in area of intellectual capital

    Directory of Open Access Journals (Sweden)

    Prusak Rafał

    2017-12-01

    Full Text Available Market activity for today’s enterprises means continuing work to better understand the needs of their customers to provide them higher level of satisfaction. Building market advantages using a traditional approach based on material resources becoming less and less likely to increase competitiveness over the long term. The ability to use intangible assets, often more difficult to identify and manage, is becoming a key issue. Proper management of intangible assets can provide the company with unique market advantages that are unique, durable, and difficult to imitate. This study attempts to characterize selected dependencies between the nature of the actions undertaken by enterprises in relation to intellectual capital in the context of the strength of the level of competition in the market.

  6. Modelling short and long-term risks in power markets: Empirical evidence from Nord Pool

    International Nuclear Information System (INIS)

    Nomikos, Nikos K.; Soldatos, Orestes A.

    2010-01-01

    In this paper we propose a three-factor spike model that accounts for different speeds of mean reversion between normal and spiky shocks in the Scandinavian power market. In this model both short and long-run factors are unobservable and are hence estimated as latent variables using the Kalman filter. The proposed model has several advantages. First, it seems to capture in a parsimonious way the most important risks that practitioners face in the market, such as spike risk, short-term risk and long-term risk. Second, it explains the seasonal risk premium observed in the market and improves the fit between theoretical and observed forward prices, particularly for long-dated forward contracts. Finally, closed-form solutions for forward contracts, derived from the model, are consistent with the fact that the correlation between contracts of different maturities is imperfect. The resulting model is very promising, providing a very useful policy analysis and financial engineering tool to market participants for risk management and derivative pricing particularly for long-dated contracts.

  7. Bilateral contracts and the spot market for electricity: some observations on the British and the NordPool experiences

    International Nuclear Information System (INIS)

    Herguera, Inigo

    2000-01-01

    The performance of the futures and the spot market for electricity in England and Wales (EW) and in the Nordic countries have significant differences in terms of volumes traded and evolution of prices. Even though the institutional arrangements show significant differences and the data collected has important limitations we observe in EW for 1990-199 that as the coverage via bilateral contracts diminished, spot prices tended to increase, there was higher price volatility and an increasing number of plants were declared unavailable. In the NordPool, by contrast, market structure is more distributed, the bilateral contract price has tended to smooth the volatility in the spot price and a very diverse pattern behavior of prices has been observed. We interpret these observations as additional support in favor of the theoretical result by and Vila (Journal of Economic Theory 59 (1993) 1), but hint at the possibility of strategies by the firms that can diminish the welfare enhancing properties of this new bilateral market. (Author)

  8. Agent-Based Modeling of Day-Ahead Real Time Pricing in a Pool-Based Electricity Market

    Directory of Open Access Journals (Sweden)

    Sh. Yousefi

    2011-09-01

    Full Text Available In this paper, an agent-based structure of the electricity retail market is presented based on which day-ahead (DA energy procurement for customers is modeled. Here, we focus on operation of only one Retail Energy Provider (REP agent who purchases energy from DA pool-based wholesale market and offers DA real time tariffs to a group of its customers. As a model of customer response to the offered real time prices, an hourly acceptance function is proposed in order to represent the hourly changes in the customer’s effective demand according to the prices. Here, Q-learning (QL approach is applied in day-ahead real time pricing for the customers enabling the REP agent to discover which price yields the most benefit through a trial-and-error search. Numerical studies are presented based on New England day-ahead market data which include comparing the results of RTP based on QL approach with that of genetic-based pricing.

  9. Outlook for the power requirements by the northeast U.S. power pool: Who will serve this market?

    International Nuclear Information System (INIS)

    Anderson, E.P.

    1993-01-01

    The size of the potential natural gas market in the northeast U.S. and how it will be served are discussed. One of the most promising markets for natural gas in this area is for power generation, using combined-cycle generating units that are efficient and have low environmental impact. It is estimated that by 2002 natural gas requirements for electrical power generation in the northeast could reach 750 billion cubic feet per year. This market will be served through several new gas pipelines and through expansion of the existing pipeline capacity. Projections for electricity production for the northeast, including the New York Power pool, show an increase from 236,423 GWh in 1992 to 275,558 GWh in 2002, an increase of ca 17%. Non-utility generation will increase its share from 14% in 1992 to 26% in 2002. Utility switching to natural gas during summer months to control nitrogen oxide emissions will give natural gas more flexibility to compete with other options to reduce air pollution. Pipeline capacity additions planned for the northeast are reviewed, including the Liberty pipeline, Empire State pipeline, Portland gas transmission system, Minuteman delivery system and Mayflower gas transmission system. There will be more than adequate reliable and flexible pipeline capacity created to meet the future demand for natural gas in this region. 14 figs

  10. Academic Capitalism and the New Economy: Markets, State, and Higher Education

    Science.gov (United States)

    Slaughter, Sheila; Rhoades, Gary

    2009-01-01

    As colleges and universities become more entrepreneurial in a post-industrial economy, they focus on knowledge less as a public good than as a commodity to be capitalized on in profit-oriented activities. In "Academic Capitalism and the New Economy," higher education scholars Sheila Slaughter and Gary Rhoades detail the aggressive…

  11. Application complementarity of the knowledge management and internal marketing concepts in the aim of increasing enterprise's intellectual capital

    Directory of Open Access Journals (Sweden)

    Krstić Bojan

    2012-01-01

    Full Text Available Enterprise competitiveness in the era of knowledge economy is most directly connected to human and other intellectual resources. Managers and other employees become vital resource in the 21st century, and their knowledge is the key of creating and delivering superior value to the customers. Nowadays, they are one of the most important segments of assets without which enterprise cannot exist. Crucial question for management is how to enlarge other knowledge resources based on human resources knowledge, that is, their economically- relevant form - intellectual capital. Initial hypothesis of this paper is that, internal marketing, which has enterprise's employees in the focus, can create adequate basis for specializing and enlarging knowledge resources - intellectual resources or intellectual capital as a key factor of competitiveness in the era of knowledge economy. Knowledge management is observed as a segment of intellectual capital management process within an enterprise, with aim to direct the efficient usage of all kinds of knowledge (individual, group-team, organizational in order to create new business opportunities and successful commercialisations of products/services. The aim of this paper is to indicate that complementary application of the concept of internal marketing and the concept of knowledge management may result in synergetic effect of enlargement and specialisation of the knowledge resources - intellectual capital. In the paper we use methods of scientific observation, testing and connecting, as well as methods of analysis and synthesis. The purpose of obtained results application and conclusions from this research is to show to the enterprise management the importance of simultaneous effective application of internal marketing concept and knowledge transfer through processes and practices of knowledge management.

  12. PENGUATAN KERANGKA HUKUM TERKAIT PENYELESAIAN SENGKETA PASAR MODAL SYARIAH PADA PENGADILAN AGAMA / Strengthening Legal Framework For Sharia Capital Market Dispute Resolution In Religious Court

    Directory of Open Access Journals (Sweden)

    Mul Irawan

    2016-11-01

    Full Text Available Dari sudut pandang syariah, pasar modal adalah produk muamalah. Transaksi dalam pasar modal diperbolehkan sepanjang tidak terdapat transaksi yang bertentangan dengan ketentuan yang telah digariskan oleh syariah. Perkembangan pasar modal syariah di Indonesia yang sedemikian pesat, akan turut meningkatkan jumlah dan ragam potensi masalah hukum yang mungkin terjadi di pasar modal syariah. Setidaknya, diperlukan dua upaya hukum dalam penguatan kerangka hukum pasar modal syariah, yaitu pertama, upaya preventif yang dapat meminimalisir terjadinya masalah-masalah hukum, seperti perlunya pembentukan regulasi yang merujuk kepada syariah Islam agar tercipta kestabilan dan suasana kondusif bagi penegakan hukum di pasar modal syariah, Kedua, upaya penyelesaian sengketa pasar modal syariah dilakukan melalui dukungan terhadap pengadilan agama sebagai satu-satunya lembaga peradilan yang memiliki kewenangan absolut dalam menyelesaikan perkara perdata pasar modal syariah, perlunya peningkatan kompetensi hakim dan aparatur pengadilan agama serta perlunya pedoman, yurisprudensi dan referensi sebagai rujukan dalam penyelesaian sengketa pasar modal syariah di Indonesia.   According to the sharia point of view, sharia capital market is muamalah product. Capital market transactions are allowed as long as it does conflict with the terms outlined by sharia. The rapid development of Indonesia sharia capital market results in the increasing number and variety of potential legal problems. It takes two legal efforts in strengthening the legal framework for sharia capital market. First, preventive measures to minimize the legal issues occurrence, such as the establishment of islamic law regulations in order to produce stability and good atmosphere of sharia capital market law enforcement. Second, efforts in sharia capital market mediation which is done through support the religious court as the only judicial institutions having the absolute authority in resolving sharia

  13. "Contagion" between the emerging and developed capital markets: empirical evidence and reflections on the international portfolio diversification

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2008-10-01

    Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could benefit from international diversification of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.

  14. Broilers’ Supply Value Chain in the National Capital Region Delhi: A Case Study of Ghazipur Poultry Market

    OpenAIRE

    Gangwar, L.S.; Saran, Sandeep; Kumar, Sarvesh

    2010-01-01

    The marketing of broilers/chicken meat in the National Capital Region (NCR) Delhi has been compared in two distinct kinds of markets, viz. organized (shopping malls, organized multi-product retailers) and unorganized or primarily wet markets (exclusive chicken dressers, poultry meat retailers, etc.). Data have been collected from various functionaries involved in marketing of broilers/poultry meat in the NCR Delhi during the year 2008-09 through primary survey. The most prominent channel in t...

  15. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  16. The effectiveness of capital management in banks: Evidence from Ukrainian financial market

    Directory of Open Access Journals (Sweden)

    Alex Kostyuk

    2015-11-01

    Full Text Available The main aim of this paper is to research the methods of defining the integral index of capital banks efficiency on the basis of corporate governance principles.The research identifies the main factors of capital banks efficiency on the basis of corporate governance principles, which give the opportunity to assess the financial performance in the banking sphere. The author suggests taking in integrated all relevant indicators by using the method of distances. In complex this method allows to include absolute points during assessing. The author defined the average range of the integral index of capital efficiency among domestic banks and banks with foreign capital on the basis of corporate governance principles.

  17. Regulating capital flows in emerging markets: The IMF and the global financial crisis

    Directory of Open Access Journals (Sweden)

    Kevin P. Gallagher

    2017-12-01

    Full Text Available In the wake of the financial crisis the International Monetary Fund (IMF began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

  18. Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-12-01

    Full Text Available Most finance textbooks present the Weighted Average Cost of Capital (WACC calculation as: WACC = Kd×(1-T×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

  19. Accessing Secondary Markets as a Capital Source for Energy Efficiency Finance Programs: Program Design Considerations for Policymakers and Administrators

    Energy Technology Data Exchange (ETDEWEB)

    Kramer, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Martin, E. Fadrhonc [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Thompson, P. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2015-02-01

    Estimates of the total opportunity for investment in cost-effective energy efficiency in the United States are typically in the range of several hundred billion dollars (Choi Granade, et al., 2009 and Fulton & Brandenburg, 2012).1,2 To access this potential, many state policymakers and utility regulators have established aggressive energy efficiency savings targets. Current levels of taxpayer and utility bill-payer funding for energy efficiency is only a small fraction of the total investment needed to meet these targets (SEE Action Financing Solutions Working Group, 2013). Given this challenge, some energy efficiency program administrators are working to access private capital sources with the aim of amplifying the funds available for investment. In this context, efficient access to secondary market capital has been advanced as one important enabler of the energy efficiency industry “at scale.”3 The question of what role secondary markets can play in bringing energy efficiency to scale is largely untested despite extensive attention from media, technical publications, advocates, and others. Only a handful of transactions of energy efficiency loan products have been executed to date, and it is too soon to draw robust conclusions from these deals. At the same time, energy efficiency program administrators and policymakers face very real decisions regarding whether and how to access secondary markets as part of their energy efficiency deployment strategy.

  20. 13 CFR 120.611 - Pools backing Pool Certificates.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Pools backing Pool Certificates. 120.611 Section 120.611 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Secondary Market Certificates § 120.611 Pools backing Pool Certificates. (a) Pool characteristics. As set...

  1. Quality of Institutions and Import Substitution of Capital: Cross-country Research on the Corporate Bond Markets

    Directory of Open Access Journals (Sweden)

    Teplova Tamara V.

    2017-06-01

    Full Text Available We have analyzed the institutional determinants of local currency (LCY corporate bond markets development during the period of 2010–2016 on a cross–country sample. We have considered a wide range of indicators of the quality of the institutional environment including the Heritage Foundation's Index of Economic Freedom, the World Bank’s indicators of the development of political and legal institutions, the World Economic Forum’s indicators of corporate culture, the development and regulation of financial markets. Unlike most previous studies, we have tested not only static regression models (multifactor linear regressions but also dynamic models based on the generalized method of moments (GMM, which allows to solve the problem of endogeneity of variables. The sample consists of 420 quarterly observations on 15 emerging markets, which were the leaders by the issuance volume of corporate bonds in the pre–crisis 2013. The results show that the low quality of institutional environment as well as macroeconomic and financial instability stimulate the growth of the share of LCY corporate bonds in the total issuance volume. In the periods of instability, local currency corporate bonds become less attractive for foreign investors, therefore, issuers are forced to raise capital in the domestic market, i.e. to realize the import substitution of capital. We rank factors by the significance of their influence on the explained variable. The most significant factors in both static and dynamic model specifications are the World Bank’s indicators of regulatory quality and rule of law. A decline in sovereign credit ratings also gives impetus to the development of LCY corporate bond markets. The results of our research show that more developed stock markets suppress the growth of LCY corporate bond markets: equity corporate bonds are competing financing sources for companies from developing countries. On the contrary, a developed banking sector

  2. Exogenous factors and market value: an appraisal model of capital gains in urban redevelopment programs in public/ private partnerships

    Directory of Open Access Journals (Sweden)

    Francesco Calabrò

    2013-08-01

    Full Text Available The proposed article aims to illustrate an experimental model applicable, in the planning stage, to an appraisal of the capital gains in a residential requalification in public/ private partnership. The model develops a method using a conventional cost value through a multicriteria model which evaluates the influence of qualitative exogenous variables to the market value of the property. The aim is to develop a synthetic procedure, transparent, shared and easy to use by the public authorities, in determining the total benefits associated with urban transformations, in order to achieve a fair sharing of profits between public and private entities.

