Academic literature on the topic 'Stock Market Reforms'
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Journal articles on the topic "Stock Market Reforms"
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Chellaswamy, Karthigai Prakasam, Natchimuthu N, and Muhammadriyaj Faniband. "Stock Market Reforms and Stock Market Performance." International Journal of Financial Research 12, no. 2 (January 14, 2021): 202. http://dx.doi.org/10.5430/ijfr.v12n2p202.
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This paper analyses the impact of stock market reforms on the stock market performance in India using regression based event-study method. We consider nine stock market reforms introduced from 1998 to 2018. We find that the impact of stock market reforms on Nifty trading volume and Nifty return is different. This paper documents that the impact of the additional volatility measures, T+3 and T+2 settlement cycles, and margin provisions for intra-day crystallized losses reforms show a positive impact on trading volume post-reform. In contrast, internet trading, prohibition of fraudulent and unfair trade practices, delisting of equity shares, substantial acquisition of shares and takeovers listing obligations and disclosure requirements reforms decrease the trading volume post-reform. Our results of Nifty return reveal that the additional volatility measures, the T+2 settlement cycle, the prohibition of fraudulent and unfair trade practices, substantial acquisition of shares and takeovers, listing obligations and disclosure requirements have a significant and positive impact on return post-reform. It is evident that the impact of all nine stock market reforms is insignificant on Nifty return.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The Brazilian stock market development: A critical analysis of progress and prospects during the past 50 years." Risk Governance and Control: Financial Markets and Institutions 3, no. 3 (2013): 7–15. http://dx.doi.org/10.22495/rgcv3i3art1.
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This paper highlights the origin of the stock market in Brazil, and traces the reforms that have been undertaken to develop the stock market. It also highlights the growth of the Brazilian stock market, as well as the challenges currently facing the market. The country has one big stock market, known as the BM&FBOVESPA, which is one of the world’s largest stock markets. Over the years, a number of stock market reforms have been implemented in Brazil. Among these reforms have been the restructuring of the financial market, the replacement of the traditional trading systems by full electronic trading systems, the enactment of new laws governing the stock market, as well as the revision of the existing laws. In addition, the formation of a regulatory body known as Securities and Exchange Commission (CVM) in 1976 also assisted in the creation of an environment conducive for the growth and development of the stock market. Since the implementation of these reforms, the Brazilian stock market has developed significantly in terms of market capitalisation, the total value of stocks traded, and the turnover ratio.
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Nyasha, Sheilla, and N. M. Odhiambo. "Stock Market Development In The United Kingdom: Prospects And Challenges." International Business & Economics Research Journal (IBER) 12, no. 7 (July 16, 2013): 725. http://dx.doi.org/10.19030/iber.v12i7.7963.
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This paper highlights the origin and development of the U.K. stockmarket. The country consists of one major stock market, known as the London Stock Exchange, which is one of the worlds largest stock markets. Stock market reforms have been implemented since the Big Bang of 1986 and the Exchange responded positively to most of these reforms, but not so positively to others. As a result of the reforms, the U.K.s stock market has developed, in terms of market capitalisation, the total value of stocks traded and the turnover ratio.Although the U.K. stock market has developed over the years, it still faceswide-ranging challenges, such as the uncertainties that come with new regulation and regulatory changes dominating at both domestic and international levels and the sovereign debt crisis that has left the U.K. stock market volatile.
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Nyasha, Sheilla, and N. M. Odhiambo. "The Dynamics Of Stock Market Development In Kenya." Journal of Applied Business Research (JABR) 30, no. 1 (December 30, 2013): 73. http://dx.doi.org/10.19030/jabr.v30i1.8284.
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This paper highlights the origin of the stock market in Kenya, and traces the reforms that have been undertaken to develop the stock market. It also highlights the growth of the Kenyan stock market, as well as the challenges currently facing the market. The country has one stock market, known as the Nairobi Securities Exchange (formerly the Nairobi Stock Exchange). It is one of Africas largest stock markets. Since the early 1980s, a number of stock market reforms have been implemented in Kenya. These include the formation of a regulatory body (Capital Markets Authority CMA) in 1989, the replacement of the "Call-Over" trading system by the floor-based "Open-Outcry System" in 1991, the reduction of listing costs, the relaxation of the exchange control for locally controlled companies, and the repeal of the Exchange Control Act. Following these reforms, Kenyas stock market has developed significantly in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Kenya has developed over the years, like many other developing countries' markets, it still faces a number of wide-ranging challenges.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The Australian stock market development: Prospects and challenges." Risk Governance and Control: Financial Markets and Institutions 3, no. 2 (2013): 39–48. http://dx.doi.org/10.22495/rgcv3i2art3.
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This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The dynamics of stock market development in the United States of America." Risk Governance and Control: Financial Markets and Institutions 3, no. 1 (2013): 93–102. http://dx.doi.org/10.22495/rgcv3i1c1art3.
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This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges.
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kh. Bouresli, Amani, and Fayez A. Abdulsalam. "New market reforms and stock exchange liquidity: the case of Kuwait." Investment Management and Financial Innovations 16, no. 1 (January 21, 2019): 46–64. http://dx.doi.org/10.21511/imfi.16(1).2019.04.
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In developing markets, new regulations are imposed to protect investors, to assure fairness and to enhance trust through controlling all types of market abuse. In addition, these regulations are imposed to enhance the overall market performance and efficiency. Market liquidity is one of the main pillars used to measure market overall performance. In this paper, the authors attempt to analyze market liquidity before and after the passage of the Capital Market Authority Law of 2010 (CMA), aimed at enhancing investors’ confidence and reinforcing better disclosure quality and accountability for Kuwait public companies. By introducing six liquidity measures that captures market depth, turnover, and volatility, the authors documented highly significant deterioration in all the measures following the CMA Law with more profound effect on smaller firms. The researchers concluded that overstated regulations in developing markets, in spite of its goal of improving market overall performance, structure, enhancing investors’ protection, and market integrity, can have an adverse effect on market efficiency.
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Bonfiglioli, Alessandra, Rosario Crinò, and Gino Gancia. "Economic uncertainty and structural reforms: Evidence from stock market volatility." Quantitative Economics 13, no. 2 (2022): 467–504. http://dx.doi.org/10.3982/qe1551.
