Journal articles on the topic 'Capital markets'
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Tokmazishvili, Mikheil. "CAPITAL MARKET CHALLENGES AND DEVELOPMENT PREREQUISITES IN GEORGIA." Globalization and Business 4, no. 8 (December 27, 2019): 60–67. http://dx.doi.org/10.35945/gb.2019.08.006.
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The article describes the challenges of capital markets, concepts of effects of capital markets› development on the economic growth, the current conditions of the capital market in Georgia, restricting and stimulating factors and preconditions necessary for the expansion of the capital market. Through comparative analysis, the problems and trendsofdevelopmentofcapitalizationarepresented. The formation of capital market is a long process. It requirestheformationoffinancialinstruments,consolidated legalormodelnorms,marketinfrastructureandinstitutions. In the developing countries, and moreover, in the Post- Soviet countries with least-developed economy and transformational law, the capital market is undeveloped considering the capacity of economy and its potential benefits.Thebankingsector›sabilitytofinancetheeconomy is restricted, the demand on investment capital is wide, as a result, with the traditional bank financing, establishment and development of the capital market is considered with anyalternative. Thepaperanalyzesthecausesthatimpactonlocalcapital markets functioning and the prerequisites without which the capital market can not be formed and developed in Georgia. The characteristics of impact factors on the capital market through examiningofeconomic literature are presented. The strong institutions and the well-functioning legal system are important for localmarket development, asthey provide the protection of investors› rights, including the protection of minority interests and attracting investors. The studies show that the country, where the rights of shareholders are protected and the transaction is not expensive, has more developed local markets, however, thereisthedifferentviewabouttheneedforregulatingthe securitiesmarket.Theinitialstudiesarguedthatthesecurities market may not be regulated, but according to the recent researches,theregulationisessentialforprivatecontractual frameworkstandardizationandfraudprevention.Todayitis widely recognized that the laws of securities are critical to thedevelopmentofthecapitalmarket; Finally, the article proposes the structure of market prerequisites that bases on several piles: macroeconomic stability, institutional and legal system, market size, market compositionandpensionsystem,transparencyandfinancial infrastructure.Despitetheabsenceofinstitutional,legaland infrastructuralbarriers,manyeconomiesareunabletoattract investors in order to ensure the optimum level of capital marketandefficientliquidity.Inthisregard,thecompulsory pension systems are introduced, which is an opportunity to attract the long-term instruments of investment. It is the conditionofthedevelopmentofthelocalbondmarket.With the liberalization of financial markets and in the effective regulatoryenvironment,investmentsinthestatebondsthat dominate in Georgia today will be added by expansion of thecorporateprivatebondsmarket.Similarly,thederivative markets cannot be developed without a well-developed marketand,inturn,theywillcontributetothedevelopment of the capital market. Moreover, the bond market requires the well-developed money markets in order to encourage the monetary policy to ensure the stability of the percent ratethatwillsupportthedevelopmentofthebondmarket.
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Gupta, Jyoti. "Capital Markets." Journal of Transnational Management Development 1, no. 1 (June 13, 1994): 5–21. http://dx.doi.org/10.1300/j130v01n01_02.
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Baquero, Juan David Vega, and Miguel Santolino. "Capital flows in integrated capital markets: MILA case." Quantitative Finance and Economics 6, no. 4 (2022): 622–39. http://dx.doi.org/10.3934/qfe.2022027.
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<abstract><p>The FeldsteinHorioka1980 study on investment flows through the correlation of domestic saving and investment concluded that liberalization of capital markets does not necessarily lead to a movement of capital looking for a better allocation of resources, as classical theory would suggest. Ever since, literature has been prolific regarding this "puzzle", with arguments for and against this conclusion. This paper aims to analyze the issue from a different perspective. In recent years, the stock markets of Chile, Colombia, Mexico and Peru joined the Latin American Integrated Market through an agreement that allows investors in any of the participating markets to invest in the others as if they were investing locally. Compositional methods are used to assess the hypothesis of a potential flow of capital between markets generated by the creation of the joint market. First, cross-sectional methods for compositional data were used to test the hypothesis. As a result, it was not possible to find a change in the composition of the investment in the four markets produced by the creation of the joint market. Secondly, vector autoregressive models were estimated and tested for structural breaks in the parameters. However, these models were not found to be informative. In conclusion, it was not possible to reject the Felstein-Horioka hypothesis, supporting the idea that liberalization is not enough to generate capital flows between markets.</p></abstract>
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Evstigneeva, L., and R. Evstigneev. "Metamorphoses of Financial Capital." Voprosy Ekonomiki, no. 8 (August 20, 2013): 106–22. http://dx.doi.org/10.32609/0042-8736-2013-8-106-122.