  3. Cyclical Effects of Bank Capital Buffers with Imperfect Credit Markets: international evidence

    OpenAIRE

    A. R. Fonseca; F. González; L. Pereira da Silva

    2010-01-01

    This paper analyzes the cyclical effects of bank capital buffers using an international sample of 2,361 banks from 92 countries over the 1990-2007 period. We find that capital buffers reduce the bank credit supply but – through what could be “monitoring or signaling effects” – have also an expansionary effect on economic activity by reducing lending and deposit rate spreads. This influence on lending and deposit rate spreads is more pronunced in developing countries and during downturns. The ...

  4. CORPORATE SOCIAL RESPONSIBILITY AS A FACTOR OF ACCUMULATION OF NOVEL FORMS OF CAPITAL IN THE CONTEMPORARY MARKET ECONOMY

    Directory of Open Access Journals (Sweden)

    N. Grazhevska

    2018-03-01

    Full Text Available The role and importance of corporate social responsibility (CSR is highlighted as an important factor of accumulation of intellectual, social, reputational and cultural capital, ensuring the global competitiveness of modern market economies. The world experience of CSR development in the context of increasing the level of trust in society, accumulation and effective implementation of social capital is analyzed. The peculiarities of CSR development in Ukraine are emphasized, and the state priority actions are grounded in order to promote social responsibility of the business as a factor of accumulation of new forms of capital, namely: institutionally-organizational arrangement of effective interaction of private business and state, state encouragement of private business to implement CSR by providing tax privileges and benefits, informational support for CSR development, promotion of corporate social responsibility principles, spreading the ideas of CSR among employees, customers, communities, deepening of business cooperation with universities and research institutions towards adapting international best practices and training in the field of CSR.

  5. Tamworth, Australia's "Country Music Capital": Place Marketing, Rurality, and Resident Reactions

    Science.gov (United States)

    Gibson, Chris; Davidson, Deborah

    2004-01-01

    Since the 1970s, Tamworth has become well known as Australia's "country music capital". Its annual Country and Western Music Festival has become the leading event of its type in Australia, attracting over 60,000 visitors every year. The festival, and country music more generally, have become central to the town's identity and tourism…

  6. Returns to the market: valuing human capital in the post-transition Czech and Slovak Republics

    Czech Academy of Sciences Publication Activity Database

    Filer, R.; Jurajda, Štěpán; Plánovský, J.

    -, č. 125 (1999), s. 1-26 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z7085904 Keywords : human capital * post-transition Czech and Slovak Republics Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp125.pdf

  7. The Gender Pay Gap Beyond Human Capital: Heterogeneity in Noncognitive Skills and in Labor Market Tastes

    Science.gov (United States)

    Grove, Wayne A.; Hussey, Andrew; Jetter, Michael

    2011-01-01

    Focused on human capital, economists typically explain about half of the gender earnings gap. For a national sample of MBAs, we account for 82 percent of the gap by incorporating noncognitive skills (for example, confidence and assertiveness) and preferences regarding family, career, and jobs. Those two sources of gender heterogeneity account for…

  8. Is “economic freedom” the same as free market capitalism? A decompositional analysis of the Economic Freedom of the World index.

    OpenAIRE

    Cohen, Joseph N

    2011-01-01

    The Frasier Institute’s Economic Freedom of the World is often taken as a metric of market capitalism, and relationships between the index and macroeconomic outcomes are presented as signaling the consequences of free markets. This paper warns analysts that the index may be conflating three distinct concepts: free markets, good governance and price stability. Analysts should remain cognizant of this conceptual conflation when using the index to develop policy prescriptions.

  9. Organic Marketing Initiatives and Rural Development

    OpenAIRE

    Schmid, Otto; Sanders, Jürn; Midmore, Peter

    2004-01-01

    Over recent decades, organic farmers have come together to form collective marketing initiatives. To begin with, such schemes were often essential as the only means of finding markets for organic products, but farmers today participate in them to pool ideas, capital and skills, and to collectively increase added value of products and market power in the supply chain. However, Organic Marketing Initiatives (OMIs) are not only initiated and managed by farmers but also by consumers, processors o...

  10. COGNITIVE LEARNING OF INTELLIGENCE SYSTEMS USING NEURAL NETWORKS: EVIDENCE FROM THE AUSTRALIAN CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    Joachim Tan

    2002-01-01

    Full Text Available Artificial neural networks (ANNs allow users to improve forecasts through pattern recognition. The purpose of this paper is to validate ANNs as a detection tool in four financial markets. This study investigates whether market inefficiencies exist using ANN as a model. It also investigates whether additional publicly available information can provide investors with a trading advantage. In finance, any forecasting advantage obtained through the use of publicly available information albeit internal or/and external market factors suggest inefficiencies in the financial markets. In this paper, we explore the efficiency of the United States, Japan, Hong Kong and Australia. In Australia, using the ASX 200 index, we demonstrate how the inclusion of external information to our ANN improves our forecasting. Our results show accounting for external market signals significantly improves forecasts of the ASX200 index by an additional 10 percent. This suggests the inclusion of publicly available information from other markets, can improve predictions and returns for investors.

  11. CITY MARKETING AND ITS IMPACT OVER URBAN TOURISM – SIBIU EUROPEAN CAPITAL OF CULTURE 2007 - A SUCCESS STORY

    Directory of Open Access Journals (Sweden)

    ELENA LIDIA ALEXA

    2011-04-01

    Full Text Available In the past years tourism has become the fastest-growing economic sector, both in terms of turnover and the opportunity to create jobs. In this context, it begun to be one of the activities with an important potential and, in the same time, a challenge for the development of urban centers which find themselves forced to redefine their identity, due to the decrease of other types of industries under the impact of the global economic crisis and the economic reset. After analyzing the main indicators of the touristic activity in the urban area, it is noticeable that cities have an important percentage in the overall touristic circulation. The future development of this form of tourism is, however, conditioned by the assimilation in the urban management process of marketing strategies meant to allow the development of touristic functions in the main urban localities and of touristic programs designed to bring added value to the cultural attractions for large and small cities alike. Urban marketing comes, in this case, as a natural response to the requirements of the city to better answer the market’s needs and to adjust to the dynamics of the tourist market. The present article aims to analyze the different urban marketing strategies used by urban centers interested in attracting important tourist flows and their impact over their future development, based on the Sibiu case after implementing the “Sibiu - European Capital of Culture” Programme in 2007.

  12. Capitalizing on Emergence: The ‘New’ Civil Security Market in Europe

    NARCIS (Netherlands)

    Hoijtink, M.

    2014-01-01

    In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

  13. Capital Discipline and Financial Market Relations in Retail Globalization: Insights from the Case of Tesco plc

    OpenAIRE

    Wood, Steven; Wrigley, N; Coe, NM

    2016-01-01

    This paper provides an in-depth study of leading transnational food retailer Tesco plc to explore how its financial management and relations with the investment community – notably its reputation for capital discipline – underpinned successful expansion. Informed by close dialogue with equity analysts, we investigate how this model deteriorated since the late 2000s with declining returns, leading to high-profile international divestitures. The analysis assesses the drivers of these difficulti...

  14. Poor markets, lack of incentives cause drastic drop in capital spending. [1977

    Energy Technology Data Exchange (ETDEWEB)

    Fish, R

    1977-10-01

    Canadian Mining Journal's 1977 Capital Expenditure Survey shows a drop of 52% in announced spending intentions compared with the 1976 survey total. Coal is particularly hard hit with announced spending for 1977 at 1,250,000 dollars as compared to 700,770,000 in 1976. This total 1977 amount is reported by Kaiser Resources for installing a Honeywell Model 66/05 large scale computer system to be used for accounting, inventory control, engineering and material procurement applications at Sparwood.

  15. Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

    Directory of Open Access Journals (Sweden)

    Li Li

    2015-01-01

    Full Text Available Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation?and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China. Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.

  16. Listed companies’ income tax planning and earnings management: Based on China’s capital market

    Directory of Open Access Journals (Sweden)

    Nanwei Hu

    2015-04-01

    firms’ earnings management, the results are helpful for regulators to strengthen the administration of listed companies’ restatement, as well as decrease the damage of restatement on our capital market. Finally, our results indicate that when the company has motivations to turn losses into gains and has motivations to avoid penalty cost associated with fraud being found, the company prefers to employ more conforming earnings management strategies. It will help us to deeply understand the impact of the accounting processes of income tax under the balance sheet liability method on the listed companies, therefore provide companies’ income tax planning with essential empirical and theoretical evidences.Originality/value: So far, earnings management researches in academia mostly focus on the cost, motivations, means and results of earnings management, there are few studies discuss the choice of earnings management strategies and how different purposes and motivations affect the choice from the perspective of income tax. The issue of CAS2006 offers an opportunity for this research. This paper use restatement as sample to investigate the choice of conforming earnings management and nonconforming earnings management under different motivations and purposes for the first time. And not only study the effect that earnings management have on income tax, but also study the effect of different earnings management motivations on the choice of earnings management strategies.

  17. Capital Markets and E-fraud Policy Note and Concept Paper for Future Study

    OpenAIRE

    Kellermann, Tom; McNevin, Valerie

    2005-01-01

    The technological dependency of securities exchanges on internet-based (IP) platforms has dramatically increased the industry's exposure to reputation, market, and operational risks. In addition, the convergence of several innovations in the market are adding stress to these systems. These innovations affect everything from software to system design and architecture. These include the use of XML (extensible markup language) as the industry IP language, STP or straight through processing of da...

  18. Culture, state and varieties of capitalism: a comparative study of life insurance markets in Hong Kong and Taiwan.

    Science.gov (United States)

    Chan, Cheris Shun-Ching

    2012-03-01

    This article examines the interplay between local culture, the state, and economic actors' agency in producing variation across markets. I adopt a political-cultural approach to examining why life insurance has been far more popular in Taiwan than Hong Kong, despite the presence of a cultural taboo on the topic of premature death in both societies. Based on interview data and documentary references, the findings reveal that as an independent state, the Taiwanese government heavily protected domestic insurance firms during their emergence. These domestic firms adopted a market-share approach by re-defining the concept of life insurance to accommodate the local cultural taboo. The colonial Hong Kong government, on the other hand, adopted laissez-faire policies that essentially favoured foreign insurance firms. When faced with the tension between local adaptation and the profitability of the business, these foreign firms chose the latter. Their reluctance to accommodate local cultures, however, resulted in a smaller market. I argue that state actions mediate who the dominant economic players are and that the nature of the dominant players affects the extent of localization. Specifically, the presence of competitive domestic players alongside transnational corporations is more likely to produce varieties of capitalism. © London School of Economics and Political Science 2012.

  19. Corporate Governance and determinants of capital structure: empirical evidence from Brazilian markets

    OpenAIRE

    SILVEIRA, Alexandre Di Miceli da; PEROBELLI, Fernanda Finotti Cordeiro; BARROS, Lucas Ayres Barreira de Campos

    2008-01-01

    Este estudo investiga empiricamente a influência das práticas de Governança Corporativa [GC] das empresas sobre sua estrutura de capital. A qualidade da governança é mensurada por um índice abrangente proposto em pesquisa anterior e construído para uma amostra de empresas brasileiras com ações negociadas na Bovespa. Modela-se explicitamente, ademais, a possível causalidade bidirecional entre os construtos de interesse, na medida em que, como sugere a literatura especializada, a estrutura de c...

  20. Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

    Directory of Open Access Journals (Sweden)

    Marilen Pirtea

    2008-05-01

    Full Text Available Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

  1. Credit Enhancements and Capital Markets to Fund Solar Deployment: Leveraging Public Funds to Open Private Sector Investment

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Urdanick, Marley [National Renewable Energy Lab. (NREL), Golden, CO (United States); Joshi, John [Capital Fusion Markets, London (United Kingdom)

    2015-02-01

    Credit enhancements represent a variety of financial support structures that are designed to reduce risk to those holding the debt, including debt raised via a securitization process, and thus lower the required yield associated with the security. The purpose of all forms of credit enhancement is to increase the collateral against which notes are secured (Lin,1999). The following section evaluates is not guaranteed. Perceived risks of the solar asset class--including those related to technology, offtaker creditworthiness, and regulatory policy--can increase the required yield, increase probability of investor loss of interest and/or principal, or both. In many cases, this is a cyclical phenomenon: risk perception is fed by lack of historical knowledge, which is in turn fed by risk perception. Therefore, successful access to capital market investment in order to spur low-cost solar deployment depends on the success of this initial fledgling period.

  2. Endogenous and exogenous dynamics in the fluctuations of capital fluxes. An empirical analysis of the Chinese stock market

    Science.gov (United States)

    Jiang, Z.-Q.; Guo, L.; Zhou, W.-X.

    2007-06-01

    A phenomenological investigation of the endogenous and exogenous dynamics in the fluctuations of capital fluxes is carried out on the Chinese stock market using mean-variance analysis, fluctuation analysis, and their generalizations to higher orders. Non-universal dynamics have been found not only in the scaling exponent α, which is different from the universal values 1/2 and 1, but also in the distributions of the ratio η= σexo / σendo of individual stocks. Both the scaling exponent α of fluctuations and the Hurst exponent Hi increase in logarithmic form with the time scale Δt and the mean traded value per minute , respectively. We find that the scaling exponent αendo of the endogenous fluctuations is independent of the time scale. Multiscaling and multifractal features are observed in the data as well. However, the inhomogeneous impact model is not verified.

  3. EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Muller Victor - Octavian

    2011-07-01

    the capital market, and on the other hand, they question the necessity of publishing parent company financial statements.

  4. Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009

    Directory of Open Access Journals (Sweden)

    Imam Wahyudi

    2014-08-01

    Full Text Available This  paper  studies  trading  volume  of  206  recorded  and  publicly  traded  bonds  in  Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included  descriptive  statistic,  GLS,  and  other  formal  test.  We  ind  that  bonds  with  larger par value and more seasoned tend to have smaller trading volume. We also ind that private bonds are actively traded more than public bonds (both government institution and private institution  bond.  Interest  rate  risk  and  bond  price  volatility  are  positively  inluence  bond trading volume, but opposite for bond rating. We ind that bond with higher probability to default  have  smaller  trading  volume.  While  comparing  the  bond  volume  data  with  stock price data, we ind that the relationship in two markets is not linier as the convenient theory in inance said. ";} // -->activate javascript

  5. Institutional economic analysis of vegetable production and marketing in northern Philippines: social capital, institutions and governance

    NARCIS (Netherlands)

    Milagrosa, A.

