| Title |
Subject or Description of Content |
Web Page |
Author or Information Producer |
| 5 reports say IPO slump worsening
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Article summarizes 5 different reports about constraints to capitalize early stage companies
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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/02/bumi16qsq3.dtl
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SF Chronicle
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| ACHIEVING SUSTAINABLE COMMUNITIES IN A GLOBAL ECONOMY Alternative Private Strategies and Public Policies
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Explores alternative strategies in agricultural and rural development to address the impacts of globalization processes on smallholder agriculturalists and marginalized rural people. Its goal is twofold: (1) to identify and assess the key processes by which globalization is affecting the smallholder agricultural and rural sectors; and (2) to identify and propose both micro- and macro-level policies and other strategies to deal with the problems that arise. This volume presents writings of leading scholars and practitioners working in the private and public sectors. Their work focuses on major crosscutting issues in the developing world and on country-specific case studies.
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http://www.worldscibooks.com/economics/5511.html
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edited by Ralph D Christy (Cornell University, USA)
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| Actor-Network Theory – the Market Test
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Examines assumptions about markets
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http://www.lancs.ac.uk/fss/sociology/papers/callon-market-test.pdf
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Michel Callon, published by the Department of Sociology, Lancaster University, Lancaster LA1 4YL, UK
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| Advice for SMEs Pursuing Procurement Opportunities Financed By The World Bank and The Inter-American Development Bank
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This business guide is intended for individuals and companies that are new to the operations of the World Bank and the IDB. It will: I) provide the context in which contracts are won and lost so companies can realistically assess whether they can make the commitment required to pursue World Bank and IDB opportunities; and 2) for committed companies, outline a number of basic steps to pursuing World Bank and IDB-financed contracts, and some sources of information and support available to Canadians.
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http://www.dfait-maeci.gc.ca/ifiwashington/sme-e.pdf
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Office of Liaison with International Financial Institutions Canadian Embassy, Washington, D.C. Revised August 1999
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| Agency Costs and Ownership Structure: Evidence From the Small Business Finance Survey
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Agency problems arise when a corporate organization (the principal) employs a professional manager (the agent) and thereby separates the business owner from control of the business, according to a study released by the Office of Advocacy. The study’s findings have significant implications for small business owners. It is important for owners of small firms to participate actively in investment and financial decision-making. Because owner-managers are the most effective mechanism for eliminating agency costs.
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http://www.sba.gov/advo/research/rs268tot.pdf
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by Jackie So, Texas A&M International University
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| Analysis of China's OTC Market and Its Role in Promoting the Development of High-and-New-Tech Enterprises, July 2008
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Presentation overviews China capital markets and how they contribute to China IPOs outpacing other global centers.
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http://www.insme.info/documents/analisis_of_china_zgc_weidong.ppt
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Liu Weidong, Doctor, Zhongguancun Science and Technology Park Management Committee July 2008
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| Angel Investor Market Analysis
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Angel Investor Market Analysis by year beginning in 2002
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http://wsbe.unh.edu/Centers_CVR/Q1Q22005analysisreport.cfm
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Jeffrey Sohl - Director of CVR
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| ASX Capital Markets Survey - SMEs
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Capital Market Participants respond to questions
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http://www.asx.com.au/resources/newsletters/listed_at_asx/20050621_capital_markets_survey.htm
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ASX Capital Markets
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| Automated Trading Systems: Developed and Emerging Capital Markets
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Automated trading systems on developed and emerging capital markets are studied in this paper. The standard for developed market is automated trading system with 40-days simple moving average. We tested it for the index SIX Industrial for 1000 and 730 trading days. The Buy and Hold trading system was 7.80 times more profitable than this etalon trading system for active trading. Simple taking of profitable standard trading system from a developed capital market does not lead to optimal results on the emerging capital markets. We then studied optimized standard trading system based on the simple moving average. The parameter of optimization was the number of weeks. We took the range from 1 to 100 weeks. An optimal system was that with 5 weeks. This trading system has some of its characteristics comparable with the etalon trading system on the NYSE Composite Index. The emerging market is more risky than the developed market. The profit on the emerging market is also higher. The range of optimized system parameter is quite robust. Observed was increase of number of trades in the range from the 21 weeks to the 25 weeks. This indicates creation of a new optimal middle range.
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http://arxiv.org/PS_cache/physics/pdf/0505/0505032.pdf
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O. Hudak, Department of Corporate Finance, Faculty of Finance, Cesta na amfiteater 1, SK - 974 01 Banska Bystrica, Slovak Republic
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| Bargaining and Markets
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Examines turnover factors
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http://ww2.economics.utoronto.ca/osborne/bm/viewpdf.php?enc_filename=bargmkt.pdf
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Osborne, Martin J. and Rubinstein, Ariel ISBN 0-12-528632-5, Copyright 1990 by Academic Press,
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| Benefits of SME Securitisation for Economic & Regulatory Purposes Associated Risks and Considerations
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Power Point presentation about the benefits of securitizations for stakeholders. Also covers how SME Securitisation helps create capital markets.