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Financial capital is considered as a precondition of forming an integral market system. Based on financial capital a vertical market model is taking shape. It includes the following leading markets: strategic markets of financial capital, finance and money markets, markets of physical (cluster) capital, markets of social (consumers) capital. Markets of financial capital build the world reproduction model of synergetic character. Sustainability of the world market is maintained within the framework of the following types of big financial capital systems: cooperation of industrial and banking capital (Hilferding), international banks (Keynes), state monopoly of GDP (well known as far back, as in the USSR period). One can consider this framework as a political form of general equilibrium of the global market. A systemic function of financial capital is gathering power for ensuring endogenous evolution of economy and society on the principles of market self-organization. The authors believe this is the only way out of a deadlock for our economy and society.
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Charitou, Andreas, and Marios Panayides. "Market making in international capital markets." International Journal of Managerial Finance 5, no. 1 (February 20, 2009): 50–80. http://dx.doi.org/10.1108/17439130910932341.
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Santosa, Budi. "INTEGRASI PASAR MODAL KAWASAN CINA - ASEAN." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 14, no. 1 (June 1, 2013): 78. http://dx.doi.org/10.23917/jep.v14i1.162.
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This study aims to analyze the level of capital market integration ASEAN and China. Analysis tool used is Vector Error Correction Model (VECM). The results showed that capital markets of Malaysia, Philippines, Singapore, Thailand, and China have a positive effect on Indonesian capital markets, but the Indonesian capital market does not affect the capital markets of other countries. Singapore capital market has a positive effect on capital markets of Indonesia, Malaysia, Thailand, and China, except for the Philippines. China's capital market only affects the capital market in Singapore. Singapore capital market and China have complete integration because both affect each other. Philippine capital market only affects Indonesian capital market. Indonesian capital market is easily influenced by the fluctuation in capital markets in the ASEAN region and China. Singapore capital market is in a strong position. While the Philippine capital market are relatively more segmented.
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Fowler, David, Michael J. Robinson, and Brian F. Smith. "Canadian Capital Markets." Journal of Finance 49, no. 2 (June 1994): 763. http://dx.doi.org/10.2307/2329178.
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Hostetter, Tyler. "The capital markets." International Journal of Economics and Accounting 6, no. 2 (2015): 168. http://dx.doi.org/10.1504/ijea.2015.069917.
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Burn, Lachlan. "Capital Markets Union and regulation of the EU’s capital markets." Capital Markets Law Journal 11, no. 3 (July 2016): 352–86. http://dx.doi.org/10.1093/cmlj/kmw011.
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Callagher, Lisa Jane, Peter Smith, and Saskia Ruscoe. "Government roles in venture capital development: a review of current literature." Journal of Entrepreneurship and Public Policy 4, no. 3 (November 2, 2015): 367–91. http://dx.doi.org/10.1108/jepp-08-2014-0032.
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Purpose – Interest in venture capital markets continues to be of relevance to politicians and policy makers, recognizing the importance of government participation in venture capital market development. Yet advice regarding developing venture capital markets appears increasingly disparate. The paper aims to discuss these issues. Design/methodology/approach – The authors engage the assumptions that underpin three dominant policy approaches to the development of venture capital markets with regard to the role of governments in that process. The authors categorize existing empirical studies against three approaches and give examples of the different government policies associated with the various approaches. Findings – Direct and indirect approaches recognize the importance of active stock markets but largely ignore the dynamic processes of markets, asserting that the provision of capital, institutional changes, and financial incentives ex ante will cause a positive market reaction, regardless of the market’s context. The recent timed approached is purported as being more comprehensive in its awareness of the need to adapt to countries’ contexts and the need for varying policies at the different stages of market emergence. Research limitations/implications – Limited empirical research tests the voracity and limitations of the timed approach. The challenge in doing so is that evolutionary theories typically explain an event after it has occurred, thus its predictive power is often limited. Future research might investigate the efficacy of policy levers based on the timed approach. Practical implications – The authors highlight the need for the development of venture capital markets, rather than a venture capital industry. Originality/value – The authors extend the existing venture capital market development categories and evaluate each approach in terms of the efficacy of government’s roles in venture capital market development in light of the existing evidence of economic development and entrepreneurial activity.
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Paskaleva, Mariya, and Ani Stoykova. "GLOBALIZATION EFFECTS ON CONTAGION RISKS IN FINANCIAL MARKETS." Ekonomicko-manazerske spektrum 15, no. 1 (June 30, 2020): 38–54. http://dx.doi.org/10.26552/ems.2021.1.38-54.
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Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis also caused massive stock price volatility due in part to global availability of market information. We explore ten EU member states (France, Germany, the United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, and Spain), and the USA. The explored period is March 3, 2003 to June 30, 2016, and includes the effects of the global financial crisis of 2008. The purpose of the article is to determine whether there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. We apply an augmented Dickey-Fuller test, DCC-GARCH model, autoregressive (AR) models, TGARCH model, and descriptive statistics. Our results show that a contagion between the Bulgarian capital market and the eight capital markets examined did exist during the global financial crisis of 2008. We register the strongest contagion effects from the U.S. and German capital markets on the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United State, which serves as an explanation of why the Bulgarian capital market was exposed to financial contagion effects from the U.S. capital market and the capital markets of EU member states during the crisis. We register statistically significant AR (1) for UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.