    2007-01-01

    This study examines vegetable production and marketing among indigenous communities in northernPhilippinesusing an institutional economics approach. It develops a framework that analyses the four levels of

  6. The Volatility of Indonesia Shari’ah Capital Market Stock Price Toward Macro Economics Variable

    Directory of Open Access Journals (Sweden)

    Helma Malini

    2014-08-01

    Full Text Available Shari’ah stock market is also affected by many highly interrelated economic, social, political andother factor, same as the conventional stock market, the interaction between macroeconomic variablesand Shari’ah stock market creating volatility in the stock price as a response towards severalshocks. The sensitivity of Shari’ah stock market towards shocks happened related with the futureexpectation of micro and macro factor in one country which can be predict or unpredictable.There are six macroeconomic variables that used in this research; inflation, exchange rate, interestrate, dow jones index, crude oil palm price, and FED rate. Using vector error correction model(VECM, the result shows that domestic macroeconomic variables that significantly affect IndonesiaShari’ah compliance for long term, while for international macroeconomic variables the selectedvariable such as FED rate and Dow Jones Index are not significantly affected Indonesia Shari’ahcompliance both in short term and long term. Keywords: Indonesia Shari’ah compliance, Macro Economic Indicators, Impulse Response Function,Stock Price Volatility

  7. Universities on the Market: Academic Capitalism as a Challenge and a Window of Opportunity

    Science.gov (United States)

    Demin, M. R.

    2017-01-01

    The modern university and the academic profession itself are facing new challenges: First, the increasing complexity of labor markets and globalization are undermining the structure of the academic profession, and secondly, the rise in cost of university research calls into question the autonomy of the university. The internationalization of the…

  8. The Promise of English: Linguistic Capital and the Neoliberal Worker in the South Korean Job Market

    Science.gov (United States)

    Park, Joseph Sung-Yul

    2011-01-01

    English is often assumed to be a key to material success and social inclusion, and this belief commonly works to justify the global dominance of English, glossing over and rationalizing broader social inequalities. This paper extends the discussion of this fallacy of "the promise of English" to the domain of the South Korean job market,…

  9. The nonutilisation of human capital in regional labour markets across Europe

    NARCIS (Netherlands)

    Elhorst, JP

    In this paper the author investigates the extent to which regional Europe exceeds its minimum level of nonemployment by estimating a stochastic frontier model. This surplus is called the 'inefficiency of regional labour markets'-the degree to which potential labour-force resources among the

  10. Capital adequacy implications on Islamic and non-Islamic bank's behavior: Does market power matter?

    Directory of Open Access Journals (Sweden)

    Salma Louati

    2015-09-01

    Full Text Available After each crisis, reforms are carried out to prevent a new episode of financial crises. In this context, our objective in this study is to examine and simultaneously compare the behavior of Islamic and conventional banks in relation to the ratio of the capital adequacy in different competitive circumstances. We used data from 12 MENA and South East Asian countries characterized by the coexistence of Islamic and conventional banks. We concluded that the funding ratio has a significant impact on the behavior of 70 conventional banks and 47 Islamic banks. However, competitive conditions have no significant effect on the relationship between the weighted assets ratio and Islamic bank behavior, which means that this type of banks is applying theoretical models based on the prohibition of the interest.

  11. University Autonomy in the Context of University-Society, State and Market/Capital Relations

    Directory of Open Access Journals (Sweden)

    Dicle ÖZCAN

    2016-05-01

    Full Text Available This study focuses on how the concept university autonomy which constitutes one of the most tangible indicators of academic freedom is positioned in the context of university's relations with state, society and market and concentrates on the possibility of university autonomy. From the emergence of universities in the Middle Age to the modern universities of the present, the concepts of university autonomy and academic freedom have been maintaining their actuality with a growing interest. In the light of studies in Turkey, the purpose of this study is to discuss the change of university autonomy in the historical process and where it can be positioned in the context of building blocks of university autonomy concept and the recent relationship between universities and market-industry-business world.

  12. The International Politics of Harmonization: The Case of Capital Market Regulation

    OpenAIRE

    Simmons, Beth

    2001-01-01

    The vast expansion of international nancial activity over the last decade has been a central fact of international economic life. Balance-of-payments statistics indicate that cross-border transactions in bonds and equities among the G-7 countries rose from less than 10 percent of gross domestic product (GDP) in 1980 to over 140 percent in 1995. International bond and equity markets have reached staggering proportions: by the end of 1997, portfolio holdings of equity and long-term debt securit...

  13. An Islamic Perspective on Capital Markets and "Islamic" Securities in Malaysia

    OpenAIRE

    Muhammad Anwar

    1995-01-01

    Financial systems channel funds in an economy from the surplus economic units lacking appropriate investment opportunities to the deficit economic units with such opportunities. The surplus units seeking returns by employing their funds in productive activities and the deficit units interested in exploiting their investment opportunities contact one another through a network of financial markets and institutions in the economy. The participants make financial contracts in ways which satisfy t...

  14. A COMPARISON OF BASIC AND EXTENDED MARKOWITZ MODEL ON CROATIAN CAPITAL MARKET

    OpenAIRE

    Bruna Škarica; Zrinka Lukač

    2012-01-01

    Markowitz' mean - variance model for portfolio selection, first introduced in H.M. Markowitz' 1952 article, is one of the best known models in finance. However, the Markowitz model is based on many assumptions about financial markets and investors, which do not coincide with the real world. One of these assumptions is that there are no taxes or transaction costs, when in reality all financial products are subject to both taxes and transaction costs – such as brokerage fees. In this pape...

  15. Is women's human capital valued more by markets than by planners?

    Czech Academy of Sciences Publication Activity Database

    Münich, Daniel; Švejnar, Jan; Terrell, K.

    2005-01-01

    Roč. 33, č. 2 (2005), s. 278-299 ISSN 0147-5967 R&D Projects: GA ČR GA403/03/0340 Institutional research plan: CEZ:AV0Z70850503 Keywords : women * earnings * markets Subject RIV: AH - Economics Impact factor: 1.086, year: 2005 http://dx.doi.org/10.1016/j.jce.2005.03.009

  16. IFRS, synchronicity, and financial crisis: the dynamics of accounting information for the Brazilian capital market

    Directory of Open Access Journals (Sweden)

    Bruno Figlioli

    2017-07-01

    Full Text Available ABSTRACT This study aims is to investigate the synchronicity levels of shares traded on the spot market of the São Paulo Stock, Commodities , and Futures Exchange (BM&FBOVESPA in relation to the accounting convergence process towards International Financial Reporting Standards (IFRS in Brazil. The term synchronicity refers to the amount that company-specific information and market information are reflected in stock prices. The more share prices reflect company-specific information rather than market information, the greater the informational content of these prices will be in terms of representing the economic value of a particular company. For this investigation, information on companies and shares from 2005 to 2015 was collected, excluding the financial sector. The data were analyzed using cross-sectional and panel regressions. The results indicate a reduction in the synchronicity levels of stocks in the period of full adoption of IFRS in Brazil from 2010 onwards. From 2008 to 2009, which includes the partial adoption of IFRS in Brazil, statistically significant results were not found for the synchronicity levels of shares. However, for times of financial crisis, evidence was found of a reduction in the relevance of accounting information even with the adoption of international accounting standards. The results obtained for the Brazilian context do not support the idea that the adoption of IFRS necessarily causes an increase in the informational content of financial statements and that relevant information is consequently reflected in stock prices.

  17. Exploring Zen Marketing: A Strategic Experiment in Leveraging End User Intellectual Capital to Stimulate Primary Market Demand

    Science.gov (United States)

    Gilbert, Raymond

    2003-10-01

    Recently the Telecom Industry experienced an economic boom & bust cycle that hampered new service development & deployment. Consequently, there are significant problems in capturing key requirements for new network-based services and in educating CIO-IT leaders so they can promote investment proposals with their enterprise business leadership. This paper outlines a multi-functional initiative that Lucent Technologies established to engage and exchange with key Enterprises & their Telecom Suppliers views of future network technologies. This experiment is unique because it is facilitated by the corporate CIO-IT leadership & is focused on the latest 3G wireless technologies. CIO-IT provides externally facing resources that collaborate directly with Enterprises, and Service Providers while facilitating internal interactions with Bell Labs, Business Units and Sales teams. This program embodies a Zen Marketing approach since it seeks to create flashes of enlightenment with IT & business leaders by exercising all the knowledge, culture & behaviors available to an IT end user. The paper summarizes several organizational challenges & benefits uncovered by a program that is focused on transforming Mobility Provider relationships with their customers and expanding the overall awareness of the latest 3G wireless technologies.

  18. Sand in the Wheels of Capitalism

    DEFF Research Database (Denmark)

    Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig

    We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital......, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth...

  19. 78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-10-22

    ..., Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule AGENCY: Federal Deposit Insurance... Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and...

  20. Capital Kinnisvara müüs poole Vilde 90 ühiselamust endale / Küllike Rooväli

    Index Scriptorium Estoniae

    Rooväli, Küllike, 1969-

    2005-01-01

    Capital Kinnisvara osanik tegi Vilde 90 ühiselamuga näilise müügitehingu, mis peaks sundima Tallinna linna maja juba kokkulepitust varem kõrgema hinnaga ostma, 18 miljni krooniga, mida linn peab liiga kõrgeks.

  1. Detection of Toxoplasmosis in Environmental Samples at a Wet Market of a Capital City Centre

    Directory of Open Access Journals (Sweden)

    Amal R. Nimir

    2011-01-01

    Full Text Available The local Chow Kit market is the largest wet market in the city of Kuala Lumpur. It is very close to the biggest government hospital in the city centre. However, the level of cleanliness in this area is always questionable and a matter of concern. The aim of this study was to identify the prevalence of T. gondii oocyst in water samples used by hawkers in that market and tissue cysts in rats’ brains captured from the same area. Water samples were taken to the parasitology laboratory at the National Universtiy of MalaysiaUniversity and a sugar flotation concentration method was used. Supernatant microscopical examination was then performed. A total of 752 slides were screened for the presence of T. gondii oocyst. A hundred rats wandering in the same area were also captured by the hawkers using mousetraps. After each animal was sacrificed, and an electric microtome was used to cut out serial sections 5μ thick from the rat brains. The de-waxed tissue sections were stained by the progressive Haematoxylin and Eosin (H&E stain for microscopical examination. A total of 1000 slides were screened under a light microscope to detect the presence of T. gondii brain cysts. All the water samples were found to be negative for T. gondii oocyst. Out of the 100 rats captured, three rats were found to possess T. gondii cysts in their brains. Water samples reflect minimal or no solid food contamination, while the 3% of positive brain cysts influence the researchers to broaden their investigations for future projects.

  2. A study of the impacts of leverage on labor and capital productivity: A case study of companies listed in Tehran Stock Market

    Directory of Open Access Journals (Sweden)

    Peyman Akbari

    2013-03-01

    Full Text Available Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.

  3. Measuring capital market efficiency: long-term memory, fractal dimension and approximate entropy

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2014-01-01

    Roč. 87, č. 7 (2014), "162-1"-"162-9" ISSN 1434-6028 R&D Projects: GA ČR(CZ) GBP402/12/G097 EU Projects: European Commission(XE) FP7/2007-2013 Program:FP7 Institutional support: RVO:67985556 Keywords : Statistical and Nonlinear Physics * fractal dimension * stock market efficiency Subject RIV: AH - Economics Impact factor: 1.345, year: 2014 http://library.utia.cas.cz/separaty/2014/E/kristoufek-0431151.pdf

  4. Impacts of relationship banking and capital market concentration on small business finance.

    OpenAIRE

    Zhang, Song

    2016-01-01

    Small business is important to U.S. economy. However, they are difficult to obtain external finance. Since 1990s, deregulations happened in the U.S. banking market and affected small business finance greatly. Relationship banking is an effective lending technology for small business finance. Therefore, this thesis aims to investigate the nature of relationship banking and its impacts by using the data from U.S. Survey of Small Business Finances 1993, 1998 and 2003. The survey is led by U.S. F...

  5. Sustainability of common pool resources

    OpenAIRE

    Timilsina, Raja Rajendra; Kotani, Koji; Kamijo, Yoshio

    2017-01-01

    Sustainability has become a key issue in managing natural resources together with growing concerns for capitalism, environmental and resource problems. We hypothesize that the ongoing modernization of competitive societies, which we refer to as "capitalism," affects human nature for utilizing common pool resources, thus compromising sustainability. To test this hypothesis, we design and implement a set of dynamic common pool resource games and experiments in the following two types of Nepales...

  6. Evidence of fueling of the 2000 new economy bubble by foreign capital inflow: implications for the future of the US economy and its stock market

    Science.gov (United States)

    Sornette, Didier; Zhou, Wei-Xing

    2004-02-01

    Previous analyses of a large ensemble of stock markets have demonstrated that a log-periodic power law (LPPL) behavior of the prices constitutes a qualifying signature of speculative bubbles that often land with a crash. We detect such a LPPL signature in the foreign capital inflow during the bubble on the US markets culminating in March 2000. We detect a weak synchronization and lag with the NASDAQ LPPL pattern. We propose to rationalize these observations by the existence of positive feedback loops between market-appreciation/increased-spending/increased-deficit-of-balance-of-payment/larger-foreign-surplus/increased-foreign-capital-inflows and so on. Our analysis suggests that foreign capital inflow has been following rather than causing the bubble. We then combine a macroeconomic analysis of feedback processes occurring between the economy and the stock market with a technical analysis of more than 200 years of the DJIA to investigate possible scenarios for the future, three years after the end of the bubble and deep into a bearish regime. We conclude that the low interest rates and depreciating dollar are the indispensable ingredients for a lower sustainable burden of the global US debt structure and for allowing the slow rebuilding of an internationally competitive economy. This will probably be accompanied by a weak stock market on the medium term as the growing Federal deficit is consuming a large part of the foreign surplus dollars and the stock market is remaining a very risky and unattractive investment. Notwithstanding strong surge of liquidity in recent months orchestrated by the Federal Reserve, this macroeconomic analysis which incorporates an element of collective behavior is in line with our recent analyses of the bearish market that started in 2000 in terms of a LPPL “anti-bubble”. We project this LPPL anti-bubble to continue at least for another year. On the short term, increased availability of liquidity (M1) and self-fulfilling bullish

  7. The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

    OpenAIRE

    Oranen, Anna

    2006-01-01

    The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market ...

