Academic literature on the topic 'Capital market monitoring'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the lists of relevant articles, books, theses, conference reports, and other scholarly sources on the topic 'Capital market monitoring.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Journal articles on the topic "Capital market monitoring"
1
Robbie, Ken, Mike Wright, and Brian Chiplin. "The Monitoring of Venture Capital Firms." Entrepreneurship Theory and Practice 21, no. 4 (July 1997): 9–28. http://dx.doi.org/10.1177/104225879702100402.
Full textAbstract:
This paper analyzes the monitoring of venture capital firms by their funds providers, which has been hitherto generally neglected by academic researchers. The changing nature of competition in a mature market has introduced increased pressures for the enhanced monitoring of venture capital firms, especially in relation to target returns and reporting requirements. The paper provides evidence on the nature and extent of these monitoring arrangements derived from interviews and a questionnaire survey of leading players in the UK market.
2
Teytelboym, Alexander. "Natural capital market design." Oxford Review of Economic Policy 35, no. 1 (2019): 138–61. http://dx.doi.org/10.1093/oxrep/gry030.
Full text
3
Tadesse, Solomon. "The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence." Journal of Financial and Quantitative Analysis 39, no. 4 (December 2004): 701–30. http://dx.doi.org/10.1017/s0022109000003185.
Full textAbstract:
AbstractCapital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry-level data across 38 countries, I present evidence suggesting a positive relation between market-based governance and improvements in industry efficiency. The measures of governance are also positively correlated with productivity improvements and growth in real output. Furthermore, while governance affects efficiency, the capital provision services induce technological change. The evidence underscores the role of capital markets as a conduit of socially valuable governance services as distinct from capital provision.
4
Hasan, Iftekhar, Akhtar Siddique, and Xian Sun. "Monitoring the “invisible” hand of market discipline: Capital adequacy revisited." Journal of Banking & Finance 50 (January 2015): 475–92. http://dx.doi.org/10.1016/j.jbankfin.2014.03.029.
Full text
5
Buch, Claudia M. "Capital Market Integration in Euroland: The Role of Banks." German Economic Review 1, no. 4 (December 1, 2000): 443–64. http://dx.doi.org/10.1111/1468-0475.00021.
Full textAbstract:
Abstract The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of risk-diversification services. By eliminating exchange rate risks, the euro enhances the incentives of banks to expand within Euroland. Yet, while the currency bias in bank portfolios will be eliminated, the home bias will remain. Implications of market integration for the risk-taking and the monitoring of banks are not clear-cut.
6
Cline, Brandon N., Jacqueline L. Garner, and Adam S. Yore. "Exploitation of the internal capital market and the avoidance of outside monitoring." Journal of Corporate Finance 25 (April 2014): 234–50. http://dx.doi.org/10.1016/j.jcorpfin.2013.12.004.
Full text
7
Giovannini, Alberto, Edmond Malinvaud, and Colin Mayer. "National Tax Systems versus the European Capital Market." Economic Policy 4, no. 9 (October 1989): 345. http://dx.doi.org/10.2307/1344473.
Full text
8
Rode, Sanjay. "Financing capital expenditure through municipal bond market in Navi Mumbai Municipal Corporation." Public and Municipal Finance 8, no. 1 (April 26, 2019): 11–27. http://dx.doi.org/10.21511/pmf.08(1).2019.02.
Full textAbstract:
In India, the urban local bodies do not have decentralization in various functions. Therefore, municipal corporations find various issues in functioning and revenue generation. It has resulted into either shortfall or low quality infrastructure services to people. The Navi Mumbai Municipal Corporation is developed as modern municipal corporation. Municipal corporation invested financial resources in development for civic infrastructure. Therefore, population, industries, educational institutions, markets, transport and other facilities are expanding very fast. The ordinary least square regression results shows that the municipal corporation has positive co-relation with revenue receipts from LBT, property tax and town planning. The revenue expenditure is positively co-related with municipal estate, public health and hospitals, primary and secondary education. The engineering work for poor is negatively correlated with revenue expenditure. The capital receipts are positively co-related with fire brigade, auditorium, sports and cultural programs and security deposits and water supply. The capital expenditure is positively co-related to women and child welfare schemes, primary education, environment monitoring. It is negatively co-related with dumping grounds. The municipal corporation must raise funds from capital market through municipal bonds. More investment must be made in civic infrastructure. Similarly, corporation must spend more funds on poor, welfare of women and children. Municipal corporation must monitor and protect environment. It must give more priorities for processing of solid and e-waste, protect local culture, primary and secondary education, health care for all and technology in provision of civic services. It must develop human resource and create best place to live in metropolitan region.
9
Debreceny, Roger S., Asheq Rahman, and Tawei Wang. "Corporate Network Centrality Score: Methodologies and Informativeness." Journal of Information Systems 31, no. 3 (May 1, 2017): 23–43. http://dx.doi.org/10.2308/isys-51797.
Full textAbstract:
ABSTRACT This research proposes a Corporation Network Centrality Score (CNCS) that exploits the social network implicit in Twitter interactions that are relevant to capital markets. The CNCS is the eigenvector network centrality score for interactions about corporations. The CNCS provides a summary numeric metric that captures a wide range of market-relevant information about the corporation it represents. The study asserts that the CNCS will assist the monitoring of corporations by auditors, regulators, and other market participants. The research calculates the CNCS for Standard & Poor's (S&P) 1500 firms and then tests the robustness of the metric by regressing CNCS on a set of variables that are known to convey firm fundamentals information to the capital markets. The study finds that CNCS is strongly associated with firm-led disclosures, market-based firm characteristics, and accounting-based firm fundamentals information. JEL Classifications: M41.
10
Ngo, Thanh, and Tu Le. "Capital market development and bank efficiency: a cross-country analysis." International Journal of Managerial Finance 15, no. 4 (August 5, 2019): 478–91. http://dx.doi.org/10.1108/ijmf-02-2018-0048.