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http://siteresources.worldbank.org/extecaregtopprvsecdev/resources/570954-1211578683837/pollner_world_bank_securitization_to_manage_banks_capital.pdf
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John D. Pollner, Lead Financial Officer (Financial & Risk Markets) The World Bank
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| Best Markets for Entrepreneurial Finance, Capital Studies, Milken Institute, October 2oo5
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2005 Capital Access Index Securitization in Financing Economic Activities
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http://www.milkeninstitute.org/pdf/ca_2005.pdf
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James R. Barth, Tong Li, Sangeetha Malaiyandi, Donald McCarthy, Triphon Phumiwasana and Glenn Yago
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| Capital Access Index 2007
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Annual ranking of the best Markets for Business Access to Capital
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http://www.milkeninstitute.org/publications/publications.taf?cat=resrep&function=detail&id=38801036
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Milken Institute
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| Capital and the Small Businessman:, A Proposal for an International Entrepreneurial Exchange
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The mission of an Entrepreneurial Exchange (EntEx) is to create a global capital market for small-to-medium enterprises (SMEs). Entrepreneurs around the world face a common problem—obtaining the "sliver of equity" to enable operations to achieve positive cash flow. The United States has the only capital market that is able to provide this funding to any degree of scale.
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http://www.inthenationalinterest.com/Articles/vol2issue20/vol2issue20boyko.html
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Stephen A. Boyko
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| Capital Flows to Emerging Markets: The Myths and Realities, Paper prepared for the Conference “Myths and Realities of Globalization”, At the Federal Reserve Bank of Dallas, 11/4/2004
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Examines Myths and Realities of Policies to liberalize capital flows
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http://www.dallasfed.org/news/research/2004/04global_forbes1.pdf
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Bill Block and Kristin Forbes, Council of Economic Advisers
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| Capital Market authority pleased with budget allocation,
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Overviews Capital Markets Development Authority thoughts about initiatives that Government provided in the 2006 national budget for the development of capital markets
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http://www.fijitimes.com/story.aspx?id=31555
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Fiji Times Online, (Monday, November 07, 2005)
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| Capital Market Development in a Small Country: The Case of Slovenia
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Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature market. Slovenia is such an example. Despite the necessary infrastructure in place, trading has remained thin and issuance activity has been dormant. This paper proposes a two-pronged strategy for capital market development that leverages the existing setup in the context of regional integration such as within the EU. While using the case of Slovenia, this path might be indicative for other small countries that are part of a larger economically integrated region.
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http://www.imf.org/external/pubs/ft/wp/2007/wp07229.pdf
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IMF Working Paper: Jochen R. Andritzky Author’s E-Mail Address: jandritzky@imf.org
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| CAPITAL MARKET IMPERFECTIONS, HIGH-TECH INVESTMENT, AND NEW EQUITY FINANCING, THE ECONOMIC JOURNAL, Volume 112 Issue 477 Page F54 - February 2002, doi:10.1111/1468-0297.00683
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Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded US high-tech companies over the period 1981. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and permits a major increase in firm size. After going public, comparatively few firms make heavy use of external financing.
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http://www.blackwell-synergy.com/links/doi/10.1111/1468-0297.00683/abs/?cookieSet=1
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Robert E. Carpenter & Bruce C. Petersen
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| Capital Markets: A Global Perspective
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Comprehensive Overview of Financial Products and Capital Markets
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http://www.people.memphis.edu/~tmcinish/book.htm
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Thomas H. McInish
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| CARICOM Capital Market to Become Fully Integrated in January
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Come January 2006, Jamaican investors and by extension the financial sector, will have a significantly wider market for investment, trade and to pursue most financial activities. This, as the CARICOM capital markets will become fully integrated under the CARICOM Single Market (CSM), even while region-wide cross listing, cross border trading and the formation of regional financial conglomerates are already happening.