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Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross‐country panel data sets on reforms in six major areas and measuring economic uncertainty with stock market volatility. To identify causality, we exploit exogenous differential variation in countries' exposure to foreign volatility shocks due to predetermined and time‐invariant bilateral characteristics. Across all specifications, we find that stock market volatility has a positive and significant effect on the adoption of reforms. This result is robust to the inclusion of a large number of controls, such as political variables, economic variables, crisis indicators, and a host of country, reform and time fixed effects, as well as across various approaches for accommodating heterogeneous trends and contemporaneous shocks. Overall, this evidence suggests that times of market turmoil, which are characterized by a high degree of uncertainty, may facilitate the implementation of reforms that would otherwise not pass.
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CATALÁN, MARIO. "Pension funds and corporate governance in developing countries: what do we know and what do we need to know?" Journal of Pension Economics and Finance 3, no. 2 (July 2004): 197–232. http://dx.doi.org/10.1017/s1474747204001532.
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Conventional wisdom holds that pension reforms from pay-as-you-go to fully funded systems spur the development of stock markets through a corporate governance channel, i.e. pension funds become large shareholders of publicly traded firms and therefore have the incentives to monitor managers and improve investor protections. This paper reviews the literature on the corporate governance channel associated with pension reforms in developing countries, and asks what we know and need to know about it. We know that pension funds are not yet large shareholders of publicly traded firms in developing countries. However, econometric results suggest that pension reforms lead to stock market development, but do not allow us to identify and separate the corporate governance channel. We know that pension reforms are followed by pro-investor legislation, but there is no convincing evidence that the pro-investor laws are enforced. We need to know more about the effects of pension reform on stock prices and performance of publicly traded firms, and whether pension fund management companies act in the best interest of pensioners. The paper also reviews the political economy explanations of the links between pension fund specific capital controls and the corporate governance channel, and suggests that there is a trade-off between the objectives of pensioners' welfare maximization, and corporate governance reform and stock market development.
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Kim, Oksana. "Western-style capital market reforms in Russia: Implications for market efficiency and firms’ financing decisions." Risk Governance and Control: Financial Markets and Institutions 10, no. 3 (2020): 62–74. http://dx.doi.org/10.22495/rgcv10i3p5.
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Over the past decade, the Russian government implemented numerous reforms aimed at attracting investor capital and improving the capital market conditions. These reforms included adoption of stringent listing regulations and governance norms, revisions in the tax and ownership laws, restructuring of the major stock exchanges, and more importantly, adoption of International Financial Reporting Standards (IFRS) in 2011. We employ an adaptive market hypothesis (AMH) perspective formulated by Lo (2004, 2005) to examine whether the informational efficiency of the market changed over time as a result of these reforms. While we report that the Russian stock market is still not weak-form efficient, as it was before the reforms, we find the evidence of improvement in efficiency over time. Next, we find that financing decisions of Russian public firms changed following adoption of IFRS when financial statements became more transparent and better aligned with informational needs of local and foreign investors. Particularly, Russian companies that adopted IFRS were more likely to raise finance via issuance of equity rather than debt instruments, whereas for non-adopters there was no change in the firm capital structure. Finally, we report that there was an increase in the inflow of foreign direct investments (FDI) in the post-reform period, suggesting that the above noted reforms conferred significant benefits to the entire Russian economy.
Dissertations / Theses on the topic "Stock Market Reforms"
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Awwad, Awwad Saleh. "Legal regulation of the Saudi stock market : evaluation, and prospects for reforms." Thesis, University of Warwick, 2000. http://wrap.warwick.ac.uk/36375/.
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The aim of this thesis is to explore which laws and institutions are essential for a strong, well-developed and efficient securities market in Saudi Arabia. In connection with understanding the significance of the subject matter, this dissertation seeks to explore the development of the modern securities market, assess the recent efforts to create new rules and institutions that could modernise the market, and offer suggestions for reforms that could stimulate further market development. This addresses the issues of coherence in regulatory and supervisory rules and norms at national level. The Saudi market is not as competitive as other regional markets. It is a bank-dominated system in which several large institutions exert significant influence on the pattern and structure of market activities. The absence of non-bank intermediaries within the financial system has meant that the Saudi market is structurally less well developed. Indeed, the lack of competition in the market, due to the absence of market makers, has led to acute problems in the area of finance, where the lack of competition in the market has resulted in higher prices and a lower level of liquidity. At the same time, there are serious regulatory problems associated with a bank-dominated system. Recent work on these markets has shown that they are characterised by insufficient transparency, wide bid-ask spreads insider self-dealing and market manipulation. This thesis examines the transformations taking place in the regulation of the Saudi stock market and considers them against the backdrop of increased competition from other national exchanges in the Gulf region. This work also investigates the pressure to remove protectionism regulation put on the national supervisor by large investors seeking more accurate and timely information and the limitation of insider trading by structural insiders. This thesis will seek to show that the introduction of regulatory reforms could yield significant benefits for investors. The prospect of greater transparency and public disclosure of information about companies could enhance the relative liquidity of the Saudi Arabian exchange and lower the cost of transactions.
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Masoud, Najeb M. H. "Libya's economic reform programme and the case for a stock market." Thesis, University of Huddersfield, 2009. http://eprints.hud.ac.uk/id/eprint/9062/.
