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 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 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 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 184 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 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 World Insurance written by Peter Borscheid and published by Oxford University Press. This book was released on 2012-08-23 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traces the history and development of the international insurance and re-insurance business.
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 Competition for Listings written by Thierry Foucault and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Life Insurance Fact Book written by and published by . This book was released on 1959 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 The Power of Your Life written by Grietjie Verhoef and published by Oxford University Press. This book was released on 2018 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores a century of business development of The South African Life Assurance Company, from a specific local focus to a national conglomerate expanding into global insurance markets. Established as a strategic vehicle to address Afrikaner economic marginalization and abject poverty at the beginning of the twentieth century, Sanlam has displayed both path dependence and a dynamic adaptability to complex changing contexts to become a global player. The strategic convergence of economic empowerment through the mobilization of savings into insurance products, as well as Afrikaner nationalism, assisted this growth. Sanlam has played an a-typical role in the economic empowerment of an ethnic entity through extensive investments into the industrializing South African economy. This strategic diversion created operational limitations that were only resolved early in the twenty-first century. As globalization, financial deregulation, and weakened Afrikaner political and social hegemony manifested, strategic change management relied on the path dependence of empowerment strategies to address new markets with similar needs to those of the early stakeholder market of 1918. The former mutual life office demutualized operations to become a diversified financial services group of companies operating across almost the entire African continent, as well as in India, Malaysia, and the UK. This volume presents a business history of strategic management of an insurance enterprise, and its transformation from a defined cultural context into an international empowerment strategy through innovation on all levels of business operation and organization. This book is an Open Access publication, available online under a CC BY-NC-ND 4.0 license.
Download or read book The London and New York Stock Exchanges 1850 1914 Routledge Revivals written by Ranald Michie and published by Routledge. This book was released on 2011-04-13 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1987, this is a reissue of the first book to offer a detailed comparison of two of the foremost stock exchanges in world before 1914. It is not only an exercise in comparative economic history but it also relates these institutions to wider world markets, thereby clarifying their functions and how they related to the general financial and economic framework. Students and researchers in economic and social history will welcome the reissue of this groundbreaking account of two historically important institutions in a crucial period of their development. Financial practitioners and others will also find much of interest here, in terms of both fascinating history and of insights into an era when a global market was rapidly evolving largely free of the twentieth-century distortions and hindrances introduced by wars, interventionist governments and exchange controls.
Download or read book Governance Structures in African Securities Exchanges written by Samuel O. Onyuma and published by Notion Press. This book was released on 2023-10-09 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demutualization is the transformation of a securities exchange governance structure from a mutual association of stockbrokers operating as not-for profit entity into a for-profit company accountable to its shareholders. It has become a widespread phenomenon – one with increasing appeal in developed markets. It challenges the traditional approach to regulation of securities exchanges and raises issues regarding their role in capital markets regulation. In spite of its popularity as a strategy for catalysing securities exchange development in emerging economies, its pace in Africa has been excruciatingly very slow. African securities exchanges therefore remain underdeveloped compared to their peers in other emerging markets. So, how can African securities exchanges facing the challenge of integration and better technical and institutional development address the problem of underdevelopment through demutualization? This book explains how demutualization can enable greater and swifter securities market development in Africa; the role government regulators should play in demutualization of exchanges in African countries; the right self-regulatory model applicable to African exchanges; effective management of conflicts of interest and other barriers to separation of ownership from management and trading rights; types of investments needed to enhance the effectiveness of African’s capital market; and how securities exchange demutualization can facilitate African countries destiny to become leading capital markets globally.