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http://www.jis.gov.jm/foreign_affairs/html/20051113T090000-0500_7325_JIS_CARICOM_CAPITAL_MARKET_TO_BECOME_FULLY_INTEGRATED_IN_JANUARY.asp
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KINGSTON (JIS), Tuesday, November 15, 2005
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| Changes in small business finance
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Overview of the history of innovation being instilled into business models
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http://www.bog.frb.fed.us/boarddocs/speeches/1999/19990309.htm
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Alan Greenspan
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| China Securities Regulatory Commission, “Seminar on “the Capital Market and the State Strategy of Autonomous Innovation”
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Covers the responsibilities for the capital market to serve the state strategy of constructing an innovative nation
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http://www.csrc.gov.cn/n575458/n4001948/n4002030/4213697.html
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Research Center of the China Securities Regulatory Commission (CSRC)
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| China’s corporate bond market development: lessons learned
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The Chinese economy has enjoyed GDP growth of approximately 9% per annum in recent years – with the strong momentum likely to continue in 2006 - while CPI inflation has been kept in check. The abundant liquidity in the economy contributes to low interest rates and subdued inflation. Moreover, the savings rate is noticeably high. As a result, the M2/GDP ratio is high compared to other economies, and may well approach 200% in 2005. Commercial banks have continued to play a dominant role in channeling savings into investment. In contrast, financing through the equity market remains small and the bond market accounts for less than 10% of such intermediation. China’s bond market appears to be very large, but in proportion to GDP, bond market financing is still insignificant. Of bonds outstanding, some 40% are government bonds, while the rest are corporate bonds issued by both financial and non-financial institutions. Furthermore, the value of financial institutions’ bonds outstanding is seven or eight times that of non-financial corporate bonds. Currently, the bond market in China is divided into an over-the-counter (OTC) market and an exchange market. The OTC market is basically an interbank market where there is little regulation, and institutions are free to participate and strike deals at the prevailing market prices. Since its establishment in 1997, the OTC market has expanded to include both financial and non-financial institutions, and currently the issues of more than 4,000 non-financial corporations are traded there. Meanwhile, we are also trying to develop our short-term corporate bonds and commercial paper in the OTC market. We are very eager to learn from the experience of other countries as to how to allow the bond market to play an important role in economic development.
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http://www.bis.org/publ/bppdf/bispap26b.pdf
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Zhou Xiaochuan, People’s Bank of China
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| Comparison and Reconciliation of SIC and NAICS Industry Codes Used To Define Knowledge-Based Industries (KBIs) Prepared for Industry Canada by: E. Wayne Clendenning & Associates, May 2000
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Study using SIC codes to measure bank lending to knowledge based industry (KBI) SMEs
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http://strategis.ic.gc.ca/epic/internet/insbrp-rppe.nsf/vwapj/ComparisonReconciliation_e.pdf/$FILE/ComparisonReconciliation_e.pdf
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E. Wayne Clendenning & Associates
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| DECISION TECHNOLOGIES FOR FINANCIAL ENGINEERING Proceedings of the Fourth International Conference on Neural Networks in the Capital Markets (NNCM '96) Pasadena, California, USA 20 - 22 November 1996
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This volume selects the best contributions from the Fourth International Conference on Neural Networks in the Capital Markets (NNCM). The conference brought together academics from several disciplines with strategists and decision makers from the financial industries. The various chapters present and compare new techniques from many areas including data mining, information systems, machine learning, and statistical artificial intelligence. The volume focuses on evaluating their usefulness for problems in computational finance and financial engineering. Applications — risk management; asset allocation; dynamic trading and hedging; forecasting; trading cost control. Markets — equity; foreign exchange; bond; commodity; derivatives; Approaches — data mining; statistical AI; machine learning; Monte Carlo simulation; bootstrapping; genetic algorithms; nonparametric methods; fuzzy logic. The chapters emphasizes in-depth and comparative evaluation with established approaches.
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http://www.worldscibooks.com/economics/3463.html
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edited by Andreas S Weigend (New York University), Yaser Abu-Mostafa (California Institute of Technology) & A-Paul N Refenes (London Business School)
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| Definitions of SMEs in some of the Asian Countries
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SMEs as a class are clearly distinguishable in any country., developed or developing. The factors that set them apart are essentially qualitative and comparative.
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http://www.tradenetsl.lk/sme/definition.htm
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Rekha M.P.Hewaliyange, Deputy Director- Special Project for Regional SME Development, Sri Lanka Export Development Board
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| Development of SME Securitization in Germany
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Overviews SME Securitization program
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http://www.kfw.de/en_home/loan_securitisation/german_securitisation_market/sme_clos/e_deutschland_mittelstandsverbriefungen_6_2007.pdf
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kfw
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| Discussion paper on developing a market for SMEs in India
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Concept Paper that covers critical issues which must be addressed to successfully launch an SME Stock Exchange in India
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http://www.sebi.gov.in/commreport/sme.pdf
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Various India market participants and industry representatives
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| Does Cross-Listing in the U.S. cause value?
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Examines assumptions about the value of cross border listings
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http://www.ccmconsults.com/pdfs/crosslisting.pdf
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Thomas G. O'connorDepartment of Economics, National University of Ireland, Maynooth, Co. Kildare, Ireland, 18th February 2005
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| Domestic Capital Market Reform and Access to Global Finance: Making Markets Work
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Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalizations have not had as strong an effect as might be expected. To convince outsiders to invest, countries must put in place laws and supporting institutions to protect the rights of minority shareholders. Countries with such protections tend to have larger, more efficient, and more stable stock markets than those that do not.