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Libya is still in the early stages of its financial liberalisation and reform following eleven years of political chaos and nearly three decades of central planning control. However, it is advancing as a result of the removal of UN and US sanctions during the last few years, and there are signs of rapid development. Despite these advancements, no study has been found which explores the readiness of the Libyan financial market for the establishment of a stock market. This thesis was undertaken to develop a conceptual framework for a research model with a specific focus on the Libyan economic reform programme and the development of the Libyan stock market between 1999 and 2008. The empirical study investigates the determinants of economic reform and stock market performance within the Libyan economy utilising data from three different sources and a multi-method approach. Self-administered questionnaires were distributed to the entire target population of the Libyan financial market, banking sector and a number of companies. A total of 330 questionnaires were distributed and of these, 203 were returned completed and usable, a response a rate of 61.5 per cent. Fourteen semistructured interviews were held with managers in a subset of companies, selected via a stratified sample of respondents to the self-administered questionnaires. The third method of data collection used financial market data over the period 1995-2006 from 42 emerging market countries. This data was analysed to examine whether best practice from emerging stock markets is transferable to the Libyan context. As a result, this study provides some knowledge that might usefully be generalised to other developing countries, particularly to those with a similar economic structure. The primary contribution of this study lies in the fact that it is the first attempt to study the impact of stock market development on the economic growth process of a specific-country experience and evaluates the success of the economic reform programme and Libya’s readiness to complete its transition to a market-based economy. The key findings are; first, the economic reform programme variables have an impact upon various features of the stock market performance variables within a linear regression model; second, stock market development has a significant effect on economic growth, and this effect remains strong even after controlling for banking sector and other control variables using a growth model; third, although the evidence largely supports the view that there is a stable, long-term equilibrium relationship between the evolution of the stock market and the evolution of the economy, it provides no support for the view that the stock market is a leading sector in the process of Libya’s economic development. The evidence supports the view that the relation between stock market development and economic growth in emerging economies is bi-directional. The findings describe that the stock market and the banking sector in Libya in particular and emerging economy in general are complementary rather than substitutes in providing financial services to the economy. This study seeks to make an original contribution to knowledge on the academic and practical levels as one of the first attempts at empirically investigating the impact of an economic reform programme on stock market performance in an emerging economy. The research represents an applied study of a type that has not appeared elsewhere, and the framework offered may therefore not only be appropriate to Libya as a case study, but also to other countries in similar circumstances. The research provides an important introduction to this area and has attempted to explore its significance for both the economy and business. This research adds to the existing body of literature regarding development and application of a series of models of economic reform programmes, stock market performance and economic growth in a developing country. Additionally, brief recommendations are offered regarding potential useful directions for future research arising from the conclusions of this research. These develop into a strategic framework for the improvement of an economic reform programme and stock market performance.
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Omran, Mohammed Moustafa A. "The impact of Egypt's economic reform programme on the stock market performance." Thesis, University of Plymouth, 1999. http://hdl.handle.net/10026.1/384.
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The objective of this thesis is to highlight the Egyptian experiment concerning its economic reform programme, and to determine whether this programme has affected Egypt's stock market performance. Using 18 years of data, which covered the period 1980/8 1 to 1997/98 and incorporates time periods prior to and after adopting the economic reform programme, the thesis empirically investigates three main issues. Firstly, there is an examination of whether the Egyptian government succeeded in implementing its economic reform programme by looking to the main economic indicators: nominal interest rates, real interest rates, the inflation rate, exchange rate stability, the real GDP growth rate, per capita income and the budget deficit in Egypt after 1991, and comparing them with the same indicators prior to this period. Secondly, the thesis considers the changes in Egypt's stock market after the introduction of the economic reform programme by measuring the changes in four main dimensions: market activity, market size, market liquidity and market concentration. Thirdly, and this is the main part of the thesis, the research concentrates on examining the impact of Egypt's economic reform programme on its stock market performance. For the first two issues, several logistic regressions are performed to determine whether the data prior to 1991 can be separated from the data relating to the period after 1991. The results from this analysis indicate clearly that both type of data series witnessed dramatic changes after 1991. As to the third issue, cointegration analysis is used to model the relationship between economic reform programme variables and the stock market performance variables within an error correction model form. Generally speaking, the results from this analysis demonstrate that economic variables have an impact upon various features of market activity, market size, market liquidity and market concentration. An important observation in this thesis is that Egypt still needs to accelerate its rate of growth, as it was the only independent variable, which did not show any significant change or significant impact upon the stock market performance variables.
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Mendoza, Jose Miguel. "Transitional strategies for institutional reform in Latin America." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:0f328cba-8a44-4775-889f-ff12a13b8148.
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This dissertation seeks to improve the current understanding of the ways in which institutional reform can promote the development of stock markets in Latin America. Over the past decade, policymakers sought to stimulate the growth of capital markets in the region through the promotion of a standardized set of formal institutions. An example of this approach in the field of company law was the introduction of modern corporate governance practices into nations without a solid enforcement infrastructure. By most accounts, these efforts did not deliver on their promise of stock market development. This work identifies areas for potential reform. As a means to better understand the operation of Latin American stock markets, this dissertation draws from different sources, including the historical experience of industrialized nations, the available literature on institutional reform, the documented shortcomings of legal reform programmes and hand-collected data from various Latin American countries. The resulting analysis suggests that the promotion of Latin American capital markets may require strategies different to those that were set in motion over the past decade. The main contribution of this work is twofold. First, this dissertation brings some nuance to the discussions concerning the challenges faced by Latin American capital markets. A proper understanding of these challenges is essential for policymakers in the region, particularly after the onset of the Latin American Integrated Market. Second, this dissertation explores the use of ‘transitional strategies’ to overcome some of the challenges identified here. The ultimate goal of this project is to inform future reform efforts in Latin America and to offer some insights for policymakers in other emerging countries.
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Payet, Puccio José Antonio. "The Open Stock Corporation: some ideas for the reform of its legislative treatment." IUS ET VERITAS, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/123576.
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In this paper, the author focuses on the study of the legal institution of the Open Stock Corporation, analyzing the way how it has been treated in our legislation over time. Furthermore, he analyzes its current regulation in the General Law of Corporations, the Securities Market Law and some isolated legal provisions. Finally, he provides some ideas for the necessary reform of this institution.En el presente artículo, el autor se centra en el estudio de la institución jurídica de la Sociedad Anónima Abierta, analizando la forma como ha sido tratada en nuestra legislación a lo largo del tiempo. Asimismo, analiza su regulación actual en la Ley General de Sociedades, en la Ley del Mercado de Valores y en algunas disposiciones legales aisladas. Finalmente, brinda algunas ideas para la necesaria reforma de esta institución.
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Kinuthia, Wanyee. "“Accumulation by Dispossession” by the Global Extractive Industry: The Case of Canada." Thèse, Université d'Ottawa / University of Ottawa, 2013. http://hdl.handle.net/10393/30170.