  8. Profitable pooling; Profitables Pooling

    Energy Technology Data Exchange (ETDEWEB)

    Zimmermann, Joerg-Rainer

    2011-09-15

    Many electric utilities are well prepared for the new 'market premium' that will be introduced with the amended EEG. If they are right in their assumptions, several thousands of MW of wind power may be traded by the new direct marketing model from 2012. But only big portfolios will have good chances in the long run.

  9. “Labour Market Outcomes of Immigrants in Denmark: Using or Losing human Capital?”

    DEFF Research Database (Denmark)

    Rezaei, Shahamak; Goli, Marco; Pohl Nielsen, Chantal

    as a brief overview of the policies relating to employment / unemployment of immigrants (unemployment benefits, incentive structures, financial compensation to firms that employ immigrants in e.g. training positions, etc). (2) Self-employment is the focus of the second part, including a discussion of the use...... of self-employment as a last resort in response to barriers to entry into the formal labour market. A description of the self-employed based on register data will be provided, including level of education and indications as to whether or not this level of education is commensurate with the line...... of the presentation will be wrapped up by a policy discussion. In addition to the register-based analyses, we hope to be able to include results of a survey that is being conducted at the moment. This survey will provide information on the motivation for becoming self-employed as well as other interesting qualitative...

  10. FINANCIAL TECHNOLOGY (FINTECH AND ITS IMPLEMENTATION ON THE ROMANIAN NON-BANKING CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Ion MICU

    2016-07-01

    Full Text Available This paper presents the particularities of the financial technology industry, how is FinTech defined and how can the financial technology solutions implemented by companies be categorised. Also it approaches FinTech’s appeal to the consumer and the effects, both disruptive and positive, that it had on the financial industry, as well as the growth this industry has seen in recent years. It will also analyse the implementation of FinTech solutions by the financial service providers active on the Bucharest Stock Exchange (BVB, which were determined by the market institutions or by the regulatory framework set by Romanian Financial Supervisory Authority as well as solutions aimed to provide better services to their customers, in the form on online trading platforms.

  11. An Analysis of the Influence of Controlling Shareholder Identity over Earnings Informativeness on Brazilian Capital Market

    Directory of Open Access Journals (Sweden)

    Rodrigo Vicente Prazeres

    2017-09-01

    Full Text Available This paper aimed to investigate the influence of controlling shareholder identity over earnings informativeness and to contribute empirically on the advance on the understanding of the agency conflict between controlling shareholders and minority investors through the lens of value relevance. The research sample considered 104 shares of non-financial firms negotiated on BM&FBovespa from 2011 to 2016. The methodology was conducted through panel data regression analysis. As results, this paper concludes with the following findings: i the higher the control/vote power of controlling shareholder (ownership concentration and the lower the stock liquidity, the less informative are the earnings and the greater is the probability of entrenchment and wealth expropriation by controlling shareholders; ii larger firms and highly leveraged firms have more informative earnings; iii the stock prices reflect the controlling shareholder identity; iv Firms controlled by financial institutions, nonfinancial institutions and the government are much more likely to expropriate minority investors wealth and have less informative earnings; v family firms are positively priced by the market.

  12. The crisis of capitalism and the marketization of health care: the implications for public health professionals

    Directory of Open Access Journals (Sweden)

    Martin McKee

    2012-12-01

    Full Text Available The current economic crisis in Europe has challenged the basis of the economic model that currently prevails in much of the industrialised world. It has revealed a system that is managed not for the benefit of the people but rather for corporations and the small elite who lead them and which is clearly unsustainable in its present form. Yet, there is a hidden consequence of this system: an unfolding crisis in health care, driven by the greed of corporations whose profit-seeking model is also failing. Proponents of commodifying healthcare simultaneously argue that the cost of providing care for ageing populations is unaffordable while working to create demand for their health care products among those who are essentially healthy. Will healthcare be the next profit-fuelled investor bubble? In this paper we call on health professionals to heed the warnings from the economic crisis and, rather than stand by while a crisis unfolds, act now to redirect increasingly market-oriented health systems to serve the common good.

  13. ABOUT THE FINANCIAL REPORTING ON THE CAPITAL MARKETS IN THE EUROPEAN UNION: REQUIREMENTS OF USING THE IFRS AND THE EQUIVALENCE OF THIRD COUNTRY ACCOUNTING STANDARDS

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2013-12-01

    Full Text Available The need to build a single European market and to ensure the competitiveness of the community capital markets led to the involvement of European Union in the convergence process taking place on a global level in the realm of financial reporting. This paper is a study on financial reporting for the capital markets in the European Union by analyzing the accounting standards that need to be applied. Specifically, this paper highlights a number of issues concerning: the adoption of IAS / IFRS in the European Union and their compulsory aspect in preparing the consolidated financial statements for the companies listed on a regulated market; the requirement’s extension of using the IFRSs adopted in the European Union to the issuers of certain third countries involving a public offer of securities in European Union or performing transactions with securities on a community regulated market; the establish of a mechanism for the determination of equivalence of certain third country accounting standards with IFRSs in force at European level and, consequently, the possibility of using by some third country issuers, in preparing the consolidated financial statements submitted to the European markets, recognized national standards as equivalent to adopted IFRS.

  14. Corporate social capital, market orientation, organizational learning and service innovation performance: An empirical survey in the Pearl river delta of China

    Directory of Open Access Journals (Sweden)

    Zhaoquan Jian

    2015-04-01

    Full Text Available Purpose: Service innovation performance (SIP is an important driver of growth and wealth of service firms in wide range of industries. Yet, few research studies have been done to explore the influencing factors. The purpose of this study intends to identify the impacts of corporate social capital, market orientation and organizational learning on service innovation in the Pearl River Delta of China.Design/methodology/approach: The paper mainly adopted the empirical research. A Structure Equation Model containing an intermediary variable was established to explore the relationships of SIP.Findings and Originality/value: The main findings of the research support some of the propositions: (1 Both corporate social capital, market orientation and organizational learning have distinct positive impact on service innovation performance; (2 Corporate social capital, market orientation has a positive effect on organizational learning respectively, and (3 organizational learning plays a mediating role between the corporate social capital, market orientation and service innovation performance.Research limitations/implications: The research object of this paper has been restricted to the enterprises in Pearl River Delta of China. By contrast, variables and theories all come from western research, which was not adequate in explaining some results in the context of China. Given the limited theoretical and empirical research to service innovation, future research studies might widen their examinations to include other potential factors.Practical implications: This study has significant implications to enterprises. The results of this study suggest that enterprises should establish the social networks accommodated by the development of organization. In addition, more attention should be paid to focus on market orientation to enhance the ability to respond to changes in the market environment. It’s particularly necessary to strengthen organizational learning to

  15. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream

    Directory of Open Access Journals (Sweden)

    Leon Li

    2018-02-01

    Full Text Available The data presented in this article are related to the research article entitled “Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116–135. doi:10.1016/j.najef.2017.02.006 (Li, 2017 [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  16. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream.

    Science.gov (United States)

    Li, Leon

    2018-02-01

    The data presented in this article are related to the research article entitled "Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116-135. doi:10.1016/j.najef.2017.02.006 (Li, 2017) [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  17. Cash pooling

    OpenAIRE

    Lozovaya, Karina

    2009-01-01

    This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

  18. Corporate social capital, market orientation, organizational learning and service innovation performance: an empirical survey in the Pearl river delta of China

    OpenAIRE

    Jian, Zhaoquan; Zhou, Yu Lu

    2015-01-01

    Purpose: Service innovation performance (SIP) is an important driver of growth and wealth of service firms in wide range of industries. Yet, few research studies have been done to explore the influencing factors. The purpose of this study intends to identify the impacts of corporate social capital, market orientation and organizational learning on service innovation in the Pearl River Delta of China.Design/methodology/approach: The paper mainly adopted the empirical research. A Structure Equa...

  19. The foreign capital flows and economic growth in Sub-Saharan Africa : the role of financial markets and institutional quality

    OpenAIRE

    Ifo, Duba Jarso

    2017-01-01

    There are competing theories when comes to the effect of foreign capital inflows on the recipient country’s economic growth. The foreign capital inflows to the sub-saharan region has shown significant growth over last two decades which coincided with the relative economic progress in the region. This study investigated the impact of foreign capital flows on Economic growth of Sub- Saharan African countries. System Generalized Methodwas employed on 33 cross country panel in the period 19...

  20. Social capital in relation to the foreign market entry and post-entry operations of family SMEs

    OpenAIRE

    Kontinen, T.; Ojala, A.

    2011-01-01

    Scholars in the discipline of international entrepreneurship have mainly studied rapidly internationalizing firms. However, the majority of entrepreneurial firms are family-owned businesses (85% of all firms in the EU and the USA). Research on family business has focused on the importance of bonding social capital whereas, despite its importance, bridging social capital has not so far attracted much attention. It has been argued that bridging social capital plays an important role in firms' i...

  1. FORMATION OF THE MARKET OF WATER RESOURCES AS A PROCESS OF ACCUMULATION OF CAPITAL IN THE REGIONS OF UKRAINE ON THE WAY TO SUSTAINABLE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Svitlana Fedulova

    2016-11-01

    Full Text Available The subject of study in this paper is the scientific basis of capitalization of water resources of the regions of Ukraine with a view to accumulating the capital in the regions of Ukraine and their balanced development. The problems of water management complex are conditioned, first of all, by dramatic changes of the institutional environment in the country, weakening of the system of public administration, and considerable reduction of the volume of financing of water-related activities. Critical wear of capital assets of water industry is the cause of negative consequences in the domain of water supply, and the resulting damage to the economy and population in this regard is far greater than the amount of money needed for its prevention. Methodology. We used in our study the traditional and special methods, including: historical and logical method, abstraction and analogy and system analysis methods. Results. This paper states that the problems of development of water management complex of Ukraine can be solved by taking systemic measures aimed at capitalization of water resources, corporatization of water sector management, and institutionalization of the market methods of management. The process of water resources capitalization will give an opportunity to transform the production factor into capital on the basis of harmonization of interests of business entities in order to ensure the sustainable development of the national territorial formations. It should be noted that it is necessary to form the cost of water resources. Study of the cost of water resources determines that today it is not possible to determine this cost in Ukraine, since the market of water resources does not actually exist, and this fact significantly restrains the development of water management complex in the economy. Practical implications. Therefore, in the current economic situation in Ukraine the necessary condition of achieving the objectives of sustainable

  2. 78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

    Science.gov (United States)

    2013-12-20

    ... Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital..., 2013, a document adopting a final rule that revises its risk-based and leverage capital requirements... risk-based and leverage capital requirements for banking organizations. An allowance for additional...

  3. Is flood risk capitalized into real estate market values? : a Mahalanobis-metric matching approach to housing market in Busan, South Korea

    Science.gov (United States)

    Jung, E.; Yoon, H.

    2016-12-01

    Natural disasters are substantial source of social and economic damage around the globe. The amount of damage is larger when such catastrophe events happen in urbanized areas where the wealth is concentrated. Disasters cause losses in real estate assets, incurring additional cost of repair and maintenance of the properties. For this reason, natural hazard risk such as flooding and landslide is regarded as one of the important determinants of homebuyers' choice and preference. In this research, we aim to reveal whether the past records of flood affect real estate market values in Busan, Korea in 2014, under a hypothesis that homebuyers' perception of natural hazard is reflected on housing values, using the Mahalanobis-metric matching method. Unlike conventionally used hedonic pricing model to estimate capitalization of flood risk into the sales price of properties, the analytical method we adopt here enables inferring causal effects by efficiently controlling for observed/unobserved omitted variable bias. This matching approach pairs each inundated property (treatment variable) with a non-inundated property (control variable) with the closest Mahalanobis distance between them, and comparing their effects on residential property sales price (outcome variable). As a result, we expect price discounts for inundated properties larger than the one for comparable non-inundated properties. This research will be valuable in establishing the mitigation policies of future climate change to relieve the possible negative economic consequences from the disaster by estimating how people perceive and respond to natural hazard. This work was supported by the Korea Environmental Industry and Technology Institute (KEITI) under Grant (No. 2014-001-310007).

  4. Exciting Pools

    Science.gov (United States)

    Wright, Bradford L.

    1975-01-01

    Advocates the creation of swimming pool oscillations as part of a general investigation of mechanical oscillations. Presents the equations, procedure for deriving the slosh modes, and methods of period estimation for exciting swimming pool oscillations. (GS)

  5. Using the Idea of Market-Expected Return Rates on Invested Capital in the Verification of Conformity of Market Evaluation of Stock-Listed Companies with their Intrinsic Value

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2012-12-01

    Full Text Available This article presents the concept of investor-expected rates of return on capital of listed companies and the use of these rates in the assessment of the extent to which the stock evaluation of a given entity is compatible with its intrinsic value. The article also features results of the research aimed at verification – with the use of the presented tool – of whether the market value of WSE-listed companies reflects their fundamental value. The calculations presented in the empirical part of the article show that at the beginning of 2011, market evaluation of the most of the analysed entities greatly exceeded their fundamental value.