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http://www.nber.org/papers/w10064
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Peter Blair Henry, Peter Lombard Lorentzen
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| Don't micro-manage demutualization
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India Stock Exchange demutualization advice
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http://www.business-standard.com/common/storypage.php?storyflag=y&leftnm=lmnu2&leftindx=2&lselect=3&chklogin=N&autono=204794
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businessstandard.com > somasekhar@jsalaw.com
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| Duke Capital Markets Center
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Securities Law Essays
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http://www.law.duke.edu/infoweb/gcmcresearch.php?match=Securities+Law
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Various Authors
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| Emerging Financial Markets in the Global Economy
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The rapid emergence of active financial markets in a number of developing and transition countries during the 1990s is a momentous phenomenon. Until recently, most developing countries severely manipulated and repressed their financial markets. The dramatic increase in the influence of neo-liberal thinking and laissez-faire governance in developing countries has recently led to serious capital market reform in scores of countries. Most countries without financial market reform are anxiously studying their successful neighbors in order to adopt policies, programs, and regulations that have a proven track record. This collection of papers addresses many of the important issues raised by these dramatic changes, including restructuring pension systems, organizing new equity markets, designing financial systems to deal with systemic risk, dealing with the overhang and bad debts, and attracting foreign direct investments. Several papers deal with informal credit markets, examining the effect of informal finance on economic development and the exponential growth in microfinance by private financial institutions in Latin America and in the United States. The book is intended for policy makers and scholars interested in capital markets in developing and transition economies. It is also suitable for use as a supplementary text in upper level undergraduate and graduate courses in development finance.
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http://www.worldscibooks.com/economics/4076.html
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Larry Sawers, Daniel Schydlowsky, David Nickerson
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| ENHANCING COMPETITIVENESS FOR SMES IN THE ARAB COUNTRIES
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Comprehensive analysis and recommendations
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http://mpra.ub.uni-muenchen.de/4110/01/mpra_paper_4110.pdf
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Hussien Abd Almottaleb Alasrag, November 2006, Online at: , MPRA Paper No. 4110, posted 16, July 2007
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| Entrepreneurship and the Barrier to Exit: How Does an Entrepreneur-Friendly Bankruptcy Law Affect Entrepreneurship Development at a Societal Level?
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The paper, which was originally presented in Madrid, Spain, at the Babson College Entrepreneurial Research Conference in June 2007, tests hypotheses related to the relationship between bankruptcy law and the value-creating activities associated with risk-taking behavior by entrepreneurial firms. The study finds that a lenient, entrepreneur-friendly bankruptcy law encourages entrepreneurs to take risks and thus lets entrepreneurship prosper.
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http://www.sba.gov/advo/research/rs326tot.pdf
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Presented to Seung-Hyun Lee, Yasuhiro Yamakawa, and Mike W. Peng of the University of Texas at Dallas
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| EPAs Through the Lens of Kenya
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Report Considers Options for Kenya in its negotiations with the European Union and related issues
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http://www.stopepa.de/img/Kenia_EPA_report%20Sep05.pdf
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EcoNews Africa, Traidcraft Exchange
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| Equity Prices Productivity Growth and the New Economy
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Abstract. The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empirical evidence give strong support for the model by suggesting that technological innovations indeed have only temporary effects on equity returns.
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http://www.econ.ku.dk/epru/files/wp/wp-04-05.pdf
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Jakob B. Madsen (Institute of Economics, University of Copenhagen) and E. Philip Davis (Brunel University)
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| European Capital Markets Institute A Comparison of Small and Medium Sized Enterprises in Europe and in the USA – Manuscript
|
The study discusses the nature and characteristics of small and medium sized enterprises (SMEs) private equity and capital markets in Europe and the United States. It analyses the link between SMEs and capital markets on both sides of the Atlantic, and provides answers to the central question posed “Despite the relative success of SMEs in Europe, why do SMEs in the USA appear to have closer, more profitable ties to private equity and capital markets?”
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http://www.eurocapitalmarkets.org/files/SMEE_book.pdf
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This study, commissioned by the European Capital Markets Institute (ECMI), contains research and analysis conducted by Morgan Stanley Dean Witter in collaboration with Nmás1 and the London School of Economics, with data provided by Dun and Bradstreet, and additional research provided by IESE— the International Graduate School of Management of the University of Navarra in Barcelona, Spain.
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| EXCHANGES & TRADING SPECIAL REPORT
|
Overviews exchanges and trading platforms plans going forward
|
http://media.ft.com/cms/d7ab8468-9bf6-11dd-ae76-000077b07658.pdf
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FINANCIAL TIMES, Monday October 20 2008
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| FINAL REPORT: NATIONAL AND STATE POLICIES FOR MICRO, SMALL AND MEDIUM ENTERPRISES IN BRAZIL
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This research aims at analyzing the policies and institutional network supporting micro, small and medium enterprises (MSMEs) in Brazil.