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Veil, Rüdiger, Marc Wiesner, and Moritz Reichert. "Disclosure and Enforcement under the EU Listing Act." European Company and Financial Law Review 19, no. 3 (June 1, 2022): 445–516. http://dx.doi.org/10.1515/ecfr-2022-0012.
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Abstract Efficient capital markets improve the financing options for corporations and enhance the efficiency of the real economy. A single market for capital for European Member States boosts these macroeconomic benefits. This is the basic idea of the Capital Markets Union (CMU). With the Targeted Consultation on the Listing Act, the European Commission aims to further develop the CMU and strengthen European capital markets. The Consultation focuses, among other things, on the attractiveness of European capital markets (especially for SMEs), the efficient design of disclosure on the primary and secondary markets, and enforcement. We welcome the European Commission’s initiative and consider it useful to capture the prevailing opinion of market participants on European capital markets law being in need of reform. However, more courageous, and balanced steps are needed to further develop the CMU in an effective and meaningful way. The European legislator can do more to overcome fragmentation of Member States’ capital markets (e. g. establishing a ‘Single European Market’ as an optional ‘28th regime’). Furthermore, we consider how the regulation of European capital markets law can help to facilitate capital market-based financing in the European Union. To that end, we address key regulatory issues of primary markets law as well as the regulation of insider trading and ad hoc disclosure. Finally, the Consultation is an opportunity to discuss the issue of capital markets law enforcement from a holistic perspective. The time is ripe for a European discussion on a coherent and efficient enforcement concept.
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Muhammed Juman, B. K., and M. K. Irshad. "An Overview of India Capital Markets." Bonfring International Journal of Industrial Engineering and Management Science 5, no. 2 (June 30, 2015): 17–23. http://dx.doi.org/10.9756/bijiems.8017.
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Paskaleva, Mariya, and Ani Stoykova. "Globalization Effects on Contagion Risks in Financial Markets." SHS Web of Conferences 92 (2021): 03021. http://dx.doi.org/10.1051/shsconf/20219203021.
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Research background: Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis has created big volatility in the stock prices that induces a restriction in the reflection of full information. We explore ten EU Member States (France, Germany, The United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, Spain), and the USA. The explored period is 03.03.2003 - 30.06.2016, as it includes the effects of the global financial crisis of 2008. Purpose of the article: To determine if there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. Methods: Argument Dickey-Fuller Test, DCC-GARCH Model, Autoregressive (AR) Models, TGARCH Model, Descriptive Statistics. Findings & Value added: Our results show that a contagion across the Bulgarian capital market and eight capital markets exist during the global financial crisis of 2008. We register the strongest contagion effects from US and German capital markets to the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United States. That is the explanation of why the Bulgarian capital market is exposed to financial contagion effects from the US capital market and the capital markets of EU member states during the crisis period. We register statistically significant AR (1) for the UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.
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Jasienė, Meilė, and Arvydas Paškevičius. "INTERRELATION OF THE MONEY AND CAPITAL MARKETS." Ekonomika 88 (January 1, 2009): 66–82. http://dx.doi.org/10.15388/ekon.2009.0.1035.
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The structure of financial markets is a constantly developing organism displaying an ever-changing pattern of the weight in the overall financial market structure of its constituents such as capital market, money market and the market of financial derivatives as a product of thetwo markets. The changes and the new developments are caused by a vast number of reasons and factors including the interaction of the markets concerned. The structural changes taking place in the financial markets and the related forecasts are of great importance to the investors and investment portfolio managers. The financial markets of Lithuania have already become an integral part of the global financial system therefore the authors of the present study did not limit the scope of the survey exclusively to the Lithuanian markets and took a broader view by carrying out a survey of the financial market segments such as capital and money markets of a number of Eastern European, Western European, North American States and the Pacific Ocean region, also the trends of the structural developments as well as the factors causing the processes.The purpose of the present study was to assess whether capital and money markets develop in parallel, i.e., the development of one market creates the conditions favourable for the growth and development of the other, or the two markets perform as competitors. The object of the survey: money and capital markets of East European, West European, North American and Pacific Ocean region countries. Methods used: analysis of the research literature, statistical grouping, correlation analysis.
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Barbu, Teodora Cristina, and Adina Ionela Străchinaru. "Capital Markets Union: Opportunities and Impact on the European Financial Market." Studies in Business and Economics 11, no. 2 (August 1, 2016): 140–57. http://dx.doi.org/10.1515/sbe-2016-0028.
