Corporate Governance And Volatility In The Capital Markets
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Corporate Governance And Volatility In The Capital Markets
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Author : Pablo Rogers
language : en
Publisher:
Release Date : 2013
Corporate Governance And Volatility In The Capital Markets written by Pablo Rogers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
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.
Corporate Governance And Capital Flows In A Global Economy
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Author : Peter Cornelius
language : en
Publisher: Oxford University Press, USA
Release Date : 2003
Corporate Governance And Capital Flows In A Global Economy written by Peter Cornelius and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
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.
The Report Of The Twentieth Century Fund Task Force On Market Speculation And Corporate Governance
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Author : Twentieth Century Fund. Task Force on Market Speculation and Corporate Governance
language : en
Publisher: Century Foundation Press
Release Date : 1992
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 has been published by Century Foundation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
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.
Corporate Financial Decisions And Market Value
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Author : Giovanni Marseguerra
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Corporate Financial Decisions And Market Value written by Giovanni Marseguerra and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
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.
Corporate Governance Adrift
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Author : Michel Aglietta
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005-01-01
Corporate Governance Adrift written by Michel Aglietta and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-01 with Business & Economics categories.
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.
Lessons In Corporate Governance From The Global Financial Crisis
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Author : L. P. Yong
language : en
Publisher: CCH Australia Limited
Release Date : 2009
Lessons In Corporate Governance From The Global Financial Crisis written by L. P. Yong and has been published by CCH Australia Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
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.
Securities Markets And Corporate Governance
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Author : Yuwa Wei
language : en
Publisher: Routledge
Release Date : 2016-04-01
Securities Markets And Corporate Governance written by Yuwa Wei and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-01 with Law categories.
This book explores the rationalities and functions of securities markets and takeover activities. Focusing on the Chinese experience of utilizing the securities market as an effective mechanism of corporate control, this volume analyses the future development of China's financial market in the era of economic globalization. Providing an overview of the historical development of the securities market and a literature review of the economic functions of stock markets, Securities Markets and Corporate Governance also examines the legal regimes governing securities markets and takeovers in some leading corporate economies including the US, Germany, Japan and the UK. This volume then focuses on the Chinese experience, proposing a model which balances internal corporate governance and external market control for China.
Volatility Of China S Securities Markets And Corporate Governance
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Author : Yuwa Wei
language : en
Publisher:
Release Date : 2015
Volatility Of China S Securities Markets And Corporate Governance written by Yuwa Wei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
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.
Hedge Funds And Financial Markets
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Author : Julian Holler
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-01-02
Hedge Funds And Financial Markets written by Julian Holler and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-02 with Business & Economics categories.
Hedge funds have started to play an important role in financial markets during the last decade. They have affected important aspects of financial intermediation such as asset allocation decisions and corporate governance. Julian Holler provides an excellent theoretical and empirical analysis of these issues. His analysis offers strong support that hedge funds enable investors to improve asset allocation decisions. Consequently, hedge funds are an interesting alternative asset class for institutional investors. In contrast to results for the U.S. capital market his research provides evidence that hedge fund activism does not persistently increase the value of firms in Germany. This result suggests that the institutional environment has a strong influence on the effectiveness of corporate governance mechanisms.
Risk Management And Corporate Governance
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Author : Abol Jalilvand
language : en
Publisher: Routledge
Release Date : 2013-05-13
Risk Management And Corporate Governance written by Abol Jalilvand and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-13 with Business & Economics categories.
The asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board’s monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as "compensation", "audit", "strategy" and several others, "risk management" committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm. Risk Management and Corporate Governance allows academics and practitioners to assess the state of international research in risk management and corporate governance. The chapters overlay the areas of risk management and corporate governance on both financial and operating decisions of a firm while treating legal and political environments as externalities to decisions undertaken.