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This thesis draws on David Harvey’s concept of “accumulation by dispossession” and an international political economy (IPE) approach centred on the institutional arrangements and power structures that privilege certain actors and values, in order to critique current capitalist practices of primitive accumulation by the global corporate extractive industry. The thesis examines how accumulation by dispossession by the global extractive industry is facilitated by the “free entry” or “free mining” principle. It does so by focusing on Canada as a leader in the global extractive industry and the spread of this country’s mining laws to other countries – in other words, the transnationalisation of norms in the global extractive industry – so as to maintain a consistent and familiar operating environment for Canadian extractive companies. The transnationalisation of norms is further promoted by key international institutions such as the World Bank, which is also the world’s largest development lender and also plays a key role in shaping the regulations that govern natural resource extraction. The thesis briefly investigates some Canadian examples of resource extraction projects, in order to demonstrate the weaknesses of Canadian mining laws, particularly the lack of protection of landowners’ rights under the free entry system and the subsequent need for “free, prior and informed consent” (FPIC). The thesis also considers some of the challenges to the adoption and implementation of the right to FPIC. These challenges include embedded institutional structures like the free entry mining system, international political economy (IPE) as shaped by international institutions and powerful corporations, as well as concerns regarding ‘local’ power structures or the legitimacy of representatives of communities affected by extractive projects. The thesis concludes that in order for Canada to be truly recognized as a leader in the global extractive industry, it must establish legal norms domestically to ensure that Canadian mining companies and residents can be held accountable when there is evidence of environmental and/or human rights violations associated with the activities of Canadian mining companies abroad. The thesis also concludes that Canada needs to address underlying structural issues such as the free entry mining system and implement FPIC, in order to curb “accumulation by dispossession” by the extractive industry, both domestically and abroad.
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Wen-KaiHsieh and 謝文凱. "How China's economic reforms will affect trends in the domestic stock market: Evidence from the Shenzhen stock market." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/3sy467.
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碩士國立成功大學
企業管理學系
102
This research discusses the impact on the trading volume of the Shenzhen Stock Market under United States Monetary Supply, Japanese Monetary Supply, Chinese Fiscal and Monetary Policy and recent events in China. It also investigates whether the Chinese Fiscal and Monetary policy, Quantitative easing, or Abenomics are the factors that influence the trading volume of the Shenzhen stock market. In this study, ordinary least squares is used for the regression analysis. The dependent variable is the daily trading volume of the Shenzhen Stock Exchange. The independent variables are government revenue, government spending, exchange rate, benchmark one - year loan rate, required deposit reserve ratio,Chinese money supply M2, U.S. money supply M2, Japanese money supply M2, and the Shanghai Interbank Offered Rate. The dummy variables, which are policy for limitation in stock investment, China Pilot Free Trade Zone, initial public offerings, and the 3rd Plenary Session of the 18th CPC Central Committee. It was found that the exchange rates, the monetary policy, and the Shanghai Interbank Offered Rate have significant negative impacts on trading volume. The findings explain why during the cash crunch on China’s money storage, misuse of funds caused insufficient liquidity in the market fund. Therefore, even though the government increased the monetary supply, it still could not stimulate the stock market efficiently. The planning on government taxes and the China (Shanghai) Pilot Free Trade Zone have been found to have a positive impact on trading volume, which means that as long as there are reformations on tax policies, this may attract more enterprises and foreigners to invest in China. The China (Shanghai) Pilot Free Trade Zone has not only increased the development in nearby districts and other free trade zones, but also has generated international trade and attracted foreign investment. The monetary supply from the U.S. and Japan have been found to have a positive effect on the trading volume in China (PRC) but not at a significant level. The economic indication is that regardless of whether the no matter there are increasing or decreasing in the future QE or Abenomics, there it will be would hard difficult to affect the economic structure of China (PRC).
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Teng, Yun-hun, and 鄧昀宏. "The Split Share Structural Reform of Chinese Stock Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/84677388971660428893.
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碩士國立中山大學
中國與亞太區域研究所
101
The Split Share Structure Reform is one of the most critical reform from the development of China stock market. The meanings of this reform is not only to solve the problem of circulating shares and non-circulating shares which was existence for many years, but also to solve the problems like shareholder’s right balance, high ownership concentration, regulatory authority system. Stock market plays an important role for the economic development, along with the outstanding development of China economy, there were some problems influence the stock market all the time. For all of this problems make the China Securities Regulatory Commission release “Notice on The Issues for The Pilot work of Equity Division Reform for Listed Companies” in 2005, and started an directly process of problem solving. The Split Share Structure Reform’s accomplish lead China stock market into a new boundary, Post Split Structure era. The Post Split Structure era’s coming means not only the accomplish of The Split Share Structure Reform, but the historical problem of China stock market can not solve in every single reform. China stock market’s progression needs a gradually and further reform process
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Chang, Ching-Yun, and 張清芸. "The Effect of Trading Rules Reform on Taiwan Stock Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/28932043454506351960.
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碩士南華大學
財務金融學系財務管理碩士班
103
This paper investigates whether the abnormal rate of return on Taiwan stock market is affected by Financial Supervisory Commission (FSC) policy. In this study, the Taiwan listed stocks and eight categories of stocks are as a research sample, which contains electronics, food, iron and steel, plastics, textile categories. First, FSC open dealer can buy (sell) stocks using limit up (down) price. Second, investors can buy or sell 200 stocks using day trading. Third, FSC opens the business of day offset of margin purchasing and short selling and the business does not count into the balance of margin purchasing and short selling. The empirical results show that different policy can bring different benefits.
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Yang, Tsung-Yen, and 楊宗諺. "The reform and prospect of the stock market in China." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/55939249360924696593.
