Stock Market Development And Firm Financing Choices
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Stock Market Development And Firm Financing Choices
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Author : Aslı Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 1995
Stock Market Development And Firm Financing Choices written by Aslı Demirgüç-Kunt and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Banks and banking categories.
Stock Market Development And Financial Intermediaries Stylized Facts
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Author : Ross Levine
language : en
Publisher:
Release Date : 1999
Stock Market Development And Financial Intermediaries Stylized Facts written by Ross Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
May 1995 The three most developed stock markets are in Japan, the United Kingdom, and the United States, and the most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Markets tend to be more developed in richer countries, but some markets commonly labeled emerging (for example, in Malaysia, the Republic of Korea, and Thailand) are systematically more developed than some markets commonly labeled developed (for example, in Australia, Canada, and many European countries). World stock markets are booming. Between 1982 and 1993, stock market capitalization grew from $2 trillion to $10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock market capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. Demirgüç-Kunt and Levine collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize information about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: * In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to GDP, for example, is greater than 1 in five countries and less than 0.10 in five others. * There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. * The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock markets, whereas Argentina, Greece, Pakistan, and Turkey have underdeveloped markets. Markets tend to be more developed in richer countries, but many markets commonly labeled emerging (for example, in Korea, Malaysia, and Thailand) are systematically more developed than markets commonly labeled developed (for example, in Australia, Canada, and many European countries). * Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. * The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study stock market development. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 678-37).
Globalization And Firms Financing Choices Evidence From Emerging Economies
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Author : Sergio L. Schmukler
language : en
Publisher: International Monetary Fund
Release Date : 2001-08
Globalization And Firms Financing Choices Evidence From Emerging Economies written by Sergio L. Schmukler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-08 with Business & Economics categories.
This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access capital markets. We find that debt-equity rations do not increase after financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises
Contractual Savings Capital Markets And Firms Financing Choices
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Author : Gregorio Impavido
language : en
Publisher: World Bank Publications
Release Date : 2001
Contractual Savings Capital Markets And Firms Financing Choices written by Gregorio Impavido and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Ahorro contractual categories.
The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms' financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms' leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sector.
Global Stock Market Development
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Author : Marcin Kalinowski
language : en
Publisher: Routledge
Release Date : 2021-09-26
Global Stock Market Development written by Marcin Kalinowski and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-26 with Business & Economics categories.
In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment – whether it is ‘hyperactive’ or ‘excessively lethargic’ in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of ‘stock market development’ in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.
Capital Structure And Corporate Financing Decisions
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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2011-03-31
Capital Structure And Corporate Financing Decisions written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-31 with Business & Economics categories.
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
An Introduction To Stocks Trading Markets And Corporate Behavior
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Author : Clifford D. Wright
language : en
Publisher: Wickford Bay Publishing and Media
Release Date : 2015-01-10
An Introduction To Stocks Trading Markets And Corporate Behavior written by Clifford D. Wright and has been published by Wickford Bay Publishing and Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-10 with Business & Economics categories.
Lack of financial knowledge is not only an economic consideration, but also a social concern garnering greater attention from school administrators, governmental agencies and policymakers. This concern highlights the fact that widespread gaps in levels of financial literacy exist, and at risk are those who are least familiar with complex savings and investment vehicles, and with financial planning concepts and their long-term benefits. Today’s complex financial services market offers investors an endless array of products and services to meet individual financial needs, and the degree of choice requires the knowledge to evaluate the options, and the ability to identify those that best suit individual needs and circumstances. This book collates a wealth of expertise and insight, and aims to provide a new generation a higher understanding of the various investment products and services in the marketplace, and to increase the likelihood of attaining a secure financial future. In addition, the material will educate those interested in increasing their aptitude about financial choices, and will assist in gaining a greater understanding of the benefits of saving through securities investments. The content provides knowledge that will empower individuals to make better-informed investment decisions, assist in planning for their future, and will make a contribution to creating a sound lifestyle during working years and through-out retirement. The curriculum focuses on relevant knowledge, and provides ample opportunities for an integrated learning experience. Throughout the program of study, students will not only learn important concepts, but will have ample opportunities through coursework and assignments to apply these concepts to real and simulated practice situations. On the high school and undergraduate levels, this supplemental book shall appropriately pair with courses that include Math Applications in the Real World, Personal Financial Planning, Introduction to Investments, Money and Finance, or Money and Banking. At the graduate level, the book compliments courses which provide analysis of financial instruments, financial markets, or insurance and investment companies. Courses that are commonly offered on the graduate level include Financial Management, Investment Analysis, or Personal Financial Planning. Prerequisites are not required, as these are lower level classes. Many of the modules are commonly taught at most Universities – and several of the classes are required for Business and Finance majors. A few points should be made regarding how the instructional aids contained in this manual can be used. Firstly, a section at the end of the chapter contains questions, self-test problems and case analyses. This Guide provides answers to the questions, problems, and cases. PowerPoint slides are included to aid the pedagogy. We encourage educators to modify the slides in the manner that best fits the course. Instructors can contact the publisher or the author to request supplemental material. Secondly, since there is no single best way to teach a financial literacy course – the optimal class structure will vary with students' backgrounds, the instructors' interests, the number of students, and the fit of the content in the overall curriculum. Volume 1 consists of subject content, commonly used abbreviations, core analysis, exercises, case analyses and an extensive glossary. Future volumes will cover bonds, mutual funds and annuities. We trust readers will find this guide to be a valuable resource for gaining insight and best practices relevant to saving and investment participation. The Author, Clifford D. Wright
Corporate Capital Structures In The United States
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Author : Benjamin M. Friedman
language : en
Publisher: University of Chicago Press
Release Date : 2009-05-15
Corporate Capital Structures In The United States written by Benjamin M. Friedman and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-15 with Business & Economics categories.
The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Financial Market Constraints And Private Investment In A Developing Country
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Author : Mr.Omotunde E. G. Johnson
language : en
Publisher: International Monetary Fund
Release Date : 1990-12
Financial Market Constraints And Private Investment In A Developing Country written by Mr.Omotunde E. G. Johnson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-12 with Business & Economics categories.
Firms in developing countries that seek outside financing for investment must often choose their debt-equity combinations in the face of financial market constraints on debt service, on outside equity financing, and on internal finance (endowments). Inefficiencies in the allocation of available finance and in the equity-debt choices that can ensue can be prevented by appropriate policy measures to improve information on profitable investment opportunities and about firms; to directly strengthen financial intermediation; and to support appropriate credit guarantee schemes.
Contractual Savings Or Stock Market Development Which Leads
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Author : Mario Catalan
language : en
Publisher: World Bank Publications
Release Date : 2000
Contractual Savings Or Stock Market Development Which Leads written by Mario Catalan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Ahorro contractual categories.
This paper argues that contractual savings (assets of pension funds and life insurance companies) contribute to stock market development.