Download or read book EMU and the Cost of Capital written by Great Britain. Treasury and published by . This book was released on 2003 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. The third of the tests relates to whether joining the single currency would create better conditions for firms making long term investment decisions in the UK. To inform this assessment, this study considers the potential impact of EMU on the cost of capital for UK firms, an important aspect of a company's decision whether to invest or not. Overall, the study finds little scope for UK credit risk-free rates to fall significantly were the UK to enter the euro zone.
Download or read book Emu and the Cost of Capital written by Treasury and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Emu on the Equity Cost of Capital written by Richard Priestley and published by . This book was released on 2006 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that during the 1990s the process of gradual economic and monetary integration, which eventually led to EMU, also resulted in a reduction in the equity cost of capital. A similar reduction was not present in the three EU countries which chose not to enter the Eurozone. There was also a strong convergence in the cost of equity across the different countries within a given industrial sector, but little convergence across the different sectors of a given EMU country. An implication for portfolio management is that country effects are becoming less important and sectoral effects are becoming more important.
Download or read book Cost of Capital written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2008-02-25 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this long-awaited Third Edition of Cost of Capital: Applications and Examples, renowned valuation experts and authors Shannon Pratt and Roger Grabowski address the most controversial issues and problems in estimating the cost of capital. This authoritative book makes a timely and significant contribution to the business valuation body of knowledge and is an essential part of the expert's library.
Download or read book The Effects of EMU on European Capital Markets written by Ulrich Machold and published by GRIN Verlag. This book was released on 2003-01-04 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1.2 (A), Technical University of Berlin (European Center), course: The EU as a common economy, language: English, abstract: Within the last three years, the European financial landscape has undergone a rapid transformation that continues to astonish observers and market participants alike: Corporate and public euro bond markets have emerged whose issuing activities rival those of respective US dollar markets. Europe-wide indices have been firmly established. Institutional portfolios are being traded along pan-European sectoral rather than national lines. Cross-border mergers of banks and financial institutions on an unprecedented scale are drastically changing national banking landscapes as well as international financial structures and underlying all of this is the revolutionary emergence of a genuine European equity culture. Quite naturally, not all of these developments can be attributed to the eventual arrival of European Economic and Monetary Union (EMU). Many trends have had their precursors in the continuing liberalisation and de-regulation processes of the 1990s, as manifested in the 1992 Maastricht Treaty. However, historical data makes it difficult not to account for EMU as one major factor behind many of the most recent changes. In this paper, I will therefore argue that at least some of the above changes can best be explained by the effects of EMU. In several ways, the advent of the single currency has triggered an equilibrium shift in more than one field that would otherwise not have occurred. In order to do so, I shall first put EMU into perspective by briefly sketching its position within the wider framework of the process of European capital market integration by means of liberalisation. Second, I shall illustrate whether and to what extent the intended direct effects of EMU did in fact materialise, but also how further indirect effects go beyond these and contribute to explaining some seemingly less related developments. Last, I shall evaluate how integrated European capital markets in fact are compared to national markets, using the U.S. as a benchmark, and close with a brief discussion of potential normative implications.
Download or read book Declining Macro Economic Uncertainty and the Cost of Equity Capital written by Juha-Pekka Junttila and published by . This book was released on 2008 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effect of declining macro-economic risk to the country-wide cost of equity capital. Our empirical results indicate that the earnings capitalization rates derived from a standard equity valuation model increased especially in the EMU countries during the EMU convergence period. Corresponding increase was not observed in our control sample of non-EMU countries for the same period. The results suggest that part of this increase was clearly due to the declining macroeconomic risks based on the explicit convergence criteria, especially for inflation and the public budget deficits.
