Download or read book The Economics of Demutualization written by Felix Treptow and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Felix Treptow examines the changing relationship between exchanges and issuers, analyses the micro- and macroeconomic drivers of the demutualization decision, and investigates its impact on market liquidity. He presents a detailed analysis of both the determinants as well as the consequences of the demutualization of securities exchanges.
Download or read book An Economic Analysis of Demutualization in the Insurance Industry written by Krupa Subramanian and published by . This book was released on 2000 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contemporary Nature of Stock Exchange from the Perspective of Demutualization Process written by Alina Rydzewska and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual) structure into an entrepreneurial structure. Changes in the legal and organizational structure take place and they diversify their activities in order to meet the market needs. Statistical data confirm that two thirds of stock exchanges are of for-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization process and going public, operate more efficiently than the stock exchanges not subjected to these processes. On the other hand, analyzing the structure of the products on stock exchanges, it may be noticed that most of the exchanges have a diversified range of services. However, it should be emphasized that the activity of stock exchanges is partly seen as a public good even if they are managed by private people. But the efficiency increase of stock exchanges does not necessarily translate into the quality increase of their socio-economic functions and short-term pursuit for profits may pose a threat to the functioning of the economy and society.
Download or read book The Economic Function of a Stock Exchange written by Robert A. Schwartz and published by Springer. This book was released on 2016-08-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, exchanges on both sides of the Atlantic have been extensively reengineered, and their organizational structures have changed from non-profit, membership organizations to for-profit, demutualized organizations. Concurrently, new alternative trading systems have emerged and the traditional functions of broker/dealer firms have evolved. How have these changes affected the delivery of that mission? How has the efficiency of capital raising in the IPO market been impacted? These are among the key questions addressed in this book, titled after the Baruch College Conference, The Economic Function of a Stock Market. Featuring contributions from a panel of scholars, academicians, policymakers, and industry leaders, this volume examines current issues affecting market quality, including challenges in the marketplace, growth opportunities, and IPO capital raising in the global economy. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.
Download or read book Demutualization of Stock Exchanges written by Shamshad Akhtar and published by . This book was released on 2002 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This examination of the demutualization of stock exchanges outlines the process by which a nonprofit, member-owned mutual organization is transformed into a for-profit shareholder corporation. The general problems this process brings about and how they might be solved are detailed. In particular, this book looks at how regulatory oversight needs to be transferred to a government regulator.
Download or read book Demutualization of Securities Exchanges written by Ms.Jennifer A. Elliott and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon-one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.
Download or read book The Economics of the Global Stock Exchange Industry written by J. Floreani and published by Springer. This book was released on 2013-11-14 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic analysis of the stock exchange industry. The authors draw on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and the performance of stock exchanges.
Download or read book Handbook of Research on Stock Market Globalization written by Geoffrey Poitras and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently underway and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section look to previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.
Download or read book The Cooperative Business Movement 1950 to the Present written by Patrizia Battilani and published by Cambridge University Press. This book was released on 2012-08-27 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United Nations declared 2012 the year of cooperatives, emphasizing that there is an alternative to privately owned firms. While greed and mismanagement have caused world financial and economic crises, co-ops offer another type of business for economic activities that is less exposed to aggressive capitalism. This book provides a problem-oriented overview of the development of cooperatives over the last fifty years. The global study addresses the major challenges cooperatives face, such as the organizational innovations introduced to acquire necessary risk-capital and implement growth-related strategies, the wave of demutualization in developed nations and their ability to construct an original consumer politics. The contributors to this volume discuss the successes and failures of the cooperatives and ask whether they are an outdated model of enterprise. They document a wave of foundations of new co-ops, new forms of collaboration between them and a growing trend toward globalization.
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 Conflicts of Interest in Self regulation written by John W. Carson and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.
Download or read book Darkness by Design written by Walter Mattli and published by Princeton University Press. This book was released on 2021-06-08 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Capital markets have undergone a dramatic transformation in the past two decades. Algorithmic high-speed supercomputing has replaced traditional floor trading and human market makers, while centralized exchanges that once ensured fairness and transparency have fragmented into a dizzying array of competing exchanges and trading platforms. Darkness by Design exposes the unseen perils of market fragmentation and 'dark' markets, some of which are deliberately designed to enable the transfer of wealth from the weak to the powerful. Walter Mattli traces the fall of the traditional exchange model of the NYSE, the world's leading stock market in the twentieth century, showing how it has come to be supplanted by fragmented markets whose governance is frequently set up to allow unscrupulous operators to exploit conflicts of interest at the expense of an unsuspecting public. Market makers have few obligations, market surveillance is neglected or impossible, enforcement is ineffective, and new technologies are not necessarily used to improve oversight but to offer lucrative preferential market access to select clients in ways that are often hidden. Mattli argues that power politics is central in today's fragmented markets. He sheds critical light on how the redistribution of power and influence has created new winners and losers in capital markets and lays the groundwork for sensible reforms to combat shady trading schemes and reclaim these markets for the long-term benefit of everyone. Essential reading for anyone with money in the stock market, Darkness by Design challenges the conventional view of markets and reveals the troubling implications of unchecked market power for the health of the global economy and society as a whole"--
Download or read book Life Insurance Fact Book written by and published by . This book was released on 1962 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book When There Was No Money written by Heather A. Clark and published by Springer Science & Business Media. This book was released on 2006-03-14 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The challenges in development often seem insurmountable. They overwhelm - tions and the builders of their most basic institutions. I am often asked how dev- opment finance agencies can work together to meet this challenge. In reply I invite you to read a story about cooperation in re-building one of the most basic insti- tions of any society –– the banking system. KfW Bankengruppe places great emphasis on financial sector development. Our experience in our own country, and beyond our borders, shows that one of the first steps is building a banking system that fuels growth through investment in enterprises. Micro, small and medium enterprises are the backbone of many economies; they are also the wealth of the people and generate their hope in the future. We believe that the depth of the financial sector is related to economic growth; the growth and safety of deposits, the facility of payments, and the in- vation to develop new products and services that strengthen markets and promote investment. A strong banking system supports economic growth by attracting unproductive capital and injecting it into the economy, increasing the productivity of the country’s capital base and leveraging it by attracting outside capital.
Download or read book Markets On Trial written by Michael Lounsbury and published by Emerald Group Publishing. This book was released on 2010-07-07 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day. This title addresses the global financial crisis debates and struggles around how to organize economies and societies around the world.
Download or read book The British Insurance Industry Since 1900 written by Robert L. Carter and published by Springer. This book was released on 2009-05-21 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive chronicle of thetransformation of the intensely competitive British insurance industry in response to evolving economic, social, technological and political conditions. It analyzes the fast-changing shape of the distribution system, the role of the state and the shifting boundaries of insurability and risk transfer.
Download or read book Central Counterparties Resolution An Unresolved Problem written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2018-03-20 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We conclude that the toolkit is insufficient to avoid the costs of resolution being borne by taxpayers, and propose alternative policy suggestions for addressing the problem of a failed CCP.