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Abstract In developing this study we started from challenges and debates that capital markets union project engages, launched by the European Commission during 2015, both in academia and the specialists, regulators and investors. The article is structured in three parts, as follows: in the first part are highlighted theoretical and conceptual issues on the need for a union of capital markets, the second part presents empirical evidence from literature relating to this issue and in the third an econometric model is described, which aims to demonstrate the potential that Capital Markets Union may involve on increasing financing through the capital market. The contribution of this article to prior knowledge in the field consists of filling conceptual approach on the impact that Capital Markets Union will actively engage on the European financial market. The added value by our scientific approach is to highlight the complementarity between capital and banking market. Between IPO dynamics, as a representative indicator of capital market and a significant set of indicators of financial market as Stoxx Europe 600 index, the size of capital markets, changes in credit standards and key rate of the monetary policy of ECB is manifested correlations terms denoting the potential impact that Capital Markets Union will have on European financial markets.
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Khajar, Ibnu. "BURSA EFEK GLOBAL DAN PENGARUHNYA TERHADAP BURSA EFEK INDNESIA PASCA KRISIS KEUANGAN 2008." Jurnal Ekonomi dan Bisnis 12, no. 2 (July 1, 2011): 153. http://dx.doi.org/10.30659/ekobis.12.2.153-167.
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The global financial crisis has negatip effect on global capital markets include Indonesian Capital market (IDX). This aims of this research are, first, to, to knowing effect of global stock market to Indonesian Capital Maket. Second, to analyze how performance of each Global Capital Marketcompare with each others, than analyze wich are the best and worst market. The types of this research were descriptive and explanatory research and the research method with used seconder data and purposive sampling technique. The samples in this research are indexes of global capital markets, like as: DJI, NIKKEI, KOSPI, HSI, FTSE, ASX and JKSE (IHSG). Thedata collection technique is the literature study and documentation, while the data analysis technique is with Eviews. The results of this research indicated that (1) There are significantly simultan relationship between global capital markets (DJI, NIKKEI, KOSPI, HSI, FTSE and ASX) to Indonesian capital market (IHSG), and three global capital markets (DJI, FTSE and HSSI)has significant partial impact to IHSG. (2) There isn’t defference significance performance between each capital market in the global capital market. And (3) Indonesian capital market has highest average market return.Keywords: Global financial crisis, indexes of global capital, market return
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Nadhifa, Salsabila, and Nabitatus Sa’adah. "REKONSTRUKSI SISTEM PENYELENGGARAAN PASAR MODAL SYARIAH." Ar-Risalah: Media Keislaman, Pendidikan dan Hukum Islam 18, no. 2 (October 29, 2020): 268. http://dx.doi.org/10.29062/arrisalah.v18i2.394.
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The capital market that is widely used by people is not in accordance with the provisions contained in sharia principles. Therefore, a capital market with sharia. Conventional capital markets and Islamic capital markets have a similar concept but differ in principles and have different types of contracts. This difference between conventional capital market principles and the principles contained in the Islamic capital market results in the need for regulations that specifically regulate the Islamic capital market. so it is necessary to update the Law No. 8 of 1995 concerning Capital Markets. Judging from the legal system, the Sharia Capital Market still has weaknesses related to the legal substance, legal structure and legal culture so that reconstruction of Islamic capital market regulations must be conducted. The method used in this writing is analytical descriptive and uses a normative juridical approach.
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Braun, Benjamin, Daniela Gabor, and Marina Hübner. "Governing through financial markets: Towards a critical political economy of Capital Markets Union." Competition & Change 22, no. 2 (February 23, 2018): 101–16. http://dx.doi.org/10.1177/1024529418759476.
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Capital Markets Union is a large-scale political project to strengthen and further integrate European market-based finance. An initiative of the European Commission under Jean-Claude Juncker’s leadership, Capital Markets Union seeks to realize a long-standing goal of European policy makers: a financial system in which capital markets will absorb more of citizens’ savings and play a greater role in corporate finance. Market-based banking, too, is set to benefit from Capital Markets Union, which includes measures to revive the European securitization market. Given that market-based finance – or shadow banking – shouldered much of the blame for the financial crisis of 2007–2008, its resurgence as a policy priority of the European Union constitutes a puzzle. The present article lays the theoretical groundwork for a special issue that tackles this puzzle. It argues that rather than an end in itself, Capital Markets Union represents an exercise in ‘governing through financial markets’. Pioneered in the United States, governing through financial markets is a political strategy adopted by state actors in pursuit of policy goals that exceed their institutional capacity.
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Lins, Karl V., Deon Strickland, and Marc Zenner. "Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints?" Journal of Financial and Quantitative Analysis 40, no. 1 (March 2005): 109–33. http://dx.doi.org/10.1017/s0022109000001769.
