Download or read book Corporate Governance and Volatility in the Capital Markets written by Pablo Rogers and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, with the São Paulo Stock Exchange (Bovespa) creation of the “New Market and Governance Levels I and II”, Brazil became a unique country for corporate governance studies. From this date on it became possible to distinguish, in the same macroeconomic and institutional environment, companies that formally adopt good practices of corporate governance from those that don't. This article objective, considering Brazil as a case study, was to assess the impact of higher levels of governance on the volatility term structure of the stocks. In methodological terms, it were developed two indexes of daily returns in the Brazilian stock market called IEPG-I and IEPG-S, and it was analyzed the volatility term structure with adjustments on the GARCH family models. The results were statistically surprisingly, highlighting: 1) higher levels of governance had positive effect in the reduction of the short and long term volatility; 2) the volatility of the companies with the worst practices of corporate governance seems to be more reactive to the market; 3) the persistence of the volatility of the companies with good practices is higher than that of the companies with worse practices; 4) the convergence speed of the volatility of the companies with good practices is lower than that of the companies with worse practices; and 5) the presence of information asymmetry or leverage effect in companies with worse practices of corporate governance and absence in companies with better practices of governance.

Download or read book Corporate Governance and Capital Flows in a Global Economy written by Peter Cornelius and published by Oxford University Press, USA. This book was released on 2003 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, the book is for anyone interested in financial crises, international risk management and global competitiveness.

Download or read book The Geography of Finance written by Gordon L. Clark and published by Oxford University Press, USA. This book was released on 2007-05-03 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

Download or read book Corporate Governance Adrift written by Michel Aglietta and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent corporate governance scandals have brought to the fore the inherent contradictions of a capitalism dominated by financial markets. This challenging book by Michel Aglietta and Antoine Reberioux argues that capitalism's basic premise - that companies must be managed in the sole interest of their shareholders - is incongruent with the current environment of liquid markets, profit-hungry investors and chronic financial instability.

Download or read book The Report of the Twentieth Century Fund Task Force on Market Speculation and Corporate Governance written by Twentieth Century Fund. Task Force on Market Speculation and Corporate Governance and published by Century Foundation Press. This book was released on 1992 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work considers how imperfect or misleading market information opens the door to speculation and distortion of economic choice, and how government sets the rules by which the financial world plays. It calls for policy changes to rationalize savings and investment decisions, promote long-term planning over speculation, encourage institutional investors to take a more active role in corporate governance, and disseminate more information to investors. Shiller's paper examines the economic basis of financial speculation and the intrinsic worth of measures proposed to rein in speculators or to limit the damage caused when their activity gets out of hand.

Download or read book Corporate Financial Decisions and Market Value written by Giovanni Marseguerra and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do managers of a firm choose between alternative finan cial policies? Can the choice of a particular financial policy affect the value of the firm? Since the early 1960s, the debate on these questions has been lively and interesting as economists have inves tigated the effect on the value of the firm of relaxing the various assumptions in the celebrated Modigliani-Miller theory. Further more, even if we stick to the MM-assumptions (that is, we assume perfect and complete capital markets, no taxes and symmetric information), and we therefore know that only optimally chosen investments determine firm's value, another interesting question arises: How does the structure of ownership affect investment de cisions (and, in turn, values)? This research monograph attempts to analyze some of the issues involved in this debate. It belongs to the area of mathematical economics and is intended to appeal to mathematical economists as well as economists and mathemati cians. It is meant to deal with economically relevant problems in a mathematically adequate way. To decide whether or not it succeeds in this task, it is up to the reader. I am greatly indebted to Dr. Margaret Bray for her supervi sion of my PhD thesis in Economics at the London School of Eco nomics from which this book resulted. She helped me as friend and adviser through many struggles in the last three years and invested a great amount of work in this thesis.

Download or read book Lessons in Corporate Governance from the Global Financial Crisis written by L. P. Yong and published by CCH Australia Limited. This book was released on 2009 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons in Corporate Governance from the Global Financial Crisis poses and attempts to answer key questions about the Global Financial Crisis (GFC). Did it have to happen? What caused it and, more importantly, why? Could it have been avoided? Could it happen again? This book covers issues such as importance of the fiduciary duties of board members, risk management, influence of hedge funds, impact on members’ pension funds, currency hedging, role of government regulation and the extensive use of financial derivatives.

Download or read book Stock Market Returns Corporate Governance and Capital Market Equilibrium written by Bruno Maria Parigi and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 2011-05-02 with total page 725 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.

Download or read book Corporate Governance and Shareholder Empowerment written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2010 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investment Governance for Fiduciaries written by Michael E. Drew and published by CFA Institute Research Foundation. This book was released on 2019-04-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.

Download or read book Volatility of China s Securities Markets and Corporate Governance written by Yuwa Wei and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: International capital flows, including securities investment, are sixty times greater than trade flows. The speculative nature and volatility of securities markets affects national and global economies and also the lives of most individuals. China's fast economic and industrial growth has irrevocably altered international trade, investment, and production patterns at the global and regional levels as the country becomes a market of immense proportion and potential. Many economies are positioning themselves for the next stages of China's growth. After China joined the World Trade Organization, its domestic securities market became increasingly important as a channel for attracting international investments. Today, foreign investors purchase shares in companies of which the State also owns shares, and foreign investors can obtain control over Chinese companies. Although currently subject to administrative approval schemes, analysts forecast the removal of these barriers to foreign investors' securities investments and takeovers. International investors also participate in speculative and takeover activities through joint ventures or wholly foreign-owned Chinese enterprises. The development and volatility of China's securities market are therefore a focus of worldwide interest.

Download or read book Stock Market and Investment written by Cherian Samuel and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Future of Domestic Capital Markets in Developing Countries written by Robert E. Litan and published by Rowman & Littlefield. This book was released on 2003-09-05 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf

Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.

Download or read book Moving Beyond Modern Portfolio Theory written by Jon Lukomnik and published by Routledge. This book was released on 2021-04-29 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It’s time for MPT to evolve. The authors propose a new imperative to improve finance’s ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT’s focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.