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碩士世新大學
經濟學研究所(含碩專班)
94
Abstract China has enjoyed rapid economic growth in recent years but the performance of its stock market has been poor. The stock market price has slumped during the period: 2000-2005. However, thanks to the reform stock market , the stock market price has staged a sharp comeback in 2006. The major hurdle in the stock market has been due to the existence of a large block of state and legal persons shares - approximately 70% of all company shares - that could not be traded in the open market. This simple fact has cast a long shadow over the market and capped the advance of the market price. The separation of the tradable and nontradable shares has literally created a two-tier share price structure for the share of the same company, with the latter priced at a large discount of about 20% to the former. China’s Securities and Exchange Commission has launched the stock market reform since April 29, 20005 with the single aim to convert the nontradable shares into tradable ones for listed companies. For each listed company, the reform entails a compensation scheme that pays off the tradable shares by the majority owner of the company, namely the state share, to gain their endorsement of the reform, for the reform would potentially lower the market price as a result of a greater number of tradable shares. By June 8, 2006, a total of 825 listed companies, which accounts for 66.5% of the market capitalization, have successfully endorsed the reform. Using the test of “excess returns”, which compared the actual returns of the listed companies under reform with that of the broad market index, we find that for over 80% of the listed companies (256 in the Shanghai stock market and 163 in the Shenzen stock market) representing a market capitalization of 66.5%, the stock market reform have significantly raised their “excess returns” compared to before. The result suggests that the stock market reform is the most significant event accounting for the difference. It seems the reform has restored the confidence of the investors.
Books on the topic "Stock Market Reforms"
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Global stock market reforms. Aldershot, Hants, England: Gower Pub., 1987.
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Gupta, Saloni. Stock market in India: Working and reforms. New Delhi: New Century Publications, 2010.
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Edwards, Franklin R., ed. Regulatory Reform of Stock and Futures Markets. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2193-1.
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Rámiz, Antonio Argandoña. Crisis y reforma del mercado de valores en España. [Barcelona?: s.n.], 1988.
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Urquiaga, Francisco Pfeffer. Reforma a la legislación de mercado de capitales. Santiago, Chile: LexisNexis, 2002.
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Bolster, Paul J. Tax induced trading: The effect of the 1986 Tax Reform Act on stock market activity. Cambridge, MA: National Bureau of Economic Research, 1988.
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United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance. Financial market regulatory reform: Hearings before the Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, House of Representatives, One Hundredth Congress, first and second sessions. Washington: U.S. G.P.O., 1989.
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1937-, Edwards Franklin R., ed. Regulatory reform of stock and futures markets: A special issue of the Journal of financial services research. Boston: Kluwer Academic Publ., 1989.
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Zhuan gui shi qi Zhongguo zheng quan shi chang gai ge yu fa zhan: Reform & development of Chinese stock market in transitional period. [Chengdou]: Xi nan cai jing da xue chu ban she, 2004.
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How roadblocks in public markets prevent job creation on Main Street: Hearing before the Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs of the Committee on Oversight and Government Reform, House of Representatives, One Hundred Twelfth Congress, first session, November 15, 2011. Washington: U.S. G.P.O., 2012.
Find full textBook chapters on the topic "Stock Market Reforms"
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Goufeng, Sun. "Stock Market." In Financial Reforms in Modern China, 177–228. New York: Palgrave Macmillan US, 2015. http://dx.doi.org/10.1057/9781137504449_5.
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Willey, Kim M. "Dual Pathway for Short-Termism Reform." In Stock Market Short-Termism, 223–64. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-22903-0_8.
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Markham, Jerry W. "The Stock Market Bubble." In From Enron to Reform, 3–48. New York: Routledge, 2022. http://dx.doi.org/10.4324/9781003247135-1.
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Arouri, Mohamed El Hedi, Fredj Jawadi, and Duc Khuong Nguyen. "Dynamic Process of Financial Reforms." In The Dynamics of Emerging Stock Markets, 29–54. Heidelberg: Physica-Verlag HD, 2009. http://dx.doi.org/10.1007/978-3-7908-2389-9_2.
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Su, Chen, and Jing Yu. "Market-Oriented Reform of China’s IPO System and Information Disclosure Regulations." In The Chinese Stock Market Volume I, 39–105. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137391100_2.
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Hardouvelis, Gikas A. "Commentary: Stock Market Margin Requirements and Volatility." In Regulatory Reform of Stock and Futures Markets, 41–53. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2193-1_5.
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Schwert, G. William. "Margin Requirements and Stock Volatility." In Regulatory Reform of Stock and Futures Markets, 55–66. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2193-1_6.
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Salinger, Michael A. "Stock Market Margin Requirements and Volatility: Implications for Regulation of Stock Index Futures." In Regulatory Reform of Stock and Futures Markets, 23–40. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2193-1_4.
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Edwards, Franklin R. "Prologue to Conference on Regulatory Reform of Stock and Futures Markets." In Regulatory Reform of Stock and Futures Markets, 1–2. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2193-1_1.
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Roll, Richard. "Price Volatility, International Market Links, and Their Implications for Regulatory Policies." In Regulatory Reform of Stock and Futures Markets, 113–48. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2193-1_10.
Full textConference papers on the topic "Stock Market Reforms"
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Heliodoro, Paula, Rui Dias, and Paulo Alexandre. "FINANCIAL CONTAGION BETWEEN THE US AND EMERGING MARKETS: COVID-19 PANDEMIC CASE." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.s.p.2020.1.
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To realise how crises are disseminated is relevant for policy makers and regulators in order to take appropriate measures to prevent or contain the propagation of crises. This study aims to analysis the financial contagion in the six main markets of Latin America (Argentina, Brazil, Chile, Colombia, Mexico and Peru) and the USA, in the period 2015-2020. Different approaches have been undertaken to carry out this analysis in order to consider the following research question, namely whether: (i) the global pandemic covid19 has accentuated the contagion between Latin American financial markets and the US? The results of the autocorrelation tests are totally coincident with those obtained by the BDS test. The rejection of the null hypothesis, i.i.d., can be explained, among other factors, by the existence of autocorrelation or by the existence of heteroscedasticity in the stock market index series, in which case the rejection of the null hypothesis is explained by non-linear dependence on data, with the exception of the Argentine market. However, significant levels of contagion were expected to occur between these regional markets and the US as a result of the global pandemic (Covid-19), which did not happen. These results may indicate the implementation of efficient diversification strategies. The authors consider that the results achieved are relevance for investors who seek opportunities in these stock markets, as well as for policy makers to carry out institutional reforms in order to increase the efficiency of stock markets and promote the sustainable growth of financial markets.