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AbstractThe positive market reaction associated with an ADR listing is frequently attributed to a reduction in market segmentation costs that improves access to capital. If so, the benefit should be greatest for ADR firms that face relatively high indirect barriers to capital access. Our paper directly tests this supposition. We document that, following a U.S. listing, the sensitivity of investment to free cash flow decreases significantly for firms from emerging capital markets, but does not change for developed market firms. Further, emerging market ADR firms mention the need for access to external capital markets in their filing documents more frequently than their developed market counterparts and, in the post-ADR period, tout their liquidity rather than a need for capital access. Finally, the increase in capital access following an ADR is more pronounced for firms from emerging markets. Our findings suggest that greater access to external capital markets is an important benefit of a U.S. stock market listing for emerging market firms and is less important for developed market firms.
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Aloi, Marta, Manuel Leite-Monteiro, and Teresa Lloyd-Braga. "Unionized labor markets and globalized capital markets." Journal of International Economics 78, no. 1 (June 2009): 149–53. http://dx.doi.org/10.1016/j.jinteco.2009.02.007.
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Ghosh, Dipankar, and Anne Wu. "Intellectual capital and capital markets: additional evidence." Journal of Intellectual Capital 8, no. 2 (April 24, 2007): 216–35. http://dx.doi.org/10.1108/14691930710742817.
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Okioga, Charles Kombo. "The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors." Australian Journal of Business and Management Research 02, no. 11 (November 29, 2012): 15–24. http://dx.doi.org/10.52283/nswrca.ajbmr.20120211a02.
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Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.
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Tsenkov, Vladimir, and Ani Stoitsova-Stoykova. "Interaction between the public attitudes and the stock exchange dynamics in Southeastern European countries." Economic Thought journal 62, no. 3 (June 20, 2017): 93–111. http://dx.doi.org/10.56497/etj1762303.
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The relationship between the dynamics of the capital markets of Bulgaria, Croatia, Greece, Slovenia, Turkey, Romania and Macedonia and the public attitudes expressed by the inflation expectation indicators, consumer and business confidence indicators for the period 2005-2015 is analyzed. The results obtained on the Granger causality emphasize the interaction between business confidence and capital markets, and its direction depends on the degree of market development. The dependence in the more developed markets of Turkey, Greece and Croatia is in line with the assumptions of the efficient markets hypothesis (EMH) and on the influence line of "business confidence - a capital market". Reverse dependence is seen in the less developed markets of Bulgaria, Macedonia, Romania and Slovenia. In addition to an inefficiency according to EMH and the theory of real business cycles, this could also be regarded as a prerequisite for strengthening negative market trends and bringing instability to the market in times of crisis. The degree of development of the capital markets also determines their relationship with consumer confidence as in the more developed markets it is directed to the capital markets and in the case of the less developed ones in the opposite direction.
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Riordan, Michael H. "How Do Capital Markets Influence Product Market Competition?" Review of Industrial Organization 23, no. 3/4 (December 2003): 179–91. http://dx.doi.org/10.1023/b:reio.0000031370.88761.7d.
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Boyd, John H., and Bruce D. Smith. "Capital Market Imperfections, International Credit Markets, and Nonconvergence." Journal of Economic Theory 73, no. 2 (April 1997): 335–64. http://dx.doi.org/10.1006/jeth.1996.2237.
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Houston, Joel, Christopher James, and David Marcus. "Capital market frictions and the role of internal capital markets in banking." Journal of Financial Economics 46, no. 2 (November 1997): 135–64. http://dx.doi.org/10.1016/s0304-405x(97)81511-5.
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Arshadi, Nasser, and Tim S. Campbell. "Money and Capital Markets." Journal of Finance 43, no. 5 (December 1988): 1288. http://dx.doi.org/10.2307/2328223.
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Bolkestein, Frits. "The Capital Markets Directives." European Company Law 2, Issue 1 (March 1, 2005): 4–8. http://dx.doi.org/10.54648/eucl2005002.
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Jewitt, Ian, Norman C. Strong, and Martin Walker. "Information and Capital Markets." Economica 56, no. 221 (February 1989): 131. http://dx.doi.org/10.2307/2554507.
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Brenner, Reuven. "CAPITAL MARKETS AND DEMOCRACY." Journal of Applied Corporate Finance 11, no. 4 (January 1999): 66–74. http://dx.doi.org/10.1111/j.1745-6622.1999.tb00515.x.
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Sullivan, Rory, and Stephanie Pfeifer. "Moving the Capital Markets." Journal of Corporate Citizenship 2009, no. 33 (March 1, 2009): 87–96. http://dx.doi.org/10.9774/gleaf.4700.2009.sp.00010.
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FAMA, EUGENE F. "Efficient Capital Markets: II." Journal of Finance 46, no. 5 (December 1991): 1575–617. http://dx.doi.org/10.1111/j.1540-6261.1991.tb04636.x.
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Lane, Morton. "Capital Markets Reinsurance, Inc." Journal of Structured Finance 14, no. 3 (October 31, 2008): 86–95. http://dx.doi.org/10.3905/jsf.2008.14.3.086.