Full textAbstract:
Purpose The purpose of this paper is to empirically investigate the causal relationship between banking efficiency and capital market development in 86 countries between 2006 and 2011. Design/methodology/approach The authors follow the two-stage framework: data envelopment analysis (DEA) with the use of financial ratios is used to arrive at efficiency scores of the banks in the first stage. Thereafter, those efficiency scores will be linked with the development level of the capital markets of the corresponding country in the second stage using the generalised method of moments in a simultaneous equations model. Findings The authors found that banking systems around the world were still inefficient, suggesting that it would take time for the global banking system to recover after the global financial crisis 2007/2008. More importantly, the findings demonstrated that the larger the capital market is, the less efficient its banking system would be. In contrast, banking efficiency can positively influence the development of the capital market. Research limitations/implications The data are unbalanced and limited to 86 countries; the study did not analyse the productivity change over time of those banking systems; and it would be useful to test the first-stage DEA with different sets of variables as well as different assumptions. Practical implications The paper suggests that for any economy around the world, an improvement in banking performance and efficiency rather than capital market development should be a priority, alongside with monitoring inflation. Originality/value The paper provides an unbiased analysis of the causal relationship between the banking sector and the capital market.
Dissertations / Theses on the topic "Capital market monitoring"
1
Yeoh, Daniel Ghee Chong, and danielyeoh@cimb com my. "An Empirical Examination of Physical Asset Expenditure Announcements in Australia: Growth Opportunities, Free Cash Flow and Capital Market Monitoring." The Australian National University. Commerce, 2001. http://thesis.anu.edu.au./public/adt-ANU20010702.160428.
Full textAbstract:
This thesis examines the stock market price variations associated with physical asset expenditure announcements in Australia. With the exception of the study of Chen and Ho (1997) in Singapore, most capital expenditure studies in other markets investigate the announcement effects associated with changes in budgeted capital expenditures. The fact that there is almost never any firm level capital budget announcement in Australia presents a unique opportunity to examine individual physical asset expenditure announcements.
¶
Three primary hypotheses pertaining to growth opportunities, free cash flow theory, and the capital market monitoring argument are developed and tested. These arguments are formulated to explain the abnormal return variations associated with physical asset expenditure announcements. The growth opportunities hypothesis posits that the abnormal returns at physical asset expenditure announcements are positively related to a firm's growth opportunities. Both free cash flow theory and capital market monitoring hypothesis postulate that the abnormal returns at physical asset expenditure announcements are negatively related to a firm's free cash flow, and cash flow respectively. Other control explanators are incorporated from the merger and takeovers literature.
¶
Event study methodology is used to examine the abnormal returns associated with physical asset expenditure announcements. Two sets of data, intraday and daily, are used to investigate the market reaction. Intraday returns are calculated on a time-weighted approach and two methods are used to calculate intraday abnormal returns. The first method defines abnormal returns as the difference between actual returns and market returns. The second method defines abnormal returns as the difference between market-adjusted returns and market-adjusted returns on a control portfolio. Daily abnormal returns are calculated using the market model.
¶
Both univariate and multivariate analyses provide strong support for the growth opportunities hypothesis. The results suggest the quality of firms' growth opportunities is the key variable determining the direction and magnitude of the abnormal returns at announcement. Support for the capital monitoring argument and the free cash flow theory is mixed, generally with a lack of support. The free cash flow variable is found to be significantly negatively related to abnormal returns, only when a finer dummy is used in the multivariate regression. All other control variables are found to be insignificant in explaining the stock market variations once the growth opportunities variable is included in the regression.
¶
This thesis makes the following contributions. First, this thesis presents the initial empirical evidence concerning physical asset expenditure announcements in Australia. Second, the thesis shows that the quality of a firm's growth opportunities is the key factor in determining the direction and magnitude of abnormal returns around physical asset expenditure announcements. These results also suggest that the equity market in Australia reacts to physical asset expenditure announcements which contain information pertaining to growth opportunities rather than the relative size of the physical asset expenditure transactions to firm value. Third, support for the capital monitoring argument and the free cash flow theory is not strong. Fourth, all other control variables are found to be insignificant in explaining the stock market variations once market to book ratio is included in the regression. Fifth, the results suggest that prior research which fails to segregate market to book ratio and free cash flow proxy into finer partitions may have possibly underestimated the market to book and the free cash flow effects.
2
Brendel, Janja. "Three Essays on the Role of Information and Monitoring Intermediaries in Capital Markets." Doctoral thesis, Humboldt-Universität zu Berlin, 2021. http://dx.doi.org/10.18452/22976.
Full textAbstract:
Diese Dissertation umfasst drei Aufsätze über die Rolle von Informationsintermediären und Intermediäre mit Aufsichtsfunktionen in Kapitalmärkten. Der erste Aufsatz untersucht, ob sich verschiedene Leerverkäufer bei ihrer Auswahl von Zielunternehmen anhand von sichtbaren Merkmalen unterscheiden. Die Ergebnisse zeigen, dass Hedgefonds und Investmentmanager im Durchschnitt größere und jüngere Unternehmen bevorzugen, während sich Banken auf Unternehmen mit weniger Restatements der Finanzdaten und einem höheren Verschuldungsgrad konzentrieren. Der zweite Aufsatz beschreibt, wie Unternehmen auf aktivistische Leerverkäuferberichte reagieren. Es wird festgestellt, dass die Antwortrate erheblich steigt, wenn der Bericht von deutlich negativen abnormalen Renditen begleitet wird und wenn die Leerverkäufer neue Beweise vorlegen. Dies stimmt mit der Vorstellung überein, dass Leerverkäufer als Informationsintermediäre fungieren können. Eine Nichtbeantwortung ist außerdem ist mit einer weniger negativen Aktienkursreaktion bei Veröffentlichung und mit weniger nachteiligen Ergebnissen verbunden. Die dritte Aufsatz fokusiert sich auf so-genannte Monitoring Trustees. Sie sind bei der Überwachung von Banken behilflich, die in der Europäischen Union während der letzten Finanzkrise staatliche Beihilfen erhalten haben. In einer von Hand gesammelten Stichprobe werden die Merkmale und Aufgaben dieser neu implementierten Aufseher und ihre Rolle im Zusammenhang mit dem Berichtsverhalten der Banken untersucht. Die Ergebnisse deuten darauf hin, dass diese zusätzlichen Aufseher die Transparenz und das Berichtsverhalten der Banken bei der Finanzberichterstattung beeinflussen können, insbesondere wenn die Berichterstattung über Kreditverluste und Anpassungen der Geschäftsberichte berücksichtigt werden.