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Čulo, Ksenija, Vladimir Skendrović, and Goran Puž. "Croatian road sector management challenges." In 6th International Conference on Road and Rail Infrastructure. University of Zagreb Faculty of Civil Engineering, 2021. http://dx.doi.org/10.5592/co/cetra.2020.1069.
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The road network in the Republic of Croatia is well developed and largely responds to traffic needs. The motorway network is largely built up and no major new investment is needed in the short term. The national road network is in good standing according to national and EU standards. However, public road management companies face operational and financial challenges in terms of: (a) overinvestment in the network; (b) weak governance; (c) high operating costs; (d) large debt stock; (e) short tenor of existing loans; (f) currency risk and (g) insufficient credit strength to access the loan market for long tenors on a stand-alone basis. The Government of the Republic of Croatia has therefore decided to address these chellenges and launched a project funded by IBRD called the Modernization and Restructuring of the Road Sector (MARS) aiming to enhance operational efficiency and improve the financial sustainability of the road sector. To these ends, the Government has approved a Sector Policy Letter, which contains a set of planned reforms. To ensure the contribution of the road sector to the overall economy, in addition to the financial sustainability of the sector itself, operational improvements are needed in the following key areas: (a) management of the road infrastructure sector; (b) planning, financing and implementation of investments in the road sector; (c) corporate governance and business operations. Much of the reform has already been implemented, but some of the most important are still in the process of being implemented.
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Gerni, Cevat, Selahattin Sarı, Mustafa Kemal Değer, and Ömer Selçuk Emsen. "Liberalism and Economic Growth in Transition Economies." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00290.
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In the world economy, since 1960s, countries, which are open and apply liberal policies succeeded higher economic growth and welfare. Therefore, liberal policies became more attractive. In that case, the transition, which has political, economic, and socio-cultural aspects, means moving from socialist-authoritarian structure to market based-liberal structures. In the literature, there are many studies which point out labor force and capital are not significant on the economic growth. In addition, the literature focuses on the importance of institutions on the economic growth. In this study, we compare the countries which were quickly away from the socialist structures with the countries which were slow on the reforms. Our analysis depends on their economic growth with cross section. However, we know the importance of institutional aspects on the growth research; therefore, we applied 2SLS regression analysis and to determine the economic liberalism indicators we used political rights, civil liberties, years that were under the socialism, openness, secondary school ratio, and public spending/GDP ratio. In the late phase, GDP per capita, as an indicator of economic growth, is explained with an independent variable which is predicted in the first phase via liberalism variable, and labor-population ratio and constant capital stock GDP ratio variables used in Neo-classical Solow-type growth model.
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Aso, Aso, and Sakar Zahir Omar Ameen. "The effect of the Iraqi dinar exchange rate on the stock market index An analytical study in the Iraqi Stock Exchange for the period (2014-2020)." In 11th International Conference of Economic and Administrative Reform: Necessities and Challenges. University of Human Development, 2022. http://dx.doi.org/10.21928/icearnc/36.
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The research aims to identify the fluctuations of the Iraqi dinar exchange rate and the Iraqi stock market index during the research period, as well as knowing the size and type of the linear relationship between the two variables, through a systematic framing that can guide investors, which contributes to strengthening the movement of funds and investments and which is reflected positively in the activity The economic and financial market, based on published data for the period from 2014 to 2020. The research came out with a number of conclusions, the most important of which is the existence of a correlation and impact relationship between the Iraqi dinar exchange rate and the financial market index in Iraq, in addition to the fact that the value of the Iraqi dinar in the parallel market during the research period varied significantly, which is evidence of the lack of control of the Central Bank on monetary policy, which affected the Variation in the movement of the Iraqi stock market index, and thus the loss of investors to generate profits and the decrease in their profitability opportunities. The research also presented a set of proposals, perhaps the most important of which is the establishment of a base of scientific foundations for investment in the financial markets, based on what we justify of the exchange rate variable that leads investors to Take the right investment decisions at the right time.
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Aso, Aso, and Sakar Zahir Omar Ameen. "The effect of the Iraqi dinar exchange rate on the stock market index An analytical study in the Iraqi Stock Exchange for the period (2014-2020)." In 11th International Conference of Economic and Administrative Reform: Necessities and Challenges. University of Human Development, 2022. http://dx.doi.org/10.21928/uhdicearnc/36.
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The research aims to identify the fluctuations of the Iraqi dinar exchange rate and the Iraqi stock market index during the research period, as well as knowing the size and type of the linear relationship between the two variables, through a systematic framing that can guide investors, which contributes to strengthening the movement of funds and investments and which is reflected positively in the activity The economic and financial market, based on published data for the period from 2014 to 2020. The research came out with a number of conclusions, the most important of which is the existence of a correlation and impact relationship between the Iraqi dinar exchange rate and the financial market index in Iraq, in addition to the fact that the value of the Iraqi dinar in the parallel market during the research period varied significantly, which is evidence of the lack of control of the Central Bank on monetary policy, which affected the Variation in the movement of the Iraqi stock market index, and thus the loss of investors to generate profits and the decrease in their profitability opportunities. The research also presented a set of proposals, perhaps the most important of which is the establishment of a base of scientific foundations for investment in the financial markets, based on what we justify of the exchange rate variable that leads investors to Take the right investment decisions at the right time.
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Heliodoro, Paula, Rui Dias, Paulo Alexandre, and Cristina Vasco. "INTEGRATION IN BRIC STOCK MARKETS: AN EMPIRICAL ANALYSIS." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.s.p.2020.33.