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Millward-Hopkins, Joel T. "Natural capital, unnatural markets?" Wiley Interdisciplinary Reviews: Climate Change 7, no. 1 (October 19, 2015): 13–22. http://dx.doi.org/10.1002/wcc.370.
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Robiyanto, Robiyanto, and Mikha Mandela Kapahang. "APAKAH LOGAM MULIA MERUPAKAN SAFE HAVEN ATAU HEDGE PADA BEBERAPA PASAR MODAL DI DUNIA?" Fokus Ekonomi : Jurnal Ilmiah Ekonomi 14, no. 2 (December 8, 2019): 269–82. http://dx.doi.org/10.34152/fe.14.2.269-282.
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This study attempts to analyze the ability of precious metals (gold, silver, platinum, and palladium) to act as a safe haven and hedging instruments on some of the capital market in the world. This study uses monthly data from January 2007 to December 2016. Stationarity Test, ARCH Effect Test and GARCH (1,1) Analysis are used to analyse the data. The results of this study indicate that gold is only capable of being a safe haven instruments in the capital markets of Tokyo, as well as gold are not able to be a hedging instrument for all capital markets studied. Silver is only capable of being a safe haven instruments separately Tokyo capital markets, as well as silver are not able to be a hedging instrument for all capital markets studied. Platinum is not capable of being a safe haven instruments for all capital markets studied, but platinum is able to be a hedging instrument for the Korean stock market and Tokyo. Palladium is not capable of being a safe haven instruments for all capital markets studied, but palladium is able to be a hedging instrument separately Australian capital markets, New York, Hong Kong, Korea, and Tokyo.
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Zhou, Xueguang, and Yun Ai. "Capitalism without Capital: Capital Conversion and Market Making in Rural China." China Quarterly 219 (August 22, 2014): 693–714. http://dx.doi.org/10.1017/s0305741014000757.
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AbstractSituated in an agricultural township in northern China, this study examines the rise of produce markets in rural China in the face of a chronic shortage of financial capital. Drawing on theoretical ideas in economic sociology, we explicate the mechanisms of gift exchange and credit taking and the conditions under which these mechanisms are used to mobilize financial capital and to facilitate market transactions in the absence of financial capital. We illustrate these issues and ideas using our fieldwork research on different produce markets and entrepreneurial activities.
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BHATTACHARYYA, MALAY, and ASHOK BANERJEE. "INTEGRATION OF GLOBAL CAPITAL MARKETS: AN EMPIRICAL EXPLORATION." International Journal of Theoretical and Applied Finance 07, no. 04 (June 2004): 385–405. http://dx.doi.org/10.1142/s0219024904002529.
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It is generally argued that with lifting of barriers to the flow of capital across countries by respective governments, the capital markets have come closer and are now more integrated. This paper examines the existence (or absence) of integration among stock indices of 11 developed and emerging stock markets from three continents: Asia, Europe and America. Using synchronous weekly closing index values from November, 1990 through December, 2001, the study found that all the 11 stock markets are cointegrated. The cointegration analysis was carried out using an error correction vector autoregression (VECM) model. The study goes further to test whether there are any causal relationships among the indices and has used a hitherto empirically untested methodology to explore the causal relationships. Results show that capital market indices from European countries and the USA are not Granger caused by any index. On the other hand, causality effects are much pronounced in Asian capital markets. The capital market in Hong Kong "leads" the other markets in Asia. This learning would help fund managers in managing their exposure in Asian capital markets. The regulators may use the causality results to identify the markets driving movements in a country's capital market and take corrective measures.
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Inci, A. Can. "Cointegration and causality in capital markets." Journal of Capital Markets Studies 2, no. 1 (July 9, 2018): 82–94. http://dx.doi.org/10.1108/jcms-03-2018-0009.
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Purpose The purpose of this paper is to study the efficiency of different oil and gas markets. Most previous studies examined the issue using low frequency date sampled at monthly, weekly, or daily frequencies. In this study, 30-minute intraday data are used to explore efficiency in energy markets. Design/methodology/approach Sophisticated statistical analysis techniques such as Granger-causality regressions, augmented Dickey-Fuller tests, cointegration tests, vector autoregressions are used to explore the transmission of information between oil and gas energy markets. Findings This study provides evidence for efficiency in energy markets. The new information that arrives either to futures markets or spot markets is digested correctly, completely, and in a fast manner, and is propagated to the other market. The evidence indicates high efficiency. Originality/value This study is one of the first papers that uses 30-minute interval intraday data to investigate efficiency in oil and gas commodity markets.
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Qizam, Ibnu. "ISLAMIC CAPITAL MARKET INTEGRATION AND ASYMMETRIC INFORMATION: A STUDY IN THE FIVE ASEAN COUNTRIES FROM THE POST-GLOBAL FINANCIAL CRISIS." Business: Theory and Practice 22, no. 1 (April 9, 2021): 121–32. http://dx.doi.org/10.3846/btp.2021.12832.