  6. Impacts of the regulatory model for market risk capital: application in a special savings company, an insurance company, and a pension fund

    Directory of Open Access Journals (Sweden)

    Betty Lilian Chan

    Full Text Available ABSTRACT In line with the regulation brought in by Solvency II, the Superintendence of Private Insurance (Susep introduced the market risk capital requirement at the end of 2015, with 50% of the minimum capital for this type of risk being required by December 31st 2016 and 100% the following year. This regulatory model consists of calculating parametric value at risk with a 99% confidence level and a three month time horizon, using the net exposure of expected cash flows from assets and liabilities and a covariance matrix updated with market data up to July 2014. One limitation of this regulatory approach is that the updating of the covariance matrix depends on prior approval by the National Council of Private Insurance, which can limit the frequency the covariance matrix is updated and the model’s adherence to the current market reality. As this matrix considers the period before the presidential election, the country’s loss of investment grade status, and the impeachment process, which all contributed to an increase in market volatility, this paper analyses the impacts of applying the regulatory model, considering the market volatility updated to December 31st 2015, for a special savings company (sociedade de capitalização, an insurance company, and an pension fund. Furthermore, the paper discusses the practical implications of the new market risk requirement for managing the investments of the entities supervised by Susep, listing the various assumptions that can be used in the regulated entities’ Asset and Liability Management decision models and possible trade-offs to be addressed in this process.

  7. World corporate loan markets for raising new capital - does distance still matter: Are financial assets priced locally or globally?

    Directory of Open Access Journals (Sweden)

    Vojinovič Borut

    2006-01-01

    Full Text Available Though the paper focuses on pricing, as the background I provide some evidence about loan flows across markets in the form of borrowers’ and lenders’ propensity to issue outside their natural home market. The data show that borrowers stay home when they can and that they tend to issue in Europe when they must issue abroad. That is, borrowers domiciled in one of the major markets (Europe, U.S., and Asia almost always issue in that market, whereas borrowers in more remote locations usually issue in the European market. For example, borrowers from Latin America are overwhelmingly issuing in Europe rather than in the U.S. market.

  8. 12 CFR Appendix C to Part 325 - Risk-Based Capital for State Non-Member Banks: Market Risk

    Science.gov (United States)

    2010-01-01

    ... derivatives, a bank must risk weight (as described in paragraph (c)(2)(iii) of this section) the market value... equity positions (including derivatives) in identical equity issues or equity indices in the same market...: Market Risk C Appendix C to Part 325 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS...

  9. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    Directory of Open Access Journals (Sweden)

    David Umoru

    2018-03-01

    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

  10. Remoteness Equals Backwardness? Human Capital and Market Access in the European Regions: Insights from the Long Run

    Science.gov (United States)

    Diebolt, Claude; Hippe, Ralph

    2018-01-01

    In a recent contribution, Redding and Schott [2003. "Distance, Skill Deepening and Development: Will Peripheral Countries Ever Get Rich?" "Journal of Development Economics": 72 (2): 515-541. doi:10.1016/S0304-3878(03)00118-4] add human capital to a two sector NEG model, highlighting that remoteness represents a penalty that…

  11. Returns to human capital under the communist wage grid and during the transition to a market economy

    Czech Academy of Sciences Publication Activity Database

    Münich, Daniel; Švejnar, Jan; Terrell, K.

    2005-01-01

    Roč. 87, č. 1 (2005), s. 100-123 ISSN 0034-6535 R&D Projects: GA ČR GA403/03/0340 Institutional research plan: CEZ:AV0Z70850503 Keywords : human capital * wages Subject RIV: AH - Economics Impact factor: 1.518, year: 2005 http://dx.doi.org/10.1162/0034653053327559

  12. Entrepreneurs’ human and social capital

    DEFF Research Database (Denmark)

    Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

    2014-01-01

    Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...

  13. A contemporary perspective on capitated reimbursement for imaging services.

    Science.gov (United States)

    Schwartz, H W

    1995-01-01

    Capitation ensures predictability of healthcare costs, requires acceptance of a premium in return for providing all required medical services and defines the actual dollar amount paid to a physician or hospital on a per member per month basis for a service or group of services. Capitation is expected to dramatically affect the marketplace in the near future, as private enterprise demands lower, more stable healthcare costs. Capitation requires detailed quantitative and financial data, including: eligibility and benefits determination, encounter processing, referral management, claims processing, case management, physician compensation, insurance management functions, outcomes reporting, performance management and cost accounting. It is important to understand actuarial risk and capitation marketing when considering a capitation contract. Also, capitated payment methodologies may vary to include modified fee-for-service, incentive pay, risk pool redistributions, merit, or a combination. Risk is directly related to the ability to predict utilization and unit cost of imaging services provided to a specific insured population. In capitated environments, radiologists will have even less control over referrals than they have today and will serve many more "covered lives"; long-term relationships with referring physicians will continue to evaporate; and services will be provided under exclusive, multi-year contracts. In addition to intensified use of technology for image transfer, telecommunications and sophisticated data processing and tracking systems, imaging departments must continue to provide the greatest amount of appropriate diagnostic information in a timely fashion at the lowest feasible cost and risk to the patient.

  14. Trinidadian capitalism

    Directory of Open Access Journals (Sweden)

    Kevin A. Yelvington

    1999-07-01

    Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

  15. Weathering the Great Recession with Human Capital? Evidence on Labor Market Returns to Education from Arkansas. A CAPSEE Working Paper

    Science.gov (United States)

    Belfield, Clive

    2015-01-01

    The Great Recession was one of the sharpest economic downturns of the past century, with significant impacts across the U.S. labor market. Over past decades, one key feature of the U.S. labor market has been the high and stable returns to education. In this paper I estimate the returns to education for large samples of young workers in Arkansas…

  16. Mandatory high-risk pooling: an approach to reducing incentives for cream skimming.

    Science.gov (United States)

    van Barneveld, E M; van Vliet, R C; van de Ven, W P

    1996-01-01

    Risk-adjusted capitation payments (RACPs) to competing health insurers are an essential element of market-oriented health care reforms in The Netherlands. Crude RACPs are inadequate, especially because they encourage insurers to select against people expected to be unprofitable--a practice called cream skimming. However, implementing improved RACPs does not appear to be straightforward. This paper analyzes an approach that, given a system of crude RACPs, reduces insurers' incentives for cream skimming in the market for individual health insurance, while preserving incentives for efficiency and cost containment. Under the proposed system of Mandatory High-Risk Pooling (MHRP), each insurer would be allowed to periodically predetermine a small fraction of its members whose costs would be (partially) pooled. The pool would be financed with mandatory, flat-rate contributions. The results suggest that MHRP is a promising supplement to RACPs.

  17. Intellectual Capital.

    Science.gov (United States)

    Snyder, Herbert W.; Pierce, Jennifer Burek

    2002-01-01

    This review focuses on intellectual capital and its relationship to information professionals. Discusses asset recognition; national practices and the acceptance of intellectual capital; definitions of intellectual capital; measuring intellectual capital, including multiple and single variable measures; managing intellectual capital; and knowledge…

  18. Key Issues and Challenges in Estimating the Cost of Capital for Energy Network Utilities in Emerging Markets(Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar

    Directory of Open Access Journals (Sweden)

    Mustafa GÖZEN

    2012-01-01

    Full Text Available Estimating the cost of capital in emerging markets presents greater difficulties because these markets have relatively illiquid capital markets and higher levels of sovereign risk, economic uncertainties, and political risks. Experience shows that in estimating cost of capital, energy regulators in emerging countries usually depend on the work and recommendations of their staff and/or outside consultancy services. Since the ultimate decision is made by regulators, they need to understand the challenges and key issues in estimating a fair and reasonable cost of capital for energy utilities. The article introduces and discusses the key issues and challenges that regulators have to deal with when estimating cost of capital. Unfortunately, there is no agreement among academics, regulators, bankers, and other practitioners on how to address the key issues and challenges in determining the cost of capital in emerging economies. This makes capital cost estimation even more difficult in emerging economies.

  19. Capitalizing on new opportunities in Canada's emerging midstream : processing, transportation, marketing, NGL, storage : proceedings of a Canadian Institute conference

    International Nuclear Information System (INIS)

    1999-01-01

    Text or speaking notes used at a conference to examine the challenges and opportunities facing Canada's midstream petroleum and natural gas industry are contained in this volume. A total of eight 8 papers were presented, focusing on the wide range of business opportunities that do not fit into the core functions of the upstream business (exploration and production), or into the core functions of the downstream business (distribution and retail marketing). One of the biggest opportunities lies in the development of storage facilities for the natural gas industry. Other aspects of the midstream business addressed included processing, transportation, marketing, and natural gas liquids. tabs., figs

  20. Causalidade entre os retornos de mercados de capitais emergentes e desenvolvidos Causality between stock return rates: emerging versus developed capital markets

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2007-04-01

    Full Text Available Utilizando-se de instrumentais estatísticos para a análise de séries temporais, procurou-se verificar as relações entre os retornos dos principais mercados de capitais emergentes e dos principais mercados desenvolvidos. A amostra foi divida em dois períodos: entre 1995-2002 e entre 2003-2005, tendo em vista os momentos distintos dos mercados quanto à vulnerabilidade externa. No primeiro momento, apesar das diversas crises econômicas, verificou-se que apenas o retorno do mercado emergente da Rússia sofreu grandes impactos ante os choques dos retornos dos outros mercados. Entre 2003-2005, no entanto, os retornos de outros mercados emergentes, como o do Brasil e o do México, responderam de forma significativa aos choques nos retornos dos demais mercados analisados.Using statistical instruments for the analysis of time series, - this work aims to verify the relation of returns of stock investments between the main emerging and the developed capital markets. The sample was divided in two periods: 1995-2002 and 2003-2005, in view of their different external vulnerability moments. At the beginning, - in spite of - several economic crises, only Russia’s stock market returns - suffered great impacts, compared with those at other markets’. Between 2003-2005, however, the returns of other emerging markets, as Brazil’s and Mexico’s, answered in a more significant form to the shocks in the returns of other markets.

  1. The Genesis of Capitalism

    DEFF Research Database (Denmark)

    Li, Xing

    2004-01-01

     This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been...... characterized by a dual process: unanticipated origin (cultural and historical) and anticipated progress (political economy). The point of departure of this paper is that although the advancement of market capitalism is a process of societal development involving historical, cultural and religious causes...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first...

  2. 12 CFR Appendix E to Part 208 - Capital Adequacy Guidelines for State Member Banks; Market Risk Measure

    Science.gov (United States)

    2010-01-01

    .... A bank subject to this appendix must have a risk management system that meets the following minimum... management and is independent from business trading units. (2) The bank's internal risk measurement model... its risk measurement and risk management systems at least annually. (c) Market risk factors. The bank...

  3. International Education, the Formation of Capital and Graduate Employment: Chinese Accounting Graduates' Experiences of the Australian Labour Market

    Science.gov (United States)

    Blackmore, Jill; Gribble, Cate; Rahimi, Mark

    2017-01-01

    Since the late 1970s, international education has steadily gained in popularity in China. An emerging middle class seeks to strengthen its position in China's rapidly stratifying society under its socialist market economy with the shift from wealth creation for all to wealth concentration for a few. Previously, a foreign qualification was…

  4. El aporte del marketing en la creación del capital de marca en las Pymes de Manabí

    Directory of Open Access Journals (Sweden)

    Jhonny Ponce Andrade

    2015-06-01

    Full Text Available La dinámica del marketing genera autonomía y sentido de identidad a la marca y a la empresa. Se debe tener clara la definición de marca a través de su nombre, signo, símbolo o diseño, lo que permita determinar los servicios y/o productos que las organizaciones ofertan, estableciendo la diferencia con la competencia que busca satisfacer, probablemente, la misma necesidad. El objetivo de este artículo es apoyar a las Pymes de todas las latitudes de nuestra región, para que quienes las lideran comprendan que el capital de marca representa un activo intangible, cuya peana permite el desarrollo de ventajas competitivas y de ganancias futuras para la organización. Para ello, se empleó la investigación cualitativa, en cuyo caso la práctica de técnicas como la encuesta a través del Top of Mind, la entrevista, el focus group, permitió recabar la información de fuentes primarias, consumidores, empleados, Jefes de Producción, Gerentes Generales, Gerentes de Ventas y Gerentes de Mercadeo de varias organizaciones manabitas. Palabras clave: Imagen, publicidad, teoría del consumidor y marketing.

  5. Deaf capital: an exploration of the relationship between stigma and value in deaf multilevel marketing participation in Urban India.

    Science.gov (United States)

    Friedner, Michele

    2014-12-01

    This article ethnographically examines how some deaf people in urban India have begun to orient themselves toward the future by participating in multilevel marketing businesses. In the absence of other structural possibilities for deaf future-making, deaf Indians have turned to such businesses in search of social, economic, and moral livelihood. This article analyzes participation in one particular business and asks how participating within the business both enables and disables the cultivation of specific ideas of development. Particular attention is devoted to exploring the multiple registers of the concept of "deaf development" and how such development may be cultivated through multilevel marketing businesses. This article aims to make a critical intervention in medical anthropology studies of disability by arguing that disability (or in this case deafness) can function as a source of value, therefore highlighting tensions between stigma and value. © 2014 by the American Anthropological Association.

  6. Does the Change in the Company's Name Affect the Share Price? The Case Study of the Polish Capital Market

    Directory of Open Access Journals (Sweden)

    Roman Asyngier

    2018-05-01

    Full Text Available Aim/purpose - The paper was aimed to find out if abnormal returns occur before and after changes in the names of companies listed on the Warsaw Stock Exchange. Design/methodology/approach - Due to the fact that this was an early stage of the research, an appropriate methodology was used in the research which took into account indexes of relative force of quotations of some selected companies in relation to the wide Warsaw Stock Exchange WIG index. Findings - The research findings proved the existence of positive abnormal returns before the name changes and negative trends after the name changes in companies in the long term. Comparing the average volume of share trading before and after the name changes in companies, no positive effect was noticed in this scope. Research implications/limitations - The clear and unambiguous results appear to be significant for investors while taking investment decisions. Therefore, the conclusions from the findings of the pilot research need to be confirmed and verified in further studies on the problem, with the use of a more advanced methods. Originality/value/contribution - The paper represents one of the few empirical studies on the impact of the name changes of listed companies on the share prices in relation to the emerging markets, and the first ones concerning the Polish share market. The findings of the study may give grounds to discuss and identify practical causes of market behaviors as a result of changes in companies' names.(original abstract

  7. Pool scrubbing

    International Nuclear Information System (INIS)

    Lopez-Jimenez, J.; Herranz, J.; Escudero, M.J.; Espigares, M.M.; Peyres, V.; Polo, J.; Kortz, Ch.; Koch, M.K.; Brockmeier, U.; Unger, H.; Dutton, L.M.C.; Smedley, Ch.; Trow, W.; Jones, A.V.; Bonanni, E.; Calvo, M.; Alonso, A.