Der zweite Aufsatz wurde im Journal of Accounting Research (https://doi.org/10.1111/1475-679X.12356) publiziert.This dissertation comprises three essays on the role of information and monitoring intermediaries in capital markets. The first essay investigates whether different short sellers vary in their selection of target firms using observable firm characteristics. Results show that hedge funds and investment managers on average prefer larger and younger firms, whereas banks focus on firms with fewer restatements and a higher leverage. The second essay provides descriptive evidence on how firms respond to activist short seller reports and how these responses are associated with outcomes for the targeted firms. It finds that the response rate increases substantially when the report is accompanied by significantly negative abnormal returns and when the short sellers provide new evidence which is consistent with the idea of short sellers acting as information intermediaries. Not responding is associated with a less negative stock price response when the report is released and fewer adverse outcomes. The third essay shifts the attention to Monitoring Trustees who assist in the supervision of banks that have received state aid in the European Union during the last financial crisis. It explores in a hand-collected sample the characteristics and duties of these newly implemented monitors and it studies the role of these supranational monitors and the banks’ reporting behavior. Results suggest that these additional supervisors can influence the banks financial reporting transparency and reporting behavior when mainly loan loss reporting and restatements are accounted for. The second essay has been published in the Journal of Accounting Research (https://doi.org/10.1111/1475-679X.12356).
3
Brendel, Janja [Verfasser]. "Three Essays on the Role of Information and Monitoring Intermediaries in Capital Markets / Janja Brendel." Berlin : Humboldt-Universität zu Berlin, 2021. http://d-nb.info/123657043X/34.
Full text
4
Lee, Samuel. "Information and control in financial markets." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/799.htm.
Full text
5
Brites, Alice Dantas. "Monitoramento dos efeitos ecológicos e socioeconômicos da comercialização de produtos florestais não madereiros." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/90/90131/tde-24032011-215203/.
Full textAbstract:
A comercialização de produtos florestais não madeireiros (PFNMs) popularizou-se como atividade promotora do desenvolvimento socioeconômico de comunidades florestais com baixo impacto ambiental. Há evidências, contudo, de que a exploração possa produzir efeitos ecológicos e socioeconômicos negativos, sugerindo que é necessário monitorar tais iniciativas. A comercialização frequentemente ocorre em áreas remotas e em contextos de pobreza, como é o caso de muitas daquelas da Amazônia brasileira. Desta forma, é necessário que o monitoramento restrinja-se a avaliar os efeitos evidenciados como mais comuns em estudos anteriores. Este estudo revisa e sintetiza as evidências científicas dos efeitos da exploração de PFNMs sobre parâmetros ecológicos e socioeconômicos e, a partir daí, indica aqueles mais relevantes ao monitoramento. O estudo também levanta até que ponto o monitoramento é implementado no contexto da Amazônia brasileira e avalia quais os parâmetros importantes e viáveis de monitoramento neste caso específico. Para isso, foram realizadas revisões sistemáticas da literatura e a consulta a profissionais da área através do método Delphi. Os resultados indicam que efeitos ecológicos negativos são frequentes, principalmente quando se coletam folhas ou cascas. Alterações em órgãos ou processos fisiológicos e a taxa de sobrevivência dos espécimes explorados são parâmetros que devem ser monitorados, em particular quando se coletam frutos e partes vegetativas. Para todos os tipos de PFNMs, o tamanho e a estrutura populacional são parâmetros prioritários ao monitoramento. A riqueza de espécies da comunidade explorada merece atenção, principalmente quando se coletam frutos. Para os aspectos socioeconômicos, efeitos positivos foram mais frequentes que negativos. A contribuição da renda monetária obtida com o comércio na renda total, a regularidade de ingresso desta renda e o papel dos PFNMs como recursos de salvaguarda são parâmetros do capital financeiro prioritários ao monitoramento. Para o capital social, o empoderamento feminino, a coesão de grupo e o acesso aos benefícios gerados pela comercialização devem ser monitorados. Na Amazônia brasileira são poucas as iniciativas de implementação do monitoramento da comercialização de PFNMs. Embora este seja considerado importante, existem dificuldades que derivam principalmente da falta de apoio institucional, políticas de incentivo e de recursos financeiros. Os profissionais participantes do Delphi consideram que os parâmetros ecológicos mais importantes a monitorar neste contexto são o tamanho e a estrutura populacional do recurso explorado, o aumento da taxa de mortalidade, a quantidade total de recurso extraída e a técnica de coleta utilizada. Para os parâmetros econômicos, aspectos do mercado, como o preço pago ao coletor, a demanda e a qualidade do produto, bem como a renda monetária obtida pelos indivíduos são os parâmetros considerados mais importantes. Por fim, para os aspectos sociais, os efeitos na cultura, na qualidade de vida e na organização interna da comunidade foram priorizados. Os profissionais indicam que é viável estabelecer o monitoramento dos parâmetros levantados.Amazon, non-timber forest products, ecological effects, socioeconomic effects, monitoring.
6
"Cross market monitoring on financial markets." 2001. http://library.cuhk.edu.hk/record=b5890653.
Full textAbstract:
by Lee Yue, Wefield.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 105-111).
Abstracts in English and Chinese.