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This paper aims to analyse financial integration in the markets of Brazil, China, India and Russia (BRIC’s), from July 2015 to June 2020, being the sample split in pre and during the global pandemic (Covid-19). In order to carry out this analysis, different approaches were undertaken to analyse two issues, namely, whether: (i) the global pandemic has accentuated the interdependencies in the BRIC financial markets? If so, how it has influenced the efficiency of portfolio diversification. The results suggest very significant levels of integration, in the Covid period these evidences diminish the chances of portfolio diversification in the long term. In turn, the analysis of the relationship between markets, in the short term, through the impulse response functions, in a period of global pandemic, shows positive/negative movements, with statistical significance, with persistence exceeding one week. In addition, there was no immediate adjustment in prices between markets, due to the high levels of shocks identified. Regarding the implementation of efficient portfolio diversification strategies, we consider that a good option for investors would be to avoid investments in stock markets. In this sense, one suggestion could be to invest in derivatives, gold and sovereign debt markets, with the purpose of diversifying portfolios and mitigating the risk arising from the global pandemic. The authors consider that the results achieved are of interest to investors seeking opportunities in these exchanges, as well as to policy makers to undertake institutional reforms in order to increase the efficiency of stock markets and promote the sustainable growth of financial markets.
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Danmin Zhang and Minglong Yao. "On the existence of inertial and reversal effects in China stock market of the post share structure reform." In 2010 2nd International Conference on Information Science and Engineering (ICISE). IEEE, 2010. http://dx.doi.org/10.1109/icise.2010.5689815.
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Yang, Jinlei, and Tiantian Sun. "An empirical study on the financial competitiveness of A-share listed companies in Shanghai stock market under the reform of supply side." In Second International Conference On Economic and Business Management (FEBM 2017). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/febm-17.2017.58.
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Iyengar, Arun K. S., Brian J. Koeppel, Dale L. Keairns, Mark C. Woods, Gregory A. Hackett, and Travis R. Shultz. "Performance of a Natural Gas Solid Oxide Fuel Cell System With and Without Carbon Capture." In ASME 2019 13th International Conference on Energy Sustainability collocated with the ASME 2019 Heat Transfer Summer Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/es2019-3918.
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Abstract The fuel cell program at the United States Department of Energy (DOE) National Energy Technology Laboratory (NETL) is focused on the development of low-cost, highly efficient, and reliable fossil-fuel-based solid oxide fuel cell (SOFC) power systems that can generate environmentally-friendly electric power with at least 90 percent carbon capture. NETL’s SOFC technology development roadmap is aligned with near-term market opportunities in the distributed generation sector to validate and advance the technology while paving the way for utility-scale natural gas (NG)- and coal-derived synthesis gas-fueled applications via progressively larger system demonstrations. The present study represents a part of a series of system evaluations being carried out at NETL to aid in prioritizing technological advances along research pathways to the realization of utility-scale SOFC systems, a transformational goal of the fuel cell program. In particular, the system performance of utility-scale NG fuel cell (NGFC) systems with and without carbon dioxide (CO2) capture is presented. The NGFC system analyzed features an external auto-thermal reformer (ATR) feeding the fuel to the SOFC system consisting of planar anode-supported SOFC with separated anode and cathode off-gas streams. In systems with CO2 capture, an air separation unit (ASU) is used to provide the oxygen for the ATR and for the combustion of unutilized fuel in the SOFC anode exhaust along with a CO2 purification unit to provide a nearly pure CO2 stream suitable for transport for usage in enhanced oil recovery operations or for storage in underground saline formations. Remaining thermal energy in the exhaust gases is recovered in a bottoming steam Rankine cycle while supplying any process heat requirements. A reduced order model (ROM) developed at the Pacific Northwest National Laboratory (PNNL) is used to predict the SOFC performance. The ROM, while being computationally effective for system studies, provides other detailed information about the state of the stack, such as the internal temperature gradient, generally not available from simple performance models often used to represent the SOFC. Such additional information can be important in system optimization studies to preclude operation under off-design conditions that can adversely impact overall system reliability. The NGFC system performance was analyzed by varying salient system parameters, including the percent of internal (to the SOFC module) NG reformation — ranging from 0 to 100 percent — fuel utilization, and current density. The impact of advances in underlying SOFC technology on electrical performance was also explored.
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Ghezel-Ayagh, Hossein, Anthony J. Leo, Hans Maru, and Mohammad Farooque. "Overview of Direct Carbonate Fuel Cell Technology and Products Development." In ASME 2003 1st International Conference on Fuel Cell Science, Engineering and Technology. ASMEDC, 2003. http://dx.doi.org/10.1115/fuelcell2003-1697.
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Significant progress has been made in development of power generation products based on carbonate fuel cells. Carbonate fuel cell systems provide high efficiency and ultra-clean power generation from a variety of gaseous, liquid, and solid carbonaceous fuels. The high operating temperature of 650 °C in carbonate fuel cell allows significant system simplification by integrating the internal reforming feature into the fuel cell stack as well as use of the byproduct heat in an efficient bottoming cycle. Direct FuelCell® (DFC®) is a unique version of the carbonate fuel cell, which generates electricity directly from a hydrocarbon fuel by reforming the fuel inside the fuel cell and producing hydrogen. The direct reforming concept eliminates the need for an external reformer resulting in power plants with reduced capital cost. This feature also allows the DFC power plants to utilize the existing fuel distribution infrastructure. The first generation of products offered by FuelCell Energy (FCE) range from 250kW to 2MW and is suitable to operate on natural gas, digester gas and other fuels. Presently, a fleet of natural gas fueled units is operating in the US and Europe at customers’ sites. Additionally, there are subsequent power plants planned to operate on a variety of fuels, including coal-bed methane, digester gas, and coal-derived gas. A 2 MW fuel cell power plant (DFC3000) will soon be operating with coal gas in Wabash River, Indiana’s coal gasification plant. The field tests of a 1 MW unit (DFC1500) at King County (Seattle, WA) waste treatment will be demonstrating the unique features of the DFC technology with digester gas as a fuel. There are plans to operate a 250 kW (DFC300) unit on coal-bed methane fields in Cadiz, Ohio. FCE is also developing a 500 kW unit for the US NAVY, operating on marine distillate fuels. FCE is also developing fuel cell/turbine ultra-high efficiency hybrid power plants with efficiencies approaching 75%. In the Direct FuelCell/Turbine® (DFC/T®) power cycle, the fuel cell is integrated with an indirectly heated gas turbine. FCE has recently completed the operation of a ‘proof-of-concept’ system that combined a sub-megawatt DFC with a 30-kilowatt microturbine. The proof-of-concept tests demonstrated that the DFC/T hybrid concept, indeed, has the potential for achieving higher efficiencies than the single cycle fuel cell. The demonstration of two, packaged sub-megawatt DFC/T units, one in Danbury and one at a customer site in Montana, is planned. In addition to pioneering the Direct FuelCell technology, FCE has established a strong manufacturing base. Currently the manufacturing facility at Torrington, CT, has the equipment in place to produce 50 MW per year of fuel cells. FCE has also established commercial distribution alliances with electric power equipment sales and service companies, energy service and solution providers, and specialty application developers for marketing DFC products. The operation of FCE’s power plants at customer sites, continuing efforts in technology improvement, and the favorable reception of the customers for DFC-based units, combined with a network of partners for sales and services, are the key factors for market penetration of DFC products.