    1996-12-01

    The Source Term Project in the Third Frame Work Programme of the European Union Was conducted under and important joined effort on pool scrubbing research. CIEMAT was the Task Manager of the project and several other organizations participated in it: JRC-Ispra, NNC Limited, RUB-NES and UPM. The project was divided into several tasks. A peer review of the models in the pool scrubbing codes SPARC90 and BUSCA-AUG92 was made, considering the different aspects in the hydrodynamic phenomenology, particle retention and fission product vapor abortions. Several dominant risk accident sequences were analyzed with MAAP, SPARC90 and BUSCA-AUG92 codes, and the predictions were compared. A churn-turbulent model was developed for the hydrodynamic behaviour of the pool. Finally, an experimental programme in the PECA facility of CIEMAT was conducted in order to study the decontamination factor under jet injection regime, and the experimental observations were compared with the SPARC and BUSCA codes. (Author)

  8. Uma análise da correlação entre o EVA® e o MVA® no contexto das empresas brasileiras de capital aberto Correlation between Economic Value Added and Market Value Added for publicly owned Brazilian companies

    Directory of Open Access Journals (Sweden)

    José Odálio dos Santos

    2005-03-01

    Full Text Available Este artigo trata do tema da criação de valor, da forma como é medida pelo EVA® (Valor Econômico Adicionado e pelo MVA® (Valor de Mercado Agregado, duas metodologias desenvolvidas no final dos anos 80 pela empresa americana de consultoria Stern Stewart & Co. O EVA® é definido como a diferença entre o lucro operacional líquido depois de impostos e o custo do capital investido na empresa, enquanto o MVA® é determinado pela diferença entre o valor de mercado da empresa e o capital total nela investido. Um estudo realizado por G. Bennett Stewart III, que idealizou essas metodologias juntamente com o seu sócio Joel M. Stern, encontrou uma forte correlação entre o EVA® e o MVA®. Visando averiguar se tal resultado se aplica também ao caso das empresas brasileiras, os autores deste artigo realizaram uma pesquisa semelhante, baseada numa amostra formada por empresas de capital aberto cujas ações foram negociadas na Bovespa (Bolsa de Valores de São Paulo durante o período de 1996 a 2001.This article deals with value creation as measured by Economic Value Added (EVA® and Market Value (MVA® which are methods developed by an American consultant, Stern Stewart & Co, in the late l980's. Economic Value Added is defined as the difference between net operating profit after taxes and the cost of capital invested in a company, while Market Value Added is the difference between market value and the total capital invested in a company. G. Bennett Stewart III, who conceived this approach together with his partner Joel M. Stern, found a strong correlation between Economic Value Added and Market Value Added. Our research investigated whether this also applies to a sample of publicly owned Brazilian companies traded on the São Paulo Stock Exchange between 1996 and 2001.

  9. Sustainability of common pool resources.

    Science.gov (United States)

    Timilsina, Raja Rajendra; Kotani, Koji; Kamijo, Yoshio

    2017-01-01

    Sustainability has become a key issue in managing natural resources together with growing concerns for capitalism, environmental and resource problems. We hypothesize that the ongoing modernization of competitive societies, which we refer to as "capitalism," affects human nature for utilizing common pool resources, thus compromising sustainability. To test this hypothesis, we design and implement a set of dynamic common pool resource games and experiments in the following two types of Nepalese areas: (i) rural (non-capitalistic) and (ii) urban (capitalistic) areas. We find that a proportion of prosocial individuals in urban areas is lower than that in rural areas, and urban residents deplete resources more quickly than rural residents. The composition of proself and prosocial individuals in a group and the degree of capitalism are crucial in that an increase in prosocial members in a group and the rural dummy positively affect resource sustainability by 65% and 63%, respectively. Overall, this paper shows that when societies move toward more capitalistic environments, the sustainability of common pool resources tends to decrease with the changes in individual preferences, social norms, customs and views to others through human interactions. This result implies that individuals may be losing their coordination abilities for social dilemmas of resource sustainability in capitalistic societies.

  10. Money Markets

    OpenAIRE

    Marvin Goodfriend

    2011-01-01

    Money markets offer monetary services and short-term finance in the capital market with the credit support of institutional sponsors. Investors finance money market instruments at low interest because their salability on short notice confers an implicit monetary services yield. Low interest attracts borrowers to money markets. The fragile equilibrium depends on collective confidence in the credit quality of instruments supplied to the market. Federal Reserve monetary and credit policies have ...

  11. Socioeconomic status, labour market connection, and self-rated psychological health: the role of social capital and economic stress.

    Science.gov (United States)

    Lindström, Martin; Ali, Sadiq M; Rosvall, Maria

    2012-02-01

    To investigate the association between socioeconomic status, unemployment and self-rated psychological health, taking economic stress and horizontal trust into account. The 2008 public health survey in Skåne is a cross-sectional postal questionnaire study with a 55% participation rate. A random sample was invited and 28,198 persons aged 18-80 participated. Logistic regression models were used to investigate associations between socioeconomic status by occupation (SES), labour market connection and self-rated psychological health (GHQ12). The multiple regression analyses included age, country of birth, education, economic stress and generalized (horizontal) trust. 13.8% of the men and 18.2% of the women had poor psychological health. Poor psychological health was more common among the young, among those born abroad, among those with lower education, with economic stress, and low horizontal trust. There were no significant differences between the employed and self-employed groups. However, the people who had retired early, the unemployed and those on long-term sick leave had significantly higher odds ratios of poor psychological health than higher non-manual employees throughout the analyses. There were no differences in psychological health between non-manual employees in higher positions and other employed and self-employed SES groups among men or women. In contrast, the early retired, the unemployed and the category on long-term sick leave had significantly higher odds ratios of poor psychological health among both men and women throughout the multiple analyses. Both economic stress and trust affected this association (i.e., lowered the odds ratios of poor psychological health), but affected by economic stress to a somewhat higher extent.

  12. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  13. 13 CFR 120.1705 - Pool formation requirements.

    Science.gov (United States)

    2010-01-01

    ... requirements. SBA may adjust the Pool characteristics periodically based on program experience and market... a Pool involving a Pool Loan it does not own, it must purchase the Loan Interest it proposes to pool... purchase the Loan Interest and take it into inventory or settle the purchase of the Loan Interest through...

  14. Rethinking the economics of capital mobility and capital controls

    Directory of Open Access Journals (Sweden)

    Thomas I. Palley

    2009-09-01

    Full Text Available This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

  15. Secondary Market Products in the Mortgage System and Global Practices

    Directory of Open Access Journals (Sweden)

    Erhan Eroğlu

    2010-12-01

    Full Text Available In general terms, the mortgage market has two faces, the primary and the secondary markets. The primary market covers housing mortgage loans. On the other side of the mechanism, these loans are securitized and issued in financial markets with different form of securities in secondary markets. The common name of these instruments is “mortgage backed securities - MBS”. A mortgage backed security is a financial instrument issued in capital markets for investors, derived from either backed by the cash flow of the housing loan repayments (which is called pay-through or backed by directly selling the mortgage pools to the MBS issuers (which is called passthrough. The most trading secondary mortgage market instruments and world practices are explained in this article.

  16. Measuring Capital

    OpenAIRE

    W. Erwin Diewert

    2003-01-01

    The paper revisits Harper, Berndt and Wood (1989) and calculates Canadian reproducible capital services aggregates under alternative assumptions about the form of depreciation, the opportunity cost of capital and the treatment of capital gains. Five different models of depreciation are considered: (1) one hoss shay; (2) straight line depreciation; (3) declining balance or geometric depreciation; (4) linearly declining efficiency profiles and (5) linearly increasing maintenance profiles. The l...

  17. Social Capital in Rural Denmark

    DEFF Research Database (Denmark)

    Svendsen, G.L.; Svendsen, Gert Tinggaard

    1999-01-01

    What are the roots of social capital and how can it be measured and built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society...... and allows more transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to the general recommendation that any loss in social capital must be deducted from the economic gain following market forces. For example, the voluntary organization of small......-sized groups in the Danish Cooperative Dairy Movement was eliminated due to economies of scale. It may be so that an alternative way of production, taking social capital into account, could have increased economic growth further....

  18. Capital Structure, Strategic Competition, and Governance

    NARCIS (Netherlands)

    T.T. Nguyen (Thuy Thu)

    2008-01-01

    textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a

  19. Capital Structure of Internet Companies: Case Study

    OpenAIRE

    Miglo, Anton; Liang, Shuting; Lee, Zhenting

    2014-01-01

    We analyze the financing decisions and capital structure of internet companies and relate observed findings to the common capital structure theories. Large internet companies usually have low debt and small internet companies have high debt. We find that the trade-off theory of capital structure, pecking order theory, market timing theory and other theories cannot individually explain a firm’s capital structure. However, they can compliment each other in describing some patterns of observed b...

  20. Understanding Capitalism

    DEFF Research Database (Denmark)

    du Gay, Paul; Morgan, Glenn

    2013-01-01

    This chapter places The New Spirit of Capitalism in the context of the development of capitalism over the last twenty years, up to and including the 200-7-8 financial crisis and the ongoing economic crisis which has developed out of this and is now focused on the relationship between state expend...

  1. Capital Markets Union for Europe

    DEFF Research Database (Denmark)

    Ringe, Wolf-Georg

    . In particular, the unclear methodological approach of the CMU project, and the lack of a clear commitment to a European enforcement or institutional mechanism weaken the benefits of the overall concept. Instead, the merits of the proposal lie in its political importance: above all, the CMU project is an attempt...

  2. Cogenerators stretch the capital markets

    International Nuclear Information System (INIS)

    Robinson, Danielle.

    1993-01-01

    Independent power generation projects are being planned worldwide. But to finance them, the developers are starting to look increasingly for non-bank sources of funds. Key cogeneration finance deals are discussed in this article. (Author)

  3. Solar Access to Public Capital (SAPC) Mock Securitization Project

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Lowder, Travis [National Renewable Energy Lab. (NREL), Golden, CO (United States); Rottman, Mary [Rottman-Associates, San Francisco, CA (United States); Borod, Ronald [DLA Piper, London (United Kingdom); Gabig, Nathan [KPMG, Knoxville, TN (United States); Henne, Stephen [KPMG, Knoxville, TN (United States); Caplin, Conrad [KPMG, Knoxville, TN (United States); Notte, Quentin [Mercatus, Arlington, VA (United States)

    2015-12-21

    In late 2012, the National Renewable Energy Laboratory (NREL) initiated the Solar Access to Public Capital (SAPC) working group. Backed by a three-year funding facility from the U.S. Department of Energy (DOE), NREL set out to organize the solar, legal, banking, capital markets, engineering, and other relevant stakeholder communities in order to open lower-cost debt investment for solar asset deployment. SAPC engaged its members to standardize contracts, develop best practices, and comprehend how the rating agencies perceive solar project portfolios as an investment asset class. Rating agencies opine on the future creditworthiness of debt obligations. Issuers often seek investment-grade ratings from the rating agencies in order to satisfy the desires of their investors. Therefore, for the solar industry to access larger pools of capital at a favorable cost, it is critical to increase market participants' understanding of solar risk parameters. The process provided valuable information to address rating agency perceptions of risk that, without such information, could require costly credit enhancement or higher yields to attract institutional investors. Two different securities were developed--one for a hypothetical residential solar portfolio and one for a hypothetical commercial solar portfolio. Five rating agencies (Standard and Poor's, Moody's, KBRA, Fitch, and DBRS) participated and provided extensive feedback, some through conversations that extended several months. The findings represented in this report are a composite summary of that feedback and do not indicate any specific feedback from any single rating agency.

  4. 13 CFR 120.1708 - Pool Certificates.

    Science.gov (United States)

    2010-01-01

    ... United States. (c) SBA purchase of a Loan Interest. SBA will determine whether to purchase a Loan... reserves the right to purchase a Loan Interest from a Pool at any time. (d) Self-liquidating. A Pool... market conditions and program experience, and will publish any such change in the Federal Register. (h...

  5. Hawaii ESI: POOLS (Anchialine Pool Points)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This data set contains sensitive biological resource data for anchialine pools in Hawaii. Anchialine pools are small, relatively shallow coastal ponds that occur...

  6. 中国资本市场融资顺序新证:可转债发行公告效应研究%"Pecking order" of Chinese capital market: Effects of convertible bonds' issue announcements

    Institute of Scientific and Technical Information of China (English)

    韩立岩; 牟晖; 谢朵; 陈之安

    2007-01-01

    This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant negative effects on shareholders' wealth. We find that when the samples are partitioned by equity component negative market responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different from the "pecking order hypothesis" of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond issuers, we fmd that the wealth effects are negatively related to equity component, firm size and issue size of convertible bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity and market-to-book ratio.The underlying reason of equity finance taking precedence of bond finance in Chinese capital market can be attributed the to special "two-system-ownership structure" and corporate governance of Chinese listed companies.

  7. A successful capital treadmill

    International Nuclear Information System (INIS)

    Bohun, D.A.

    1995-01-01

    A summary of the operating economics of the Winter Cummings Sand Pool, a horizontal well development project with a sustained rate of development, was presented. A total of 58 horizontal wells have been drilled over a time span of seven years. The production performance of the first pilot wells indicated that development of the pool by horizontal wells could be economically viable. Since its inception the Winter field development was considered to have become a capital treadmill with an incremental rate of return on the incremental investment of 240 percent (a 24 million dollar net operating cash flow for a 10 million dollar investment). Current development status and production forecasts were also discussed. 21 figs

  8. Is there any relation between intellectual capital and the capital structure of a company? The case of Polish listed companies

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2016-09-01

    Full Text Available This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets, with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets influences the capital structure of a company.

  9. Human–social capital and market access factors influencing agro-processing participation by small-scale agripreneurs: The moderating effects of transaction costs

    Directory of Open Access Journals (Sweden)

    Lesibana M.V. Thindisa

    2018-03-01

    Contribution: Study findings are highly relevant to South Africa as agro-processing and value-adding activities are not always scale dependent, and hence, a focus on human and social capital is valuable.

  10. CAPITAL STRUCTURE AND VENTURE CAPITAL

    Directory of Open Access Journals (Sweden)

    Becsky-Nagy Patricia

    2015-07-01

    Full Text Available Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company’s success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and the success of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor’s new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company’s environment, which have effects on the firm. The investor’s decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.