Abstract --- p.I
Abstract (Chinese) --- p.II
Acknowledgement --- p.III
Table of Content --- p.IV
List of Figures --- p.VII
List of Tables --- p.VIII
Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- Background --- p.1
Chapter 1.2 --- Motivation --- p.2
Chapter 1.3 --- Organization --- p.4
Chapter 2 --- Literature Review --- p.5
Chapter 2.1 --- Market Monitoring --- p.5
Chapter 2.1.1 --- Regulatory Framework --- p.5
Chapter 2.1.2 --- Surveillance Technology --- p.6
Chapter 2.2 --- Cross Market Relationship --- p.7
Chapter 2.3 --- Knowledge Management --- p.9
Chapter 2.3.1 --- From Data and Information to Knowledge --- p.9
Chapter 2.3.2 --- From Knowledge to Knowledge Management --- p.10
Chapter 3 --- Market Activities and Market Surveillance --- p.13
Chapter 3.1 --- Overview of Market Structure --- p.13
Chapter 3.1.1 --- Monetary Market --- p.13
Chapter 3.1.2 --- Stock and its Derivatives Market --- p.14
Chapter 3.1.3 --- Futures --- p.19
Chapter 3.2 --- Cross-Market Activities and Manipulation --- p.20
Chapter 3.3 --- Monitoring and Surveillance --- p.22
Chapter 3.4 --- Stock Monitoring Systems --- p.23
Chapter 4 --- Financial Knowledge Management (FKM) Model --- p.27
Chapter 4.1 --- Introduction --- p.27
Chapter 4.2 --- Knowledge Management cycle --- p.28
Chapter 4.2.1 --- Information Collection --- p.29
Chapter 4.2.2 --- Information Storage --- p.29
Chapter 4.2.3 --- Knowledge Generation --- p.30
Chapter 4.2.4 --- Knowledge Dissemination --- p.30
Chapter 4.3 --- The 4 levels of FKM --- p.31
Chapter 5 --- Level 1: Range Detection --- p.32
Chapter 5.1 --- Basic idea --- p.32
Chapter 5.2 --- Detection cycle --- p.32
Chapter 5.3 --- Mathematical Model --- p.32
Chapter 5.4 --- Knowledge generation --- p.34
Chapter 6 --- Level 2: Momentum Detection --- p.36
Chapter 6.1 --- Basic idea --- p.36
Chapter 6.2 --- Detection cycle --- p.36
Chapter 6.3 --- Mathematical Model --- p.37
Chapter 6.4 --- Knowledge generation --- p.38
Chapter 7 --- Level 3: Case Detection --- p.40
Chapter 7.1 --- Basic Idea --- p.40
Chapter 7.2 --- Technical Analysis --- p.40
Chapter 7.3 --- Details and Characteristics of Chart Patterns --- p.41
Chapter 7.3.1 --- Continuation and Reversal Patterns --- p.41
Chapter 7.3.2 --- Bar Charts --- p.42
Chapter 7.3.3 --- Different Patterns --- p.42
Chapter 7.4 --- Mathematical Model --- p.54
Chapter 7.4.1 --- Smoothing of Data 一 Exponential Smoothing --- p.55
Chapter 7.4.2 --- Recognition of Different Patterns --- p.57
Chapter 7.4.3 --- Detection Cycle --- p.59
Chapter 7.5 --- Knowledge generation --- p.60
Chapter 8 --- Level 4: Scenario Detection --- p.62
Chapter 8.1 --- Basic idea --- p.62
Chapter 8.2 --- Detection cycle --- p.65
Chapter 8.2.1 --- RETRIEVE --- p.66
Chapter 8.2.2 --- REUSE --- p.75
Chapter 8.2.3 --- REVISE --- p.76
Chapter 8.2.4 --- RETAIN --- p.82
Chapter 8.3 --- Knowledge Generation --- p.82
Chapter 9 --- Experiments and Research Findings --- p.85
Chapter 9.1 --- Experiments on Monitoring and Detection --- p.85
Chapter 9.1.1 --- Precision and Recall --- p.85
Chapter 9.1.2 --- Architecture of FKM --- p.86
Chapter 9.1.3 --- Experiment and Result Analysis --- p.88
Chapter 9.2 --- Evaluation of Knowledge Management --- p.89
Chapter 9.2.1 --- Evaluation Design --- p.90
Chapter 9.2.2 --- Result Analysis --- p.91
Chapter 10 --- Conclusion and Future Work --- p.94
Chapter 10.1 --- Conclusion --- p.94
Chapter 10.2 --- Future Direction --- p.95
Appendix I A Survey on Investors of Hong Kong --- p.96
Appendix II Theories on Cross-Market Relation --- p.99
Appendix III Mathematical Model for Patterns --- p.102
Bibliography --- p.105
Books on the topic "Capital market monitoring"
1
Khan, Mohammad Hassanul Abedin. The market for loan capital for small firms in Bangladesh: Loan evaluation, monitoring and contracting practices. Manchester: University of Manchester, 1997.
Find full text
2
Simon, Gleeson. Part I The Elements of Bank Financial Supervision, 4 The Composition of Bank Capital. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0004.
Full textAbstract:
This chapter discusses the concept of bank capital. The essence of regulatory capital requirements as originally conceived was to procure that banks had sufficient capital to absorb both expected and unexpected losses. However, recent market developments have indicated two different but important functions of capital. Going Concern Capital is that capital which can absorb losses, both when the firm is in a state of financial health and during periods of financial stress, thus maintaining market confidence in the financial system and avoiding disruption to depositors. Gone Concern Capital is that capital which absorbs losses on the failure of a firm, protecting depositors in a winding up or resolution. The remainder of the chapter covers Tier 1 and Tier 2 capital; deductions; bank holdings in banking, financial, and insurance entities; provisioning, expected loss and revaluation; and capital monitoring.
3
Guthrie, Graeme. With one hand tied behind their back. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190641184.003.0008.
Full textAbstract:
This chapter uses the New York cable television provider Cablevision to describe the way in which boards can delegate some of the task of monitoring management to participants in external capital markets. Unlike a firm’s current shareholders, who have little say over how their funds are allocated, external capital markets provide their funds only if the investment returns are adequate. This chapter shows how managers of firms with substantial cash-generating assets in place can use the collateral that these assets provide to weaken the discipline of external capital markets. It shows how their ability to do this is restricted if the board authorizes share repurchases or special dividends funded by increased borrowing, as these replace “soft” payouts to shareholders with “hard” payouts to bondholders. Managers’ ability to exploit collateral is further restricted if the board uses spinoffs to break up the firm’s internal capital market.