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http://www.cepal.org/publicaciones/xml/7/25687/2%20final%20report.pdf
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Carlo A. Ferraro
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| FINANCE COMMITTEE QUESTIONS FOR THE RECORD United States Senate Committee on Finance Hearing on Confirmation of Mr. Timothy F. Geithner to be Secretary of the U.S. Department of Treasury, January 21, 2009
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Following Treasury Secretary designee Tim Geithner's public confirmation hearing, an extensive Q & A occurred in writing. These answers became a US Senate Finance Committee's 100-page text. It is must reading for any serious investor, economist, strategist, analyst, or observer. In this text you will find what is on the minds of the Senators, and you will gain insight into the policies that will be forthcoming from the Obama administration.
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http://www.cumber.com/special/geithnerquestions2009.pdf
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Answers to FINANCE COMMITTEE QUESTIONS FOR THE RECORD United States Senate Committee on Finance Hearing on Confirmation of Mr. Timothy F. Geithner to be Secretary of the U.S. Department of Treasury, January 21, 2009
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| Financing Innovation: Principles and Good Practice Policies on the Financing Innovation Value Chain
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Covers Innovation Value Chain
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http://www.eu2007.pt/ue/ven/noticias_documentos/20071012declarationestoril.htm
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Declaration” at the Forum Estoril, 8th-9th October, 2007, >
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| FUNDAMENAL THEORY OF INSTITUTIONS
|
A LECTURE IN HONOR OF LEO HURWICZ”. Online at
|
http://home.uchicago.edu/~rmyerson/hurwicz.pdf
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Roger B. Myerson
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| FUNDAMENTAL THEORY OF INSTITUTIONS: A LECTURE IN HONOR OF LEO HURWICZ1 by
|
Abstract: We follow Hurwicz in considering fundamental questions about social institutions.
Hurwicz's concept of incentive compatibility may help clarify old debates about socialism, where
such questions arose. Moral-hazard models show disadvantages of socialism, while
adverse-selection models may delimit its advantages. We review Hurwicz's general theory of how
institutions can be enforced in larger games, suggesting curb sets as an alternative enforcement
theory that admits focal-point effects. Finally, we consider specific problems of leadership and
trust in establishing sovereign political institutions, where high officials can be deterred from
abuse of power only by promises of large future rewards, which a leader must be credibly
committed to fulfill.
|
http://home.uchicago.edu/~rmyerson/research/hurwicz.pdf
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Roger B. Myerson
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| Gaps in SME Financing: An Analytical Framework
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Determines the extent to which, if any, particular categories of small firms are systematically disadvantaged with respect to access to capital for public policy on this matter to be effective,
|
http://www.ic.gc.ca/epic/site/sme_fdi-prf_pme.nsf/vwapj/FinancingGapAnalysisEquinoxFeb2002_e.pdf/$FILE/FinancingGapAnalysisEquinoxFeb2002_e.pdf
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Strategis - Small Business Research and Policy Document
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| GLOBAL ACTION NETWORKS AND THE EVOLUTION OF GLOBAL PUBLIC POLICY SYSTEMS, January 20, 2004
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With the acceleration of globalization, pressure has increased for more effective global public policy systems. Traditionally the systems were conceived as the purview of governments and intergovernmental agencies such as the United Nations and the World Bank. However, over the past decade the increasing scale of problems such as poverty and environmental degradation has proven well beyond the capacity of these organizations. In the midst of boisterous protests about the negative impacts of economic globalization, more complex multi-stakeholder approaches to global public policy have arisen. This paper looks at a particular multi-stakeholder approach, Global Action Networks (GANs), as complex systems in terms of “effectiveness” challenges. Understanding how to create effective GANs is critical to addressing numerous global issues. Based on several cases, this paper describes an analytical framework for GANs that focuses upon effectiveness and the development process. It then presents three analytical phases and the methodologies being developed to support the framework.
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http://www.vernaallee.com/library%20articles/ICSTM%20paper.pdf
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Steve Waddell and Verna Allee
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| Global Capital Markets and the Global Economy: A Vision From the CEOs of the International Audit Networks, November 2006
|
CEOs of the six leading global audit networks created this paper to begin a dialogue about the importance of information in an increasingly globalized and complex economy and how this will impact all stakeholders in the future. The paper considers how investor needs will change in a rapidly evolving global market. It is presenting as the beginning of what is hoped to be a robust dialogue about how global financial reporting and public company auditing procedures must adapt to better serve capital markets around the world. The paper starts by looking to the future and asking what attributes will be necessary for capital market stability, efficiency and growth and how the following six elements will be vital: Investor needs for information are well defined and met; The roles of the various stakeholders in these markets — preparers, regulators, investors, standards setters and auditors — are aligned and supported by effective forums for continuous dialogue; The auditing profession is vibrant, sustainable and providing sufficient choice for all stakeholders in these markets; A new business reporting model is developed to deliver relevant and reliable information in a timely way; Large, collusive frauds are more and more rare; and Information is reported and audited pursuant to globally consistent standards. The paper reflects views that center on the continuing need for reliable, relevant and timely information about companies by all participants in capital markets.