  11. 12 CFR 932.3 - Risk-based capital requirement.

    Science.gov (United States)

    2010-01-01

    ... credit risk capital requirement, its market risk capital requirement, and its operations risk capital... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement. 932.3 Section 932.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND...

  12. Intellectual Capital Import for the Benefit of Higher Education

    Science.gov (United States)

    Brenca, Airita; Gravite, Aija

    2013-01-01

    The article explores the role of intellectual capital in the development of higher education system. The description of economic and marketing values of intellectual capital demonstrates its importance for an institution's establishing in education market. Import and export of intellectual capital is a reality of globalisation processes, and it is…

  13. Determinants of capital structure.

    Science.gov (United States)

    McCue, M J; Ozcan, Y A

    1992-01-01

    This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.

  14. Venture Capital

    National Research Council Canada - National Science Library

    Lister, M. J; Andreassen, A; Bales, Shanda; Biddle, J. G; Chang, M. M; McCormick, R; Packard, W. J; Sun, T

    2006-01-01

    Leveraging venture capital to the advantage of the Naval Services should be viewed as part of the larger project of reforming the acquisition system to permit rapid introduction of new technologies...

  15. Using neural networks and extreme value distributions to model electricity pool prices: Evidence from the Australian National Electricity Market 1998–2013

    International Nuclear Information System (INIS)

    Dev, Priya; Martin, Michael A.

    2014-01-01

    Highlights: • Neural nets are unable to properly capture spiky price behavior found in the electricity market. • We modeled electricity price data from the Australian National Electricity Market over 15 years. • Neural nets need to be augmented with other modeling techniques to capture price spikes. • We fit a Generalized Pareto Distribution to price spikes using a peaks-over-thresholds approach. - Abstract: Competitors in the electricity supply industry desire accurate predictions of electricity spot prices to hedge against financial risks. Neural networks are commonly used for forecasting such prices, but certain features of spot price series, such as extreme price spikes, present critical challenges for such modeling. We investigate the predictive capacity of neural networks for electricity spot prices using Australian National Electricity Market data. Following neural net modeling of the data, we explore extreme price spikes through extreme value modeling, fitting a Generalized Pareto Distribution to price peaks over an estimated threshold. While neural nets capture the smoother aspects of spot price data, they are unable to capture local, volatile features that characterize electricity spot price data. Price spikes can be modeled successfully through extreme value modeling

  16. Current operating practices of nuclear insurance pools

    International Nuclear Information System (INIS)

    O'Connell, J.M.

    1993-01-01

    This paper discusses the nuclear pooling system and co-operation between the pools, present practice and capacity, with a breakdown of the limits for third party liability and material damage. The author also describes the relationship between the pools and the nuclear operators (the policyholders), and concludes that the nuclear pools have been successful in serving the interests of their member companies, their policyholders and the governments as they have provided a stable insurance market by making available capacity in amounts that had never before been assembled and placed at risk in a single location. 2 tabs

  17. The Varieties of Capitalism and Hybrid Success

    DEFF Research Database (Denmark)

    Campbell, John L.; Pedersen, Ove K.

    Proponents of the varieties of capitalism literature maintain that capitalist countries whose institutions best fit either the liberal market economy or coordinated market economy types will perform the best. Countries whose institutions are more mixed will perform less well. This paper challenges....... The dynamic interaction of elements found in both liberal and coordinated types of capitalism have contributed to its success. This is demonstrated by analyses of the institutions that coordinate Danish labor markets, vocational training, and industrial policy....

  18. Social capital and localised learning

    DEFF Research Database (Denmark)

    Lorenzen, Mark

    2007-01-01

      This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...... capital is formed at spatial scales lower than the national or international, because the density of matrices of social relations increases with proximity. The paper also offers a discussion of how national and regional policies may be suited for promoting social capital....

  19. How venture capital works.

    Science.gov (United States)

    Zider, B

    1998-01-01

    The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

  20. Social Capital as the Missing Link in Community Development ...

    African Journals Online (AJOL)

    found that social capital could facilitate the community development planning .... view of social capital as networks, relationships and norms that help citizens to ..... noted: I helped in weeding around the site for the school, market and chief ...

  1. Capital Structure: Target Adjustment Model and a Mediation Moderation Model with Capital Structure as Mediator

    OpenAIRE

    Abedmajid, Mohammed

    2015-01-01

    This study consists of two models. Model one is conducted to check if there is a target adjustment toward optimal capital structure, in the context of Turkish firm listed on the stock market, over the period 2003-2014. Model 2 captures the interaction between firm size, profitability, market value and capital structure using the moderation mediation model. The results of model 1 have shown that there is a partial adjustment of the capital structure to reach target levels. The results of...

  2. International working capital practices of Ghanaian firms

    Directory of Open Access Journals (Sweden)

    J. Abor

    2005-12-01

    Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.

  3. Bond markets in Africa

    Directory of Open Access Journals (Sweden)

    Yibin Mu

    2013-07-01

    Full Text Available African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on government securities and corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to smaller fiscal deficits, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow.

  4. 投票市场发展、资本要素积累与产业结构升级——基于中国A股市场的实证研究%Stock Market Development, Capital Elements Accumulation and Industrial Structure Upgrading --An Empirical Study Based on China' s A-Share Market

    Institute of Scientific and Technical Information of China (English)

    陈峥嵘; 朱蕾

    2012-01-01

    首先从要素流动角度就股票市场对产业结构优化升级的推动作用提出相关假设,并从中观和微观上实证检验中国A股市场是否存在推动产业结构优化升级的作用机制。实证结果表明,股票市场规模的扩大有效推动了三次产业和工业产业的结构优化升级,市场流动性的高低对产业结构优化升级存在负向效应,而城市化进程的加快及垂直专业化程度的提高可以降低该种负向效应;战略性新兴产业上市公司经营绩效显著,并在创业板市场上最具成长性,而且行业内资本集中度越低、市场风险越高,越能激励行业内企业上市。据此,在扩大股票市场规模、增强市场流动性、上市资源选择、创业板市场建设等方面提出了相应的政策建议。%In this paper we first make a theoretical assumption that capital markets promote the upgrading of industrial structure via mobility of capital. And we investigate the assumption on the case of China's A-share market over the period 1991 - 2010. The result shows that the expansion of market scale effectively promotes the structure upgrading while market liquidity makes negative effects, w of three main industries and industrial internal sector hich can be reduced by the raise of urbanization and vertical specialization. We also find that the strategy emerging industries show significant performance on Ashare market and show more significant growth on GEM (Growth Enterprise Market) than on other markets. Industries with lower capital concentration and higher market risk encourage more companies to be listed. According to this, we proposed suggestions on expanding market scale, enhancing market liquidity, selection of market resource, and construction of the GEM.

  5. 13 CFR 120.1706 - Pool Originator's retained interest in Pool.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Pool Originator's retained interest in Pool. 120.1706 Section 120.1706 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan...

  6. The Market Efficiency of the Stock Market in India

    OpenAIRE

    Rahman, Sahnawaz

    2011-01-01

    The greatest and engendering event in the Twenty first century is capital and financial market revolution and reformation especially for India. Efficient Market Hypothesis has attracted numbers of studies in empirical finance particularly in determining the market efficiency of an emerging financial market which produced conflicting and inconclusive outcomes. This paper tests the efficiency of the Indian Capital Market in its semi-strong form and weak form of Efficient Market Hypothesis (EMH)...

  7. Pengaruh Downside Beta, Upside Beta, Dan Beta Terhadap Expected Return (Studi Pada Saham Yang Termasuk Dalam 50 Leading Market Capitalization Di Bursa Efek Indonesia Periode 2012-2015)

    OpenAIRE

    Sinaga, Maria Goretty; Sulasmiyati, Sri

    2017-01-01

    Return or return on an investment is required by the investor. Most investors currently prefer shares in emerging markets. Return in the emerging market is not always symmetrical, it shows return in the emerging market is not normally distributed. The purposive of this research want to learn, compare, and explain about some model of stock risk. On this research downside risk expressed with beta downside. The models used in this research among others, dowside beta, upside beta, and beta. The k...

  8. Allergy Capitals

    Science.gov (United States)

    ... to face one of the season’s biggest problems: tree pollen . Common symptoms of springtime allergies include: Runny nose Itchy eyes Sneezing Congestion “Our Spring Allergy Capitals report is a valuable tool to help identify cities where seasonal allergy symptoms can create challenges,” ...

  9. Capital Unchained

    DEFF Research Database (Denmark)

    Bryan, Dick; Rafferty, Michael; Wigan, Duncan

    2017-01-01

    on measuring (by accountants), managing (by corporations) and monitoring (by International Political Economy scholars and regulators), this article explores the longer term implications of accumulation of internationalised capital in intangible and abstract forms, and the prominent role of finance and offshore...

  10. Outperforming markets

    DEFF Research Database (Denmark)

    Nielsen, Christian; Rimmel, Gunnar; Yosano, Tadanori

    2015-01-01

    This article studies the effects of disclosure practices of Japanese IPO prospectuses on long-term stock performance and bid-ask spread, as a proxy for cost of capital, after a company is admitted to the stock exchange. A disclosure index methodology is applied to 120 IPO prospectuses from 2003....... Intellectual capital information leads to significantly better long-term performance against a reference portfolio, and is thus important to the capital market. Further, superior disclosure of IC reduces bid-ask spread in the long-term, indicating that such disclosures are important in an IPO setting. Analysts...

  11. Volatility of Capital Flows to Emerging Economies

    Directory of Open Access Journals (Sweden)

    Katia Rocha

    2013-09-01

    Full Text Available The paper proposes a panel model to the determinants of capital flow volatility to a group of 18 emerging market economies (EME in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets – stocks, bonds and derivatives. The EME analyzed represented roughly 95% of the Emerging Markets Bond Index Global – EMBIG in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements - BIS (2009. The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system.

  12. 13 CFR 108.210 - Minimum capital requirements for NMVC Companies.

    Science.gov (United States)

    2010-01-01

    ... NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Qualifications for the NMVC Program Capitalizing A Nmvc Company § 108.210 Minimum capital requirements for NMVC Companies. You must have Regulatory Capital of at... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Minimum capital requirements for...

  13. Managing soil natural capital

    DEFF Research Database (Denmark)

    Cong, Ronggang; Termansen, Mette; Brady, Mark

    2017-01-01

    Farmers are exposed to substantial weather and market related risks. Rational farmers seek to avoid large losses. Future climate change and energy price fluctuations therefore make adaptating to increased risks particularly important for them. Managing soil natural capital—the capacity of the soil...... to generate ecosystem services of benefit to farmers—has been proven to generate the double dividend: increasing farm profit and reducing associated risk. In this paper we explore whether managing soil natural capital has a third dividend: reducing the downside risk (increasing the positive skewness of profit......). This we refer to as the prudence effect which can be viewed as an adaptation strategy for dealing with future uncertainties through more prudent management of soil natural capital. We do this by developing a dynamic stochastic portfolio model to optimize the stock of soil natural capital—as indicated...

  14. Trading Fees and Slow-Moving Capital

    OpenAIRE

    Buss, Adrian; Dumas, Bernard J

    2015-01-01

    In some situations, investment capital seems to move slowly towards profitable trades. We develop a model of a financial market in which capital moves slowly simply because there is a proportional cost to moving capital. We incorporate trading fees in an infinite-horizon dynamic general-equilibrium model in which investors optimally and endogenously decide when and how much to trade. We determine the steady-state equilibrium no-trade zone, study the dynamics of equilibrium trades and prices a...

  15. BELGRADE MARKET AS A PART OF THE GLOBAL FINANCIAL MARKET

    Directory of Open Access Journals (Sweden)

    Nataša Simić

    2018-01-01

    Full Text Available Belgrade market has been operating since 1989 under the name of Yugoslav capital market, which changed its name to Belgrade market in 1992. The purpose and the idea which governs our financial authorities and the market participants is a more active involvement of the market in the operations of the global financial market.

  16. 75 FR 76975 - 2015 Resource Pool-Sierra Nevada Region

    Science.gov (United States)

    2010-12-10

    ... and allocation criteria set forth in the Marketing Plan. Comment: Four commentors requested that, in... Western Area Power Administration (Western), a Federal power marketing administration of DOE, announces the Final 2015 Resource Pool allocations pursuant to its 2004 Power Marketing Plan (Marketing Plan...

  17. Regulating deregulated energy markets

    International Nuclear Information System (INIS)

    Jackson, M.

    2002-01-01

    The North American gas and electricity markets are fast evolving, and regulators are currently faced with a host of issues such as market-based rates, unbundling, stranded costs, open access, and incentive regulation are surfacing as a result of deregulation. The regulatory environment in Ontario was reviewed by the author. Deregulated markets rule, from commodities to gas and electricity. Additionally, there is an evolution of traditional utility regulation. A look at deregulated markets revealed that there are regulations on boundary conditions on the deregulated market. Under the Ontario Energy Board (OEB), all generators, transmitters, distributors, and retailers of electricity must be licensed. The standard supply service (SSS) offered by electricity distributors and system gas which is still being sold by natural gas distributors continues to be regulated by OEB. One issue that was addressed was separation for revenues and costs of the utility's purchase and sale of gas business, at least for accounting purposes. The next issue discussed was cost of system gas and SSS, followed by timely signals and prudent incurred costs. Historical benefits were reviewed, such as historical commitments to low-cost electricity. Pooling transportation costs, transmission pricing continued, market-based rates, unbundling, stranded costs, open access, incentive regulation/ performance based regulation (PBR) were all discussed. Price cap on PBR, both partial and comprehensive were looked at. A requirement to review guidelines on cost of capital and an application to extend blanket approval provisions for gas storage were discussed, as they are amongst some of the challenges of the future. Other challenges include revised rules and practice and procedure; practice directions for cost awards, appeals, and other functions; confidentiality guidelines; and refinements to the role of and approaches to alternative dispute resolution. The future role of regulators was examined in light

  18. CORPORATE GOVERNANCE AND STRATEGIC PERSONNEL MANAGEMENT: WOMEN ON THE BOARD AND FEMALE LEADERSHIP, CEO OVERCONFIDENCE, LAYOFF DECISIONS Capital Market Perception and Shareholder Wealth Effects

    OpenAIRE

    Hinrichsen, Anna Verena

    2017-01-01

    The present dissertation deals with selected aspects of corporate governance and personnel management and provides an in-depth analysis of capital markets’ perception of these issues and the effects on shareholder wealth. Subjects of the investigation are the role and effects of gender diversity on corporate boards and female leadership, CEO overconfidence and corporate layoff decisions. Chapter 2 offers a comprehensive overview of existing research on the effects of an increased female ...