Download or read book Microeconomic Reform in Britain written by H. Treasury and published by Springer. This book was released on 2004-03-09 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomic Reform in Britain: Delivering Opportunities for All provides a comprehensive guide to the extensive microeconomic reforms implemented over the last 6 years to realise the UK Government's goals: a stronger more enterprising economy and a fairer society. This companion volume to Reforming Britain's Economic and Financial Policy: Towards Greater Economic Stability , published in 2002, offers a detailed account of a programme of reforms which together constitute a comprehensive strategy to lock in the stability needed to support steady growth by pursuing both enterprise and fairness for all. Building on the foundations of monetary and fiscal reform, the reforms in microeconomic policy described in this volume provide the framework for improving Britain's overall productivity, expanding national wealth and protecting the environment. The government's approach to raising productivity across all sectors and income groups, supporting families, and tackling poverty is presented, together with a detailed account of the reform of the delivery of public services. This volume is a key resource for students of economics and politics, bringing together the work which will have a profound influence on the future of British economic policy making.
Download or read book Implications of EMU for Exchange Rate Policy in Central and Eastern Europe written by Mr.George Kopits and published by International Monetary Fund. This book was released on 1999-01-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in EMU. For most of these countries the benefits are likely to outweigh the cost of participation. After successfully meeting the basic conditions (wage flexibility, prudent fiscal and monetary stance, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the central rate, prior to formal participation. The paper concludes with a discussion of two policy dilemmas.
Download or read book EMU and European Stock Market Integration written by Gikas Angelos Hardouvelis and published by . This book was released on 1999 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EMU One Year on written by OECD and published by OECD Publishing. This book was released on 2000-03-29 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.
Download or read book Multinational Financial Management written by Alan C. Shapiro and published by John Wiley & Sons. This book was released on 2019-12-12 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: The eleventh edition of Multinational Financial Management is a comprehensive survey of the essential areas of the international financial market environment, including foreign exchange and derivative markets, risk management, and international capital markets and portfolio investment. Designed for upper-level undergraduate and masters-level courses in international finance and management, this textbook offers readers a conceptual framework for analyzing key financial decisions of multinational firms. The authors both explain and simplify multinational financial management by illustrating how its basic principles share the same foundation as domestic corporate finance. Assuming no prior knowledge of international economics or finance, this substantially revised new edition builds upon the fundamental principles of domestic financial management to examine the unique dimensions of international finance. Readers are presented with a solid theoretical knowledgebase for examining decision problems, as well as practical analytical techniques that clarify the often-ambiguous guidelines used by international financial executives. All the traditional areas of corporate finance are explored from the perspective of a multinational corporation, focusing on elements rarely encountered in domestic finance such as multiple currencies, segmented capital markets, and political risks of nationalization or expropriation.
Download or read book European Business written by Debra Johnson and published by Psychology Press. This book was released on 2000 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook examines the increasing impact of the European Union on the European business environment, addressing the core challenges facing enterprises in the formative years of the new millennium.
Download or read book Monetary and Fiscal Policies in EMU written by Marco Buti and published by Cambridge University Press. This book was released on 2003-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Download or read book The Economic and Business Consequences of the EMU written by Hubert Ooghe and published by Springer Science & Business Media. This book was released on 2000-09-30 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: To make a first assessment after about a year's experience with economic and monetary union; 2. To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry; 3. To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.
Download or read book Real Unit Labor Costs Differentials in EMU L4700 written by Mr.Igor Lebrun and published by International Monetary Fund. This book was released on 2011-05-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersion. According to our empirical findings, persistent RULC growth differentials can be attributed to divergent evolutions in capital-output ratios, nominal effective exchange rates and country-specific institutional features, coupled with an increased sensitivity of RULC to fundamentals following the shift in the monetary regime. Because these RULC growth discrepancies in EMU partly result from heterogeneous structural characteristics, policy action seeking more homogenous regulation across the euro area can make a significant contribution to reduce them.
Download or read book The Impact of EMU on Growth and Employment written by Ray Barrell and published by . This book was released on 2008 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Factors behind recent slow Euro Area growth - The impact of the euro on european economies - EMU and productivity - EMU and volatility - The effects of EMU on prices and labour markets.
Download or read book The United States as a Monetary Union written by Great Britain. Treasury and published by . This book was released on 2003 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. This study considers the example of US monetary union, a union which covers a geographical area significantly larger than western Europe. As the world's largest economy, it provides a working example of how different regions, disparate in terms of their geography, climate, industry and heritage, develop within a monetary union.