Reports on the topic "Stock Market Reforms"
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Yasuhara, Tsuyoshi. Working Paper PUEAA No. 11. Profit Seeking Model and the Monetary Policy in Japan: cross-border asset holdings via Offshore Financial Centers. Universidad Nacional Autónoma de México, Programa Universitario de Estudios sobre Asia y África, 2022. http://dx.doi.org/10.22201/pueaa.009r.2022.
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Recently, the Junichiro Koizumi and Shinzo Abe administration has adopted labor reforms, and monetary authorities have updated unconventional monetary policies: quantitative easing of money supply and negative interest rate control. It can be identified that quantitative easing policy and negative interest rate policy have introduced and stimulated new styles of profit-seeking through stock market transactions, which only increases corporate and bank profits under a stagnant labor productivity growth rate. Under such a context, this paper analyzes the changing phase of the profit-seeking patterns of the financial and non-financial sector in Japan. The hypothesis is that the large-scale corporate sector has created a new profit-seeking paradigm and that this has been supported by the monetary control of the so-called "Abenomics".
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Campello, Murillo, Rafael Perez Ribas, and Yan Wang. Is the Stock Market Just a Side Show? Evidence from a Structural Reform. Cambridge, MA: National Bureau of Economic Research, May 2014. http://dx.doi.org/10.3386/w20121.
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Bolster, Paul, Lawrence Lindsey, and Andrew Mitrusi. Tax Induced Trading: The Effect of the 1986 Tax Reform Act on Stock Market Activity. Cambridge, MA: National Bureau of Economic Research, July 1988. http://dx.doi.org/10.3386/w2659.
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Lazonick, William. Investing in Innovation: A Policy Framework for Attaining Sustainable Prosperity in the United States. Institute for New Economic Thinking Working Paper Series, March 2022. http://dx.doi.org/10.36687/inetwp182.
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“Sustainable prosperity” denotes an economy that generates stable and equitable growth for a large and growing middle class. From the 1940s into the 1970s, the United States appeared to be on a trajectory of sustainable prosperity, especially for white-male members of the U.S. labor force. Since the 1980s, however, an increasing proportion of the U.S labor force has experienced unstable employment and inequitable income, while growing numbers of the business firms upon which they rely for employment have generated anemic productivity growth. Stable and equitable growth requires innovative enterprise. The essence of innovative enterprise is investment in productive capabilities that can generate higher-quality, lower-cost goods and services than those previously available. The innovative enterprise tends to be a business firm—a unit of strategic control that, by selling products, must make profits over time to survive. In a modern society, however, business firms are not alone in making investments in the productive capabilities required to generate innovative goods and services. Household units and government agencies also make investments in productive capabilities upon which business firms rely for their own investment activities. When they work in a harmonious fashion, these three types of organizations—household units, government agencies, and business firms—constitute “the investment triad.” The Biden administration’s Build Back Better agenda to restore sustainable prosperity in the United States focuses on investment in productive capabilities by two of the three types of organizations in the triad: government agencies, implementing the Infrastructure Investment and Jobs Act, and household units, implementing the yet-to-be-passed American Families Act. Absent, however, is a policy agenda to encourage and enable investment in innovation by business firms. This gaping lacuna is particularly problematic because many of the largest industrial corporations in the United States place a far higher priority on distributing the contents of the corporate treasury to shareholders in the form of cash dividends and stock buybacks for the sake of higher stock yields than on investing in the productive capabilities of their workforces for the sake of innovation. Based on analyzes of the “financialization” of major U.S. business corporations, I argue that, unless Build Back Better includes an effective policy agenda to encourage and enable corporate investment in innovation, the Biden administration’s program for attaining stable and equitable growth will fail. Drawing on the experience of the U.S. economy over the past seven decades, I summarize how the United States moved toward stable and equitable growth from the late 1940s through the 1970s under a “retain-and-reinvest” resource-allocation regime at major U.S. business firms. Companies retained a substantial portion of their profits to reinvest in productive capabilities, including those of career employees. In contrast, since the early 1980s, under a “downsize-and-distribute” corporate resource-allocation regime, unstable employment, inequitable income, and sagging productivity have characterized the U.S. economy. In transition from retain-and-reinvest to downsize-and-distribute, many of the largest, most powerful corporations have adopted a “dominate-and-distribute” resource-allocation regime: Based on the innovative capabilities that they have previously developed, these companies dominate market segments of their industries but prioritize shareholders in corporate resource allocation. The practice of open-market share repurchases—aka stock buybacks—at major U.S. business corporations has been central to the dominate-and-distribute and downsize-and-distribute regimes. Since the mid-1980s, stock buybacks have become the prime mode for the legalized looting of the business corporation. I call this looting process “predatory value extraction” and contend that it is the fundamental cause of the increasing concentration of income among the richest household units and the erosion of middle-class employment opportunities for most other Americans. I conclude the paper by outlining a policy framework that could stop the looting of the business corporation and put in place social institutions that support sustainable prosperity. The agenda includes a ban on stock buybacks done as open-market repurchases, radical changes in incentives for senior corporate executives, representation of workers and taxpayers as directors on corporate boards, reform of the tax system to reward innovation and penalize financialization, and, guided by the investment-triad framework, government programs to support “collective and cumulative careers” of members of the U.S. labor force. Sustained investment in human capabilities by the investment triad, including business firms, would make it possible for an ever-increasing portion of the U.S. labor force to engage in the productive careers that underpin upward socioeconomic mobility, which would be manifested by a growing, robust, and hopeful American middle class.