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http://www.iasplus.com/resource/0611visionpaper.pdf
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Samuel A. DiPiazza, Chief Executive Officer of PricewaterhouseCoopers International Limited
David McDonnell, Chief Executive Officer of Grant Thornton International
William G. Parrett, Chief Executive Officer of Deloitte
Mike D. Rake, Chairman of KPMG International
Frans Samyn, Chief Executive Officer of BDO International
James S. Turley, Chairman and Chief Executive Officer of Ernst & Young
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| Global growth markets guide 2007
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Detailed report covers the transformation of growth markets.
|
http://www.gti.org/publications/2007-global-growth-markets-guide.asp
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Grant Thornton
|
| Gov’t introduces unlisted securities market
|
Government is to introduce an unlisted securities market on the Ghana Stock Exchange to enable indigenous Small and Medium Scale Enterprises (SMEs) to raise equity on the market to support their expansion programmes. The unlisted securities market would also enable the SMEs to clean their balance sheets by replacing debts with equities, Finance Minister Kwadwo Baah-Wiredu, said when he presented the 2006 budget in Parliament on Thursday ahead of the beginning of the year. "This will reduce their interest payments and boost profitability and growth in the SMEs," he said in a budget statement that also proposed the extension of the tax-exempt status of capital gains on the Ghana Stock Exchange by five years to the end of December 2010. "Further, Government will support the Ghana Stock Exchange to establish an Automated Trading Platform under the proposed Economic Management and Capacity Building Project."
|
http://www.ghananewstoday.com/portal/index.php?option=content&task=view&id=2333
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Ghana News Today, CITI News Team, Thursday, 10 November 2005
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| Helping SMEs go global, Business Standard, October 18, 2005
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The key message is that it is crucial to jointly leverage internal (especially knowledge) and external (especially network) resources.
|
http://blog.nasscom.in/emerge/2008/01/23/helping-smes-go-global-part-1-leveraging-network-relationships/
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mailto:shameen@gsb.strath.ac.uk
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| How SME Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel
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The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital structure. We carry out an empirical analysis over a panel data of 6482 non?financial Spanish SMEs along the five-year period 1994?1998, modelling the leverage ratio as a function of firm specific attributes hypothesized by capital structure theory. Our results suggest that non?debt tax shields and profitability are both negatively related to SME leverage, while size, growth options and asset structure influence positively on SME capital structure; they also confirm a maturity matching behaviour in this firm group.
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http://www.ivie.es/downloads/docs/wpasec/wpasec-2002-18.pdf
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2002-18 Francisco Sogorb Mira, Universidad Cardenal Herrera CEU, Facultad de Ciencias Sociales y Jurídicas, Campus de Elche, Comissari, 1 03203 Elche (Alicante), Tel.: 96 542 64 86, Fax: 96 545 95 61, E-mails: fsogorb@uch.ceu.es, sogor.el@cue.es. Editor: Instituto Valenciano de Investigaciones Económicas, S.A.
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| How to Build an Efficient Exchange for Small Firms
|
More than 24 countries operate separate boards and exchanges aimed at small and medium-size enterprises (SMEs). Equity markets play a critical role in fostering economic productivity by financing innovation. But only a few SME exchanges function properly, providing coveted fresh capital and liquidity. What steps are key to building an efficient exchange to provide risk capital for SMEs? Creating an SME-friendly market architecture supported by effective institutions and forging links to policies that foster a new class of investable equities.
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http://rru.worldbank.org/documents/publicpolicyjournal/315jaehoon_yoo.pdf
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JaeHoon Yoo, (jyoo@worldbank.org) is a senior securities market specialist with the Capital Market Advisory Group of the World Bank.
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| Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures
|
This study discovered that Angel Investor funding is much less than thought. It also finds that more unaccredited than accredited investors are angel investors.
|
http://www.sba.gov/advo/research/rs331tot.pdf
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SBA Office of Advocacy
|
| INDUSTRIAL DEVELOPMENT IN SINGAPORE, TAIWAN, AND SOUTH KOREA
|
Economic analysis of the industrial experiences of the newly industrialized economies in Asia is generally lacking in the literature. This study attempts to fill that void by providing an in-depth discussion on the economic impact of the industrial policies of Singapore, Taiwan, and South Korea in the three-and-a-half decades after 1960. Throughout the study, a broad perspective of macroeconomic development is maintained. It is highly critical of the narrow-minded objective of certain governments in maximizing the pace of industrialization at the expense of general economic well-being. A comparative analysis of the industrial experiences of the three economies also shows a diversity of constraints and processes. Singapore relied on multinational corporations, Taiwan on returned engineers, and South Korea on chaebols. There appears to be no Asian formula for industrialization. In Hong Kong, there is an ongoing debate on whether some form of industrial policy should be introduced, in view of the perception that Hong Kong is lagging behind the other economies in terms of technology. Drawing on the experiences of the other economies, the concluding chapter of the book provides an informed and balanced answer to this question.