4
Soledad Martinez Pería, María, and Sergio L. Schmukler. Understanding the Use of Long-Term Finance in Developing Countries. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815815.003.0004.
Full textAbstract:
This chapter reviews recent evidence on the use of long-term finance in developing countries (relative to developed ones) to try to identify where short- and long-term financing occurs, and what role different financial intermediaries and markets play in extending this type of financing. Although banks are the most important providers of credit, they do not seem to offer long-term financing. In fact, loans in developing countries have significantly shorter maturities than those in developed countries. Capital markets have become increasingly sizable since the 1990s and can provide financing at fairly long terms. But just a few large firms use these markets. Only some institutional investors provide funding at long-term maturities. Incentives for asset managers are tilted toward the short term due to constant monitoring. Instead, asset-liability managers have a longer-term horizon, as foreign investors in developing countries do. Governments might help expand long-term financing, although with limited policy tools.
Book chapters on the topic "Capital market monitoring"
1
Martell, Christine R., Tima T. Moldogaziev, and Salvador Espinosa. "A Theory of Subnational Government Capital Market Information." In Information Resolution and Subnational Capital Markets, 9–20. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190089337.003.0002.
Full textAbstract:
Chapter 2 develops the theoretical base for why and how information resolution is expected to relate to subnational government capital market borrowing by reviewing and extending the corporate finance literature. Based on theories of information, it argues that although countries must have a certain level of maturity along economic, financial and market, political, and legal institutions before successfully managing a well-functioning capital market, the crowning factor behind an efficient subnational government credit market, beyond the fundamental dimensions of institutional maturity, is credit contractibility in the system and tools of information certification and monitoring available to subnational governments. This chapter details how information problems manifest in credit contractibility, reviews how information relates to capital finance, and applies theories of capital markets to subnational government borrowing, debt size, and debt composition. It discusses how information resolution institutions and credit quality can enhance subnational government capital markets and proposes testable hypotheses.
2
Medcraft, Greg. "Regulating High Frequency Trading and Dark Liquidity in Australia." In Global Algorithmic Capital Markets, 283–307. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198829461.003.0011.
Full textAbstract:
This chapter focuses on how the Australian Securities and Investment Commission’s general regulatory approach has informed its response to the challenges facing investor trust and confidence as a result of high frequency trading and the growth in dark liquidity. Technological change, increasing competition, and globalization mean that financial markets are changing more rapidly than ever before, posing a number of challenges from a regulatory perspective. This is particularly true for exchange markets: innovation and advances in information technology are delivering lower costs for investors, yet alongside these positive developments is a need for continued testing, monitoring, and accountability. In this context, the chapter discusses ASIC’s responses to both real and perceived problems in the market, as well as the changes stimulated by ASIC’s actions.
3
Ozhigina, Vera. "Common Market of Goods, Services, Capital, and Labor in the EAEU." In Regional Integration and Future Cooperation Initiatives in the Eurasian Economic Union, 94–116. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-1950-9.ch006.
Full textAbstract:
The chapter examines the stages preceding creation of the common market of goods, services, capital, and labor within the EAEU, evaluates effects and proposes directions of improvement, considering the world experience. Attention is given not only to negative integration (elimination of barriers), but also to positive (signing of agreements, creation of institutions, mechanisms for cooperation, budget management and joint projects). The production cooperation, joint research, and digital economy are also considered. Based on the methodology of system analysis and integration design, the author identified problems of the EAEU common market and proposed aspects for improvement: deepening of negative integration and regulatory convergence; increasing positive integration; combination of integration with development; creation of the common system of protection; redistribution of benefits and costs; strengthening of supra-national regulation; improvement of statistics and monitoring; increasing of budget, stimulating innovations, structural changes, sustainable development and inclusive growth.
4
Nazir, Mian Sajid, Sadaf Nazir, and Aisha Javaid. "Role of Institutional Owners in Devising Firms' Risk-Taking Behavior." In Foreign Direct Investments, 1716–32. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-2448-0.ch076.
Full textAbstract:
Role of institutional owners is becoming vital regarding strategic decision making in modern day business corporations. Financial institutions are capable to monitor the empowered company insiders and to regulate the capital market positioning of firms due to their specialized expertise and low cost of monitoring the managers. This article is an attempt to investigate the role of institutional owners on firms' risk-taking behavior in an emerging market. By using the sample of 58 non-financial firms listed at Karachi Stock Exchane-100 (KSE-100) index for a period of 2010 to 2017, these results revealed that institutional ownership can influence firms risk taking decisions. This influence depends on type of institutional ownership; passive owners play negative role in risk taking while active owners play a positive role in risk taking. Size of institutional ownership does not matter in risk taking.
5
Khan, B. Zorina. "Conclusion." In Inventing Ideas, 382–412. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780190936075.003.0014.
Full textAbstract:
The modern knowledge economy had its start in the United States when, for the first time in world history, an intellectual property clause was included in a national Constitution. This strong endorsement for property rights and decentralized markets in ideas reflected a revolution in thinking about the sources of creativity and economic progress, which conventional economic theories about innovation and growth have yet to fully capture. European administered innovation systems assumed that elites, scarce knowledge, and costly human capital inputs were the primary sources of useful ideas and productivity advances. Administered arrangements failed to induce inventions at appropriate prices, perpetuated errors because of a lack of monitoring and feedback, and were associated with rent-seeking and significant deadweight losses. By contrast, market-oriented policies in the United States generated increasing returns associated with its larger and more diverse population of inventors and useful ideas, which encouraged self-sustaining endogenous growth and a global technological advantage that has persisted for well over a century.
6
Ormin, Koholga. "Are IFRS Adoption Benefits in Developing Countries a Time-Lag?" In Advances in Finance, Accounting, and Economics, 251–65. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-4666-9876-5.ch012.