  19. provider venture capital funds: investing in innovation.

    Science.gov (United States)

    Potter, Mary Jo; Wesslund, Rick

    2016-05-01

    As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.

  20. 75 FR 12407 - Capital Magnet Fund

    Science.gov (United States)

    2010-03-15

    ... of financial institutions to provide capital, credit and financial services in underserved markets... Part IV Department of the Treasury Community Development Financial Institutions Fund 12 CFR Part... TREASURY Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet...

  1. Swimming pool cleaner poisoning

    Science.gov (United States)

    Swimming pool cleaner poisoning occurs when someone swallows this type of cleaner, touches it, or breathes in ... The harmful substances in swimming pool cleaner are: Bromine ... copper Chlorine Soda ash Sodium bicarbonate Various mild acids

  2. Swimming pool granuloma

    Science.gov (United States)

    ... this page: //medlineplus.gov/ency/article/001357.htm Swimming pool granuloma To use the sharing features on this page, please enable JavaScript. A swimming pool granuloma is a long-term (chronic) skin ...

  3. Relationship between bank ownership concentration on capital ...

    African Journals Online (AJOL)

    Relationship between bank ownership concentration on capital adequacy, liquidity, ... In this study we explore the effects of ownership concentration on the ... are material factors in explaining banks' behavior and their market performance.

  4. Instrumental Capital

    Directory of Open Access Journals (Sweden)

    Gabriel Valerio

    2007-07-01

    Full Text Available During the history of human kind, since our first ancestors, tools have represented a mean to reach objectives which might otherwise seemed impossibles. In the called New Economy, where tangibles assets appear to be losing the role as the core element to produce value versus knowledge, tools have kept aside man in his dairy work. In this article, the author's objective is to describe, in a simple manner, the importance of managing the organization's group of tools or instruments (Instrumental Capital. The characteristic conditions of this New Economy, the way Knowledge Management deals with these new conditions and the sub-processes that provide support to the management of Instrumental Capital are described.

  5. Liquidity coinsurance and bank capital

    NARCIS (Netherlands)

    Castiglionesi, F.; Feriozzi, F.; Lóránth, G.; Pelizzon, L.

    Banks can deal with their liquidity risk by holding liquid assets (self-insurance), by participating in interbank markets (coinsurance), or by using flexible financing instruments, such as bank capital (risk sharing). We use a simple model to show that undiversifiable liquidity risk, that is, the

  6. partial capitalness

    Directory of Open Access Journals (Sweden)

    Elena Grigoryeva

    2017-06-01

    A world away, in the Cape Winelands, architects of Stellenbosch struggle for the identity of the city, the capital of the unique cultural landscape. Here the traditional African culture is mixed with three century-long tradition of winegrowing and winemaking. This wonderful mixture was placed on the UNESCO Tentative List of World Heritage Sites. The authors of the project use cultural heritage protection laws to protect their city from chaotic development.

  7. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company's software caused it to lose more than...... $450 million dollars in less than an hour. Although it was ultimately saved from bankruptcy when it was acquired two days later, the terms of acquisition were very unfavourable to the company's shareholders. How did this happen? Could it have been prevented? What should the staff, the chief executive...

  8. Indigenous Social Capital in Traditional Agro-Food Marketing Systems: The Role of Trust in Governance Structure Selection in the Philippine Highlands

    OpenAIRE

    Milagrosa, Aimee; Slangen, Louis H.G.

    2006-01-01

    The decision-making of indigenous Ibaloi and Kankanaey growers in seven highland communities of Benguet, Cordillera region Philippines was captured in three models. The models explain factors affecting their selection of primary transacting partners. The farmers three main primary marketing links are commissioners, wholesalers and contractors. Commissioner-led governance structures are market-based and the relationship is motivated by profit. Wholesaler-led governance structures are partly-ma...

  9. Immigrant Capital and Entrepreneurial Opportunities

    Directory of Open Access Journals (Sweden)

    Malavika Sundararajan

    2016-01-01

    Full Text Available Objective: The main objective of this study is to define and operationalize the concept of immigrant capital, a key factor that differentiates immigrant from host country entrepreneurs in how they recognize and start new ventures. Research Design & Methods: A detailed analysis of contemporary immigrant entrepreneurship and opportunity recognition literature was carried out. Using grounded theory, we synthesized the outcomes from the analysis of eight Canadian and U.S. case studies of successful immigrant entrepreneurs with the key findings from the literature to define and develop a model of immigrant capital. Findings: Based on our grounded theory development process we show that the concept of immigrant capital as a distillate of human, cultural, economic and social capital that goes beyond expected opportunity recognition (OR drivers like prior knowledge and prior experience to differentiate and enhance the immigrant entrepreneur’s ability to recognize business opportunities compared to host country entrepreneurs. We found immigrant capital to be a consequence of being boundary spanners in host and home country networks. Implications & Recommendations: Understanding a unique resource like immigrant capital, will help immigrant as well as host country entrepreneurs further develop their opportunity recognition ability by bridging gaps and fulfilling the needs for both, immigrant and host country consumers. Contribution & Value Added: The main contribution is the theoretical development, identification and definition of the immigrant capital model and propositions that will articulate the factors that lead to the conceptualization and operationalization of immigrant capital. Furthermore, the immigrant capital model can serve host country entrepreneurs to develop cross-cultural networks and jump-start entrepreneurial activities in their home countries as well as learn how to expand their operations into global markets.

  10. The Capitalism, Rent and Democracy

    Directory of Open Access Journals (Sweden)

    Victor S. Martyanov

    2017-03-01

    Full Text Available By inertia, which derives from Adam Smith, modern capitalism is described as a free-market competition. This historical model has worked while the market expands and the availability of resources increases. It provided the opportunity to maintain the political order of the welfare state as a form of non-economic egalitarian distribution of resources, which mitigates inequality and class antagonisms generated by market. However, once capitalism has engulfed the whole world, it is more prone to crises: competition intensifies, markets of demand and market outlets do not expand, technological progress creates a growing structural unemployment, economic growth due to the completion of the global village-city transition stagnates, the resources of all the peripheries are almost exhausted. As a result, nationalism and protectionism arise, the polarization between the global center and the periphery increases, and there comes the image of undemocratic and non-egalitarian labor less society on the horizon of the future, with the precariat and the unemployed growing in numbers and demanding large amounts of rent to maintain their livelihoods. Due to this, the market model of capitalism is gradually transforming into a rental one, where the pursuit of profit, the main motivational factor intrinsic to the market, is removed by the pursuit of rent and the redistribution of markets by non-economic ways. In this context, the state becomes the key economic actor, which distributes resources by extra-market means within the hierarchy of rental groups that form the framework of a new structure of the political community.

  11. Steering Capital: Optimizing Financial Support for Innovation in Public Education

    Science.gov (United States)

    Smith, Kim; Petersen, Julie

    2011-01-01

    This paper revisits the central question of how to improve the provision of capital for entrepreneurial change in public education, but emphasizes the innovation ecosystem that surrounds the capital markets. The authors consider capital as one of the most important levers individuals need to align in this innovation ecosystem, but as a force that…

  12. 12 CFR 932.6 - Operations risk capital requirement.

    Science.gov (United States)

    2010-01-01

    ... operations risk capital requirement shall at all times equal 30 percent of the sum of the Bank's credit risk... percent but no less than 10 percent of the sum of the Bank's credit risk capital requirement and market... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Operations risk capital requirement. 932.6...

  13. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    China’s manufacturing activities keep slowing down.The"big four"state-owned commercial banks have reaped juicy profits,though capital adequacy remains a concern.In striking contrast,the steelmakers are struggling to make ends meet as costs inflation erodes profit margins.The consumer market booms as usual during the May Day holiday.The search engine Baidu benefits from torrid traffic growth and a diversified market strategy.

  14. Flexible Capitalism

    DEFF Research Database (Denmark)

    Approaching “work” as at heart a practice of exchange, this volume explores sociality in work environments marked by the kind of structural changes that have come to define contemporary “flexible” capitalism. It introduces anthropological exchange theory to a wider readership, and shows how...... the perspective offers new ways to enquire about the flexible capitalism’s social dimensions. The essays contribute to a trans-disciplinary scholarship on contemporary economic practice and change by documenting how, across diverse settings, “gift-like” socialities proliferate, and even sustain the intensified...

  15. Financial capital and intellectual capital in physician practice management.

    Science.gov (United States)

    Robinson, J C

    1998-01-01

    Medical groups need financial resources yet most retain no earnings and have no reserves. Physician practice management (PPM) companies have recognized the need for investment and the scarcity of indigenous capital in the physician sector and are rushing to fill the void. Resources are being contributed by venture capitalists, bond underwriters, private investors, pharmaceutical manufacturers, health plans, hospital systems, and public equity markets. The potential contribution of PPM firms is to nurture the intellectual capital of leading physician organizations and diffuse it throughout the health care system. The risk is that short-term financial imperatives will impede necessary long-term investments.

  16. Solar swimming pool

    Energy Technology Data Exchange (ETDEWEB)

    1985-01-01

    This report examines the feasibility of using solar collectors to heat the water in a previously unheated outdoor swimming pool. The solar system is used in conjunction with a pool blanket, to conserve heat when the pool is not in use. Energy losses through evaporation can be reduced by as much as 70% by a pool blanket. A total of 130 m{sup 2} of highly durable black synthetic collectors were installed on a support structure at a 30{degree} angle from the horizontal, oriented to the south. Circulation of pool water though the collectors, which is controlled by a differential thermostat, was done with the existing pool pump. Before installation the pool temperature averaged 16{degree}C; after installation it ranged from 20{degree} to 26{degree}C. It was hard to distinguish how much pool heating was due to the solar system and how much heat was retained by the pool blanket. However, the pool season was extended by five weeks and attendance tripled. 2 figs.

  17. Working Capital and Fixed Investment: New Evidence on Financing Constraints

    OpenAIRE

    Steven M. Fazzari; Bruce C. Petersen

    1993-01-01

    This article presents new tests for finance constraints on investment by emphasizing the often-neglected role of working capital as both a use and a source of funds. The coefficient of endogenous working capital investment is negative in a fixed-investment regression, as expected if working capital competes with fixed investment for a limited pool of finance. This finding addresses a criticism of previous research on finance constraints, that cash flows may simply proxy shifts in investment d...

  18. From political capitalism to clientelist capitalism? The case of Croatia

    Directory of Open Access Journals (Sweden)

    Denis Redžepagić

    2011-12-01

    Full Text Available The paper analyses the typology of capitalism in Croatia. The Croatian form of capitalism is specific, in form and origin, with links between the pre-independence and post-independence periods, implying that capitalism has gradually evolved – from the political during the eighties towards current clientelistic capitalism. The manufacturing focus aims to facilitate the analysis of institutional, political and economic changes over the past forty years, emphasising the implications of institutional changes which have to a great extent, apart from the war of course, influenced the evolution of capitalism. The paper finds that the transition generated a number of costs, mainly generated by the state (fall in employment, manufacturing and social capital. The claim that the manufacturing industry has inherited low competitiveness neglects the necessary discussion on the role of the state in the formation of industrial policy and market actions. It is also an ex post argument for the claim that restructuring should have been implemented prior to privatisation as this would reduce negative impacts. Institutional changes led to a drastic reduction of the role of the manufacturing sector in the economy. The main finding in this paper is that the change in the interaction between the financial and the real sectors of the economy, the educational system and industrial relations system exposed the vulnerability of the current institutional environment. Despite similarities, institutional advantages of political capitalism are lost in the new type of Croatian capitalism, due to the complexity of the double transition process and the institutional or socio-economic particularities.

  19. Links between the Eurozone Stock Markets: A New Perspective, Considering the Capitalization Level || Relación entre los índices bursátiles europeos: una nueva perspectiva a partir de los niveles de capitalización

    Directory of Open Access Journals (Sweden)

    Gabriel, Vítor

    2017-06-01

    Full Text Available This paper examines short-term and long-term linkages among stock markets within EMU, taking into account the business capitalization. According to this objective, we have analysed four capitalization segments, corresponding to the Micro, Small, Mid and Large Caps indices, in the period between November 2007 and December 2013. In order to identify the existence of interdependencies and short-term links between the European indices, we have used a vector autoregressive error-correction model, the concept of Granger causality and the impulse-response functions. We have concluded that the Large Cap described relatively autonomous movements and contained information that helped to explain the changes in other indices. With regard to the existence of long-term connections, the usual cointegration tests were used, which showed that the segment index of the largest capitalizations described a different route compared to the indices of the two segments with smaller capitalizations. This proves to be particularly important for an international portfolio diversification strategy. || Este artículo analiza las relaciones y las interdependencias a corto y largo plazo entre los mercados de valores de la eurozona, teniendo en cuenta el nivel de capitalización. De acuerdo con este objetivo, se analizaron cuatro segmentos de capitalización correspondientes a los índices de micro, pequeñas, medianas y grandes capitalizaciones en el período comprendido entre noviembre de 2007 y diciembre de 2013. Con el fin de identificar la existencia de interdependencias y relaciones a corto plazo entre los índices europeos, se ha recurrido a un vector autorregresivo con mecanismo corrector de errores, al concepto de causalidad de Granger y a funciones de impulso-respuesta. Se concluyó que el índice Large Cap describe movimientos relativamente autónomos y que contiene información que ayuda a explicar los cambios en otros índices. En cuanto a la existencia de

  20. Friends and Foes in the Occupational Career. The Influence of Sweet and Sour Social Capital on the Labour Market. Friends and Foes in the Occupa-tional Career.

    NARCIS (Netherlands)

    Moerbeek, Hester Hagar Susan

    2001-01-01

    Will people with friends experience profit and will people with foes experience harm on the labour market? The words ‘friends’ and ‘foes’ mean something else than in every day life, that is people who have helped or hindered someone in the past and/or are willing to do so in the future. From this