|
http://www.worldscibooks.com/economics/4706.html
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by Kwong Kai-Sun (The Chinese University of Hong Kong), Chau Leung-Chuen (University of Hong Kong), Francis T Lui & Larry D Qiu (Hong Kong University of Science and Technology)
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| Inequality
|
In a growth model, rent-grabbing and free riding can give rise to inequality in productivity and firm size. Inequality among firms affects a firm's incentive to free ride or to grab rents, and, hence, the incentive to invest in research and training We follow Lucas and Prescott (1971) and Hayashi (1982) and assume constant returns in production and in adjustment costs for investment, and perfect capital markets. Our conclusion, however, differs starkly from theirs: Average Tobin's q generally exceeds marginal q. That is, the unit value of capital is lower in big firms, and evidence dating back to Fazzari, Hubbard, and Petersen (1988) supports this claim quite decisively. Such evidence is usually taken to imply that small firms invest at a rate lower than its perfect capital market rate. In our model, however, it arises because small firms rely more on copying than big firms do: The marginal product of capital is equal across firms, but its average product is higher than that because small firms get a disproportionately high external benefit.
|
http://www.nber.org/papers/w6841
|
Published: Eeckhout, Jan and Boyan Jovanovic. "Knowledge Spillovers And Inequality," American Economic Review, 2002, v92(5,Dec), 1290-1307
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| Infrastructure and Financial Markets
|
Latin American countries
|
http://www.iadb.org/sds/ifm/index_ifm_e.htm
|
Inter-American Development Bank
|
| Inside the Investor's Brain: The Power of Mind Over Money
|
Psychology based analysis of investing
|
http://www.amazon.com/gp/reader/0470067373/ref=sib_dp_pop_toc?ie=utf8&p=s009#reader-link
|
Peterson RL. 2007. . Hoboken, New Jersey: John Wiley & Sons, Inc. 392 p
|
| IPO Reform: The Long Runway Approach
|
This article introduces intriguing and revolutionary ideas that could revamp and improve the IPO process.
|
http://vcexperts.com/vce/news/buzz/archive_view.asp?id=602&referrer=buzz&mail_id=buzz874
|
Joseph Bartlett, of VC Experts.com and Zachary J. Shulman, Cornell University The Johnson School, 2/24/2009
|
| Joint Applications and Purchase to Pay Automation Insights into Enterprise Purchase to Pay Automation and Transformation
|
Over three months Basware conducted extensive independent research into the purchase to pay automation challenges facing firms. This white paper explores the emerging Joint applications perspective on purchase to pay automation and reveal how leading edge firms are generating real improvements in p2p processing, analysis and governance by deploying processes and solutions based on Joint applications principles. The study examines how finance professionals and users are taking advantage of the emerging functionality of Joint applications to improve purchase to pay automation. In particular, the study examines the following areas: • The challenges facing finance professionals and others in enterprise purchase to pay automation • The levels of adoption and success of Joint applications and other purchase to pay automation technologies; • The shared experiences of those, involved in deploying purchase to pay - automation solutions in organisations. • The level and nature of communication and information sharing between F&A, Procurement and IT operations
|
http://www.basware.com/en/solutions/white+papers
|
BasWare Whitepaper - A research report prepared by Dr. Martin Fahy, National University of Ireland, Galway
|
| Keeping Capital Flowing: The Role of the IMF
|
This paper examines the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals. In such countries, IMF programs are also associated with improvements in the fundamentals themselves.
|
http://www.nber.org/papers/w10834
|
Michael D. Bordo, Ashoka Mody, Nienke Oomes, NBER Working Paper No. 10834, Issued in October 2004, NBER Program(s): IFM
|
| Lecture Notes in Economics and Mathematical Systems: Credit Markets with Asymmetric Information
|
Covers price discovery in asymmetric information environments
|
http://www.amazon.com/markets-asymmetric-information-economics-mathematical/dp/0387167781
|
Gerhard Clemenz
|
| Liquidity and Expected Returns: Lessons from Emerging Markets, 2003
|
Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our measure of liquidity is the proportion of zero daily firm returns, averaged over the month. We find that this liquidity measure significantly predicts future returns, whereas alternative measures such as turnover do not. Consistent with liquidity being a priced factor, unexpected liquidity shocks are positively correlated with return shocks and negatively correlated with shocks to the dividend yield. Equity market liberalization significantly improves the level of liquidity, but has no significant effect on the relationship between liquidity and future returns. We consider a simple asset pricing model with liquidity and the market portfolio as risk factors, differentiating between integrated and segmented countries and periods. Models with local liquidity risks outperform all others models.