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This study aims at examining the integration impact of the five ASEAN Islamic capital markets on asymmetric information for ASEAN Economic Community (AEC) development. Utilizing samples of market and financial panel data from 2009 to 2015 among the five ASEAN Islamic capital markets, and applying two-country portfolios of the Islamic capital markets among the five ASEAN countries to measure the different levels of Islamic capital market integration, this study suggests that the different levels of the Islamic capital market integration between Indonesia and Malaysia are found to result in asymmetric information negatively. The strongest Islamic capital market integration between Indonesia and Malaysia affect reduced asymmetric information more consistently than the other two-country portfolios, while the weakest level of integration between the Philippines and any other four Islamic capital markets that affects asymmetric information inconsistently is also supported. These results confirm an interplay between a modern portfolio theory, Efficient Market Hypothesis (EMH), contract theory, and general economic theory, and also provide new insights for stakeholders in investment decisions and strategies, cross-border regulation of economic resources, and other plentiful benefits.
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Siriopoulos, Costas, and Alexandros Leontitsis. "Nonlinear Noise Estimation in International Capital Markets." Multinational Finance Journal 6, no. 1 (March 1, 2002): 43–63. http://dx.doi.org/10.17578/6-1-3.
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Boumosleh, Anwar, Abdallah Dah, and Mustafa Dah. "Internal Capital Markets And Equity Restructuring." Journal of Applied Business Research (JABR) 28, no. 6 (October 31, 2012): 1171. http://dx.doi.org/10.19030/jabr.v28i6.7402.
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Inefficient internal capital market is often blamed for conglomerate diversification discount. While the positive market reaction to spin-off announcements is in conformity with that claim, the abnormal market return on tracking stock announcements is certainly not. This paper investigates the possibility of a bright side for internal capital markets in conglomerates that track business units as a mean of equity restructuring. This paper finds no evidence of a diversification discount for firms with a tracking stock. Partial support on the presence of diversification discount is found for a pair-matched sample of spin-off firms. This paper also finds evidence on more efficient internal capital markets for the sample of tracking-stock firms. The results may suggest that the conglomerates choice between tracking business units or spin-off of business units depends on the efficient allocation of internally generated funds.
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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 2 (December 29, 2019): 103. http://dx.doi.org/10.47312/ambr.v4i2.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 02 (July 29, 2020): 117. http://dx.doi.org/10.47312/ambr.v4i02.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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Nakata, Cheryl, and Erin Antalis. "Enhancing market exchanges at the base of the pyramid." International Marketing Review 32, no. 6 (November 9, 2015): 762–82. http://dx.doi.org/10.1108/imr-07-2015-0172.
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Purpose – The base of the pyramid (BOP) is characterized by deep and wide poverty, which dampens market exchanges, or making/selling and buying/consuming activities. The purpose of this paper is to address the specific issue of how national culture distinguishes BOP markets in terms of exchange activities, and the broad issue of how market exchanges can grow and flourish by accounting for comparative differences across BOP markets. Design/methodology/approach – The study design is a conceptual framework drawn from the extant BOP literature and several theories such as Amartya Sen’s theory on poverty, and Anthony Bebbington’s concepts of human capital. The framework specifies research propositions for future empirical examination. Findings – The conceptual framework proposes that BOP poverty lowers or inhibits market exchanges but is countered by several factors: national culture (performance orientation), non-traditional assets (creative and social capitals), and transformative technologies (mobile telephony). Assuming these factors vary by BOP setting, greater performance orientation alongside higher social capital, creative capital, and mobile telephony directly and/or interactively increase market exchange activities. Research limitations/implications – Among research implications are the application of other culture theories to the BOP market exchange issue, and the need to examine the role of government and other non-traditional capitals in exchanges. Practical implications – Managerial implications include the targeting and selection of BOP markets and development of marketing tactics that leverage cultural, nontraditional, and technological assets. Originality/value – This paper explores how to counter the negative effects of BOP poverty on market exchanges by leveraging the distinctives and variations among BOP markets.
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Treisya, Sintikhe Mega, and Robiyanto Robiyanto. "Volatilitas Harga Emas dan Minyak pada Integrasi Pasar Modal Indonesia dengan Pasar Modal Asia." AFRE (Accounting and Financial Review) 4, no. 2 (December 20, 2021): 194–205. http://dx.doi.org/10.26905/afr.v4i2.6291.