Full textAbstract:
The IFRS is a useful international financial reporting framework that ensures comparable and quality financial information disclosure. IFRS perceived benefits compare to local and regional accounting standards has led to its adoption and implementation by several countries around the globe. However, IFRS is argued to benefit the developed countries the most due to their strong market and institutional settings (He, Wong & Young, 2009). This paper critically explores the question of whether IFRS adoption benefits in a developing country such as Nigeria is time-lag. The paper is a library research thus inferences were drawn deductively base on previous works conducted in Nigeria and elsewhere on IFRS adoption. This approach was further complimented by the conduct of interview with three professional accountants in practice and two economics analysts. It was revealed and concluded that due to their weak market, institutional settings and other factors, a time-lag is necessary for Nigeria and indeed all other developing countries to fully maximise the benefits of IFRS adoption and implementation. Notwithstanding, the paper recommends that to fast track IFRS benefits, developing countries and Nigeria in particular, should overhaul capital market infrastructure and ensure a strong ethical and good corporate governance environment as well as strict compliance with IFRS requirements through increase monitoring and use of sanctions by regulators.
7
Ready, Kathryn J., Milorad Novicevic, and Monica Evans. "Human Resources Information Systems Role in Sarbanes Oxley (SOX) Compliance." In Encyclopedia of Human Resources Information Systems, 471–76. IGI Global, 2009. http://dx.doi.org/10.4018/978-1-59904-883-3.ch069.
Full textAbstract:
Compliance with the Sarbanes-Oxley Act (SOX) has become a new indispensable standard operating procedure for public companies competing in the business world of the 21st century. The SOX compliance is crucial for capital market stakeholders that want to ensure transparent insights into the companies’ business operations and financials following the revelation of significant fraud in financial reporting by Enron, HealthSouth, WorldCom, and Global Crossing. From the onset the demands of SOX compliance have resulted in increased responsibilities from companies’ finance and accounting departments. For more effective compliance and monitoring, the human resource (HR) and information technology (IT) departments need to be more strategically involved (Deloitte & Touche, 2003). One tool that may ease the companies’ burden of SOX compliance is the human resource information system (HRIS), provided its role is expanded beyond the traditional scope of ensuring Equal Employment Opportunity (EEO)m compliance and supporting payroll systems (Fletcher, 2005).
8
Martell, Christine R., Tima T. Moldogaziev, and Salvador Espinosa. "Review of Literature on Subnational Government Borrowing." In Information Resolution and Subnational Capital Markets, 21–38. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190089337.003.0003.
Full textAbstract:
Chapter 3 establishes the rationale for subnational government debt, the infrastructure pressures on subnational governments, and the context within which subnational government borrowing occurs. It begins with a review of the fiscal governance task in the face of demands for local infrastructure provision, and the institutional contexts of subnational government borrowing. The chapter then discusses how subnational government infrastructure provision and borrowing fit with a growing perspective of financial governance innovations. It continues with an introduction to capital-financing options, an overview of subnational government borrowing, and potential problems with subnational government borrowing. Then, the chapter explores fundamental dimensions of institutional contexts that affect subnational government borrowing. It ends by explicitly recognizing the role of information and setting a research agenda about efforts to improve information resolution institutions and mechanisms for information certification and monitoring.
9
Wei, James. "Product Development to Business." In Product Engineering. Oxford University Press, 2007. http://dx.doi.org/10.1093/oso/9780195159172.003.0006.
Full textAbstract:
Many historians and journalists conclude an exciting story of innovation at the discovery phase, when there emerges a plausible idea of a new product. However, for most innovative products, the exciting story has barely begun. Usually, many years of hard work still lie ahead, to modify and adapt the technology to the needs of the marketplace, and to find solutions to many problems. Sometimes, the development work is accomplished mainly inside a single organization, such as in the development of nylon by DuPont; at other times, the development work is accomplished by many units under a loose network of cooperation, such as in the development of penicillin and of taxol by numerous companies and organizations. The innovation project will not go forth unless sponsors can be found and persuaded that the product can be manufactured from available technology and raw materials, accepted in the marketplace as superior in quality to other products at a competitive price, acceptable in safety and environmental concerns, and make a handsome profit for the manufacturer. The critical go-ahead signal is in obtaining finance to pay for the capital cost of land, building, and equipment, as well as the working capital cost of hiring management and staff, buying raw materials, and paying for utility and transportation. Other major landmarks are the start-up of the first manufacturing plant and the initial product offer in the market. If the product is to remain viable in the marketplace for many years, then there must be vigilance in monitoring the reactions of the customers, as well as that of the competition and the government, and taking appropriate actions. The development stories of numerous products are not well recorded or are completely lost. We are grateful that there are a few stories that have received attention from the innovators who took pains to record their stories. The book Science and Corporate Strategy: DuPont R&D, 1902–1980 by Hounshell and Smith (1988) presents a well-documented story of the long journey of nylon from discovery to the marketplace. A large number of people were involved.
Conference papers on the topic "Capital market monitoring"
1
Contri, Paolo, and Irina Kuzmina. "An Overview of the Research by EC-JRC/IE on Enhancement of Maintenance Efficiency of Nuclear Power Plants." In ASME 2009 Pressure Vessels and Piping Conference. ASMEDC, 2009. http://dx.doi.org/10.1115/pvp2009-78060.
Full textAbstract:
Economic deregulation of electricity markets in many countries has placed nuclear power plants (NPPs) in a new competitive environment where capital, operating and maintenance costs must be minimized. Optimization of the maintenance strategy, enhancement of the maintenance efficiency and monitoring the performance are becoming the key attributes to ensure the survival of nuclear utilities in the energy market. The need to collect relevant experience and suggest a consolidated system of performance indicators to measure the maintenance effectiveness was recognized by the Institute for Energy EC-JRC and research conducted aimed at suggesting such a system. The paper highlights the latest improvements to the system of maintenance performance indicators and discusses further steps and issues to be addressed in the course of the research on enhancing the effectiveness of maintenance at NPPs.
2
Moe, Sigurd, Olav S. Monsson, Øyvind Rokne, Ajith Kumar, and Christina Johansen. "Electric Controls Technology: The Role in Future Subsea Systems." In Offshore Technology Conference Asia. OTC, 2018. http://dx.doi.org/10.4043/28562-ms.
Full textAbstract:
Abstract This paper prepared for 2018 OTC Offshore Asia explores the current history of electrically driven functionality for subsea production systems. It is expected that co-existence of hybrid electrohydraulic and all-electric functionality will dominate the market for subsea tree and manifold control short term. Electric choke and manifold valve actuation offer many advantages as proved successfully during the last 16 years, e.g. related to modularity and flexibility, with zero discharge, with high operational speed and high positioning accuracy, along with CAPEX and OPEX benefits. Performance of systems such as Statoil's Asgard Subsea Gas Compressor is a game changer that will make all-electric valve control base case also for future subsea processing plants. Reliability & Availability concerns were the major concerns by many operators for not switching to all-electric technology. The excellent reliability of trickle charged batteries in subsea systems, combined with modern safety electronics eliminate the traditional actuator spring as failsafe mechanism power source. All of this has simplified the equipment, reduced the size, and enables continuous equipment status monitoring. Competitive all-electric systems are expected to be introduced in stages, starting with infill wells. This will eliminate the risk of new technology for the best business cases, being long distance gas fields, water injectors and deep water systems. Subsea all-electric solutions benefit from general technology developments in other industries. Full utilization is however slow in the subsea market, hampered by current rules and regulations, risk aspects and conservative mindsets. All-electric solutions need Champions and a continued successful staged development initiatives to realize their full potential for significantly reducing subsea field development capital and operational cost.
3
Lunney, Iain. "Cost-Effective Directional Drilling and Logging-While-Drilling Operational/Maintenance Model Aids an East Africa Operator to Deliver Its Remote Location Exploration Campaign." In SPE/AAPG Africa Energy and Technology Conference. SPE, 2016. http://dx.doi.org/10.2118/afrc-2582954-ms.
Full textAbstract:
ABSTRACT In a cost-sensitive market driven by depressed commodity prices, significant capital challenges exist for operators interested in pursuing exploration activities in remote environments to define their producible reserves. This paper explores the organizational and operational model developed by a service company over several remote area mobilizations; this model resulted in an optimized low-cost service delivery model characterized by top quartile operational key performance indicators (KPIs). The model centralizes critical functions of an operational organization into discrete service units that are located near the operational location or that provide remote assistance with communication and reporting lines in place to function effectively. Top quartile operational performance and tool availability is a result of placing a remote repair and maintenance facility that includes containerized specialty modules near the operational area. The upfront bottomhole assembly engineering, 24/7 monitoring, and proactive feedback of logged data, drillstring dynamics, and wellbore hydraulics are performed by a core team of subject matter experts in their respective disciplines from an established centralized operating center. The operational KPIs over the course of the six well exploration campaign provided substantial evidence to support the reliability of the model and the high level of experience used in both the remote maintenance facility and the operations center support team.
4
Dhyani, Ritesh. "City Gas Distribution Challenges: Challenges Faced by CGD, IGL — A Case Study With Solutions Adopted." In ASME 2019 India Oil and Gas Pipeline Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/iogpc2019-4582.
Full textAbstract:
There are some issues and concerns that need urgent attention. Chief among these are delays in securing multiple clearances, lack of well-defined market potential, entry barriers, deficient pipeline connectivity and uncertainty regarding domestic gas supply. The challenges during the reward of license revolve around issues affecting project Internal Rate of Return (IRR), project investment rate of return, market exclusivity, gas allocation, gas availability issues, logistic and manpower issues. With the formation of PNGRB, the safety practices and guidelines were looked into and framed. But once allocation process is over and operation is in progress, there are still several challenges that are being faced as: • Safety Management • Space Constraint for CNG station facilities • Queue Management • GIS for CGD network • Third party damages • Coordination with other utility Companies • Compliance of emission norms • Equipment Availability • Customer satisfaction (Services, Metering, billing) • Threat of alternate energy solutions • Embrace digital technology in conjunction with analytics intervention. • Compliance of stringent targets by the ministry. For IGL, being into the operation at the capital of the nation the major concern with CGD is safety, customer friendly operation and on-time solutions. This paper will discuss in detail the work adopted by IGL to cater the problem of space constraint, queue management and external threats. Apart from this, it also covers the various technologies and automation strategies adopted towards safety system, metering, billing, equipment availability etc. CGD companies must embrace digital technology in conjunction with analytics intervention to enjoy technology renaissance. It will help in achieving improvements and address issues in PNG, CNG and management of assets, among others. Emphasis will be given to provide a few such initiatives in detail, mentioned above, such as the pilot project going for HCNG plant, SCADA system for online monitoring of equipment, GIS system for pipeline integrity, automation of safety system and customer satisfaction.
5
PRANDECKI, Konrad, and Edyta GAJOS. "THE SHARE OF AGRICULTURE IN GREENHOUSE GAS EMISSIONS IN EUROPEAN UNION COUNTRIES – VALUATION." In RURAL DEVELOPMENT. Aleksandras Stulginskis University, 2018. http://dx.doi.org/10.15544/rd.2017.255.
Full textAbstract:
Reducing greenhouse gases emissions is one of the major environmental challenges of the modern world. The European Union (EU) has set itself ambitious reduction targets. Proper monitoring of emissions and its valuation is necessary to achieve this goal. In addition, valuation (in monetary terms) will help to raise awareness of the climate change costs among society. The aim of this article is to present international comparisons within the EU covering the monitoring and valuation of aggregate emissions of selected greenhouse gases in general and in agriculture. The study uses Eurostat data for the years 2007-2015. The evaluation was based on the average annual price of carbon dioxide allowances under the European Union Emissions Trading System. Leipzig stock market data were used to determine the price. The study compares the total greenhouse gas emissions and its value in different EU countries. These results show that the largest emitters in the EU are Germany, United Kingdom, France. A comparison of per capita and per GDP emissions results in an almost reversal of this order. The share of agriculture in greenhouse gas emissions was 11% in 2015 and ranged between countries from 3% (Malta) do 32% (Ireland). The results show also that the decline in value is greater than the decrease in emissions. This is due to the dramatic change in the price of allowances. The decrease in quantity of agricultural emission was 0,5%, whilst the decrease in value was 55,5% between years 2008 and 2015.
6
Chudnovsky, B., and N. Menn. "Long Term Experience of the Real Time Fouling Deposits Thickness Measurements for On-Line Sootblowing Optimization." In ASME 2015 Power Conference collocated with the ASME 2015 9th International Conference on Energy Sustainability, the ASME 2015 13th International Conference on Fuel Cell Science, Engineering and Technology, and the ASME 2015 Nuclear Forum. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/power2015-49782.
Full textAbstract:
Over the past years there has been a dramatic increase in the regulatory requirements for low emissions. Renewable energy targets and CO2 emissions markets drive the transition to a cleaner and renewable energy production system. In addition to increasing the overall plant cycle efficiency, there two principal means of the reduction of the CO2 from coal fired power plants: by coal and biomass co-firing and by the capture and long term storage of the CO2 emitted from power plant. Carbon dioxide capture and storage will involve substantial capital investment, accompanied by a significant power plant cycle efficiency penalty, and is not currently available on a fully commercial basis. Co-firing biomass, in comparison with other renewable sources, is the main contributor to technologies meeting the world’s renewable energy target. However, the impact of biomass co-firing on boilers performance and integrity has been modest. Operational problems associated with the deposition and retention of ash materials can and do occur on all the major gas-side components of combustion and boilers. The process occurs over a wide range of flue gas and surface temperatures, and dependent both on the characteristics of the ash and on the design and operation conditions of the furnace and boiler. Development and validation of the predictive models have been hindered significantly by the practical difficulties in the obtaining reliable data from the boilers operated with coal and biomass. Although specialized on–line deposition monitoring and sootblowing control systems are commercially available, but they are based on a very simple estimates of the fouling factors, which results in crude and not reliable approach to optimization of sootblowers operation. In the present paper an alternative approach and a new technique based on electro-optical sensor are demonstrated. The long term experience with the system attached to the furnace wall and capable to move the compact sensor in and out of the furnace, allowing to measure simultaneously deposits thickness and reflectivity, is described in details. Results of our study show that dynamics of both parameters on the operated power unit can be registered simultaneously in real time and then interpreted separately. Experiments have been carried out with different coal types at 575MW unit equipped with CE tangential boiler and 550 Mw equipped with B&W boiler with opposite fired burners. The measurements were performed in different locations of the furnace. It was shown that dynamics of thickness and reflectivity variation just after the wall cleaning activation are quite different. Situations have been registered where changes of reflectivity have a significant impact on heat transfer, comparable and sometimes even greater than that of growing fouling thickness. Technique and device exploited in this study appears to be a very useful tool for sootblowing optimization and, as a result, for improvement of boiler efficiency and reduction of water wall erosion and corrosion in both pulverized coal and co-firing boilers.
Reports on the topic "Capital market monitoring"
1
Strachan, Anna Louise. Potential Private Sector Involvement in Supporting Refugee Livelihoods and Self-reliance in Uganda: Annotated Bibliography. Institute of Development Studies (IDS), March 2021. http://dx.doi.org/10.19088/k4d.2021.072.
Full textAbstract:
There is some evidence of the private sector playing a role in supporting refugee livelihoods and self-reliance in Uganda during the period 2016-2020. However, a number of evaluations and research reports highlight the potential for greater private sector involvement, if existing constraints are addressed. Key lessons identified in the literature include the need for more research, especially on market potential, to address the existing knowledge gaps on the role the private sector can play in supporting refugee livelihoods and self-reliance in Uganda. The literature notes that limited access to capital, as well as appropriate financing schemes, are key constraints to the growth of the agribusiness sector. Furthermore, access to natural resources required for agri-business, such as land and water needs to receive more attention from NGOs and donors. The evidence also shows that there is a need for guidelines on the monitoring and evaluation of humanitarian adaptations of market systems development programming. The literature also notes that local actors should be involved in the design and assessment of investment opportunities and risk of interventions to increase project impact.
2
Financial Stability Report - First Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.1sem.eng-2020.
Full textAbstract:
In the face of the multiple shocks currently experienced by the domestic economy (resulting from the drop in oil prices and the appearance of a global pandemic), the Colombian financial system is in a position of sound solvency and adequate liquidity. At the same time, credit quality has been recovering and the exposure of credit institutions to firms with currency mismatches has declined relative to previous episodes of sudden drops in oil prices. These trends are reflected in the recent fading of red and blue tonalities in the performance and credit risk segments of the risk heatmaps in Graphs A and B.1 Naturally, the sudden, unanticipated change in macroeconomic conditions has caused the appearance of vulnerabilities for short-term financial stability. These vulnerabilities require close and continuous monitoring on the part of economic authorities. The main vulnerability is the response of credit and credit risk to a potential, temporarily extreme macroeconomic situation in the context of: (i) recently increased exposure of some banks to household sector, and (ii) reductions in net interest income that have led to a decline in the profitability of the banking business in the recent past. Furthermore, as a consequence of greater uncertainty and risk aversion, occasional problems may arise in the distribution of liquidity between agents and financial markets. With regards to local markets, spikes have been registered in the volatility of public and private fixed income securities in recent weeks that are consistent with the behavior of the international markets and have had a significant impact on the liquidity of those instruments (red portions in the most recent past of some market risk items on the map in Graph A). In order to adopt a forward-looking approach to those vulnerabilities, this Report presents a stress test that evaluates the resilience of credit institutions in the event of a hypothetical scenario thatseeks to simulate an extreme version of current macroeconomic conditions. The scenario assumes a hypothetical negative growth that is temporarily strong but recovers going into the middle of the coming year and has extreme effects on credit quality. The results suggest that credit institutions have the ability to withstand a significant deterioration in economic conditions in the short term. Even though there could be a strong impact on credit, liquidity, and profitability under the scenario being considered, aggregate capital ratios would probably remain at above their regulatory limits over the horizon of a year. In this context, the recent measures taken by both Banco de la República and the Office of the Financial Superintendent of Colombia that are intended to help preserve the financial stability of the Colombian economy become highly relevant. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Juan José Echavarría Governor