|
http://www.darden.virginia.edu/Batten/EM2005/PDFs/lundblad_draft.pdf
|
Geert Bekaert, Columbia University, New York, NY 10027 USA, National Bureau of Economic Research, Cambridge, MA 02138 USA, Campbell R. Harvey, Duke University, Durham, NC 27708 USA, National Bureau of Economic Research, Cambridge, MA 02138 USA, Christian Lundblad, Indiana University, Bloomington, IN 47405 USA
|
| LSE allows listing for Indians firms following Indian accounting standards
|
Reports about LSE accepting Indian accounting standards for listings
|
http://www.abcmoney.co.uk/news/0620051281.htm
|
Sun, 06 Nov 2005 20:05, by Amy Watts
|
| Micro, Small and Medium Enterprise
|
Latin American countries, Inter-American Development Bank > Micro, Small and Medium Enterprise, Online at
|
http://www.iadb.org/sds/mic/index_mic_e.htm
|
Inter-American Development Bank
|
| Multi-level Capital Market and Development Opportunities for Small and Medium-sized Enterprises
|
Overviews the strategy for China to develop its capital markets and offers details about plans to organize and develop a national OTC market.
|
http://www.insme.info/documents/12.zou_xiong-multi-level_capital_market.ppt
|
IPO Promotion Department of Shenzhen Stock Exchange Associate Director: Zou Xiong, xzou@szse.cn
|
| No Man's Land: What to do When Your Company is Too big to be Small but Too Small to be Big
|
Strategies for capitalizing growth
|
http://www.amazon.com/no-mans-land-company-small/dp/1591841720/ref=sr_1_1?ie=utf8&s=books&qid=1233946645&sr=1-1
|
Tatum D. 2007, New York: Penguin Group. 245p.
|
| NO VENTURE-BACKED IPO’S ISSUED IN THE SECOND QUARTER OF 2008, IPO Drought Creates Capital Market Crisis for Start-Up Community
|
Press release that summarizes decline of smaller reporting companies IPOs.
|
http://www.nvca.org/pdf/q2_08_exits_release.pdf
|
National Venture Capital Association (NVCA)
|
| OECD Principles of Corporate Governance a Global Effort
|
Social Development Review Article, September 2001, Vol 5, No 3
|
http://www.icsw.org/publications/sdr/2001-sept/oecd-principle.htm
|
Stilpon Nestor
|
| On the Road to Reg ATS, A Critical History of the Regulation of Automated Trading Systems
|
Abstract, Automation of the trade execution process transforms the industrial structure of the trading services industry, changing the context within which trade execution services are regulated. We provide a short history of the US equity market experience as a case study of regulatory reaction and accommodation to new trading technology. Past and current approaches to the regulation of automated trading systems are described. Issues are identified that are common to a variety of international jurisdictions and to trading in financial instruments other than common stocks. The analysis emphasizes the use of the definition of an “exchange” for the purpose of classification and regulation of automated trading systems. The main theme, however, is regulation of market structure, defined as comprising the rules and institutions which determine competition between trading platforms.
|
http://www.smeal.psu.edu/ebrc/publications/res_papers/2001_10.pdf
|
Ian Domowitz, Mary Jean and Frank P. Smeal Professor of Finance, Pennsylvania State University, Ruben Lee, Director, Oxford Finance Group
|
| PATTERNS AND TRENDS IN ENTREPRENEURSHIP/SME POLICY AND PRACTICE IN TEN ECONOMIES
|
Patterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies is Volume 3 of the Entrepreneurship Policy for the Future series describing, analysing andPatterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies is Volume 3 of the Entrepreneurship Policy for the Future series describing, analysing and discussing the development of entrepreneurship policy perspectives and measures in a group of ten economies – six members of the European Union (EU) and four members of the Asia-
Pacific Economic Cooperation (APEC). The objective of the project was to explore actions of a number of diverse economies to address the issue of entrepreneurship development, with a particular emphasis on efforts to increase the level of entrepreneurial activity. The major research conclusions about entrepreneurship policy development, along with ‘best practice’ descriptions of key entrepreneurship development areas, are presented in two additional volumes. Beyond the Rhetoric: Defining Entrepreneurship Policy and Its Best Practice Components (Stevenson and Lundström, forthcoming 2001) presents a comprehensive entrepreneurship development framework and describes a number of best practice approaches and examples in the entrepreneurship policy/programs area. Entrepreneurship Policy for the Future (Lundström and Stevenson, 2001) summarizes what is currently known about this process, both from the small business/entrepreneurship and economic literature and from the experiences of these ten economies. From ‘lessons learned’ in the research cases, it presents some guidance to governments seeking to integrate entrepreneurship elements into their existing economic development and SME policy approaches.
|
http://www.fsf.se/Patterns/CH