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Capital market integration can be influenced by various variables, such as the volatility of gold and oil prices. The purpose of this study is to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. This study uses secondary data on daily closing prices of gold and oil (West Texas Intermediate and Brent North Sea) along with the Indonesian capital markets (JKSE), Hong Kong (HSI), South Korea (KOSPI), India (NIFTY 50), China (SSEC), Singapore (STI) during the period January 2019 to October 2020. This study uses the DCC-GARCH method to see the dynamic correlation between the capital market, and the GARCH method to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. The results of the study show that there is a positive and negative dynamic correlation between the capital markets, thus proving that the movement of the Indonesian market with other markets tends to vary. The results show that only the volatility of Brent oil has a negative effect on the integration of the Indonesian capital market with the Asian capital market
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Oh, Yonghyup. "Monetary Integration With or Without Capital Market Integration." Asian Economic Papers 8, no. 2 (June 2009): 30–43. http://dx.doi.org/10.1162/asep.2009.8.2.30.
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Should East Asia include capital market integration as one of its convergence criteria for monetary integration? Monetary integration in the form of currency baskets or a monetary union would be facilitated if the capital markets were well integrated. East Asian markets are segmented and monetary cooperation in East Asia is not moving forward. This paper shows that even before the launch of the European Monetary Union, European markets were not showing visible progress in capital market integration, and that the degree of integration was below the degree of U.S.–Canadian market integration. The results suggest that monetary integration is not necessarily motivated by capital market integration.
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Shaleen Suneja , Ashish Kumar. "Formation Of Strong Indian Capital Market – From The Annals Of History." Journal of Namibian Studies : History Politics Culture 34 (June 3, 2023): 323–38. http://dx.doi.org/10.59670/jns.v34i.1486.
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Capital market that we see today in India has evolved over more than two centuries and its genesis lies in developments that took place during rule by East India companies. The nascent markets that emerged during the period have matured and are one of the most progressive markets in the world today. The Indian capital markets are robust, use best of the technologies and generate interest from across the world. This work draws inspiration from many printed resources that include, academic articles, reports and books. The paper attempts to identify the nascent stages of formation of capital markets in the country over time. From a historical perspective the Indian capital market is closely interwoven with the Bombay Stock Exchange which is also first exchange to be formed in Asia. The paper also covers shape of present-day capital market that has emerged over time. The paper explains how the capital markets have expanded across different cities for several decades and then, constrained with the environmental changes, they consolidated.
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Osabuohien-Irabor, Osarumwense. "Testing for causality-in-mean and in-variance among the U.S., China, and some Africa capital markets: A CCF approach." Journal of Economics and Management 43 (2021): 131–52. http://dx.doi.org/10.22367/jem.2021.43.07.
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Aim/purpose – Owing to the huge risk occasioned by negative contagion effects associ- ated with financial market linkages, markets participants and academia have continued to examine the capital market cross country interdependence at different levels. In this paper, we examined the causal relationships among the U.S., China and some top Afri- can capital market indexes. Design/methodology/approach – To examine the mean and variance causal effects, we estimated a univariate AR-EGARCH model for all capital market indexes. Then em- ployed the residual-based two-step bivariate cross-correlation function (CCF) test devel- oped by Cheung & Ng (1996). The test statistics had a well-defined asymptotic standard distribution that was robust to distributional assumptions. Findings – We detected both the feedback and unidirectional causality effects among African capital markets. These results show that African financial markets are still not fully integrated within the African continent. Expectedly, the results from our empirical analysis showed the existence of a unidirectional causality both in mean and variance from the U.S. and Chinese markets to African capital markets. This demonstrated that events in the U.S. and China are not irrelevant to African markets. Research implications – Owing to the fact that knowledge of other financial markets provides adequate information about a market situation, the results from this research paper will be helpful for the policymakers of African countries in shaping their econom- ic policies, help investors diversify investments with less risk, and international portfolio managers make portfolio allocation decisions. Originality/value/contribution – This paper examined the mean and risk dynamics of three top African, the U.S., and Chinese capital markets with their inter-dependence using the CCF approach. Furthermore, to the best of our knowledge, no previous re- search paper on this issue exists. Keywords: causality-in-mean, causality-in-variance, capital market, cross-correlation function. JEL Classification: G10, F31, C20
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Tarigan, Riswan Efendi. "Peranan Sistem Informasi dengan Online Trading terhadap Pertumbuhan Pasar Modal di Indonesia." ComTech: Computer, Mathematics and Engineering Applications 4, no. 2 (December 1, 2013): 803. http://dx.doi.org/10.21512/comtech.v4i2.2517.
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Capital Markets is part of the financial market, which is related to the supply and demand of the need for long-term funding. Capital Markets was formed and developed with aims to support the implementation of national development in order to improve the distribution, growth, and stability of the national economy towards the improvement of society welfare. However, so far the capital market in Indonesia is still around 0.5% of the total population which is too small compared to capital markets in other advanced countries. One solution for increasing community involvement in the capital market, despite educating in smart and sustainable way, is developing and implementing efficient information systems, so that made it easier for market participants to undertake investment activities. This paper examines how and to what extent the role of information system enhances the capital market in Indonesia, which aims to plan the subsequent strategic step so that the development of Indonesia’s capital market is able to compete in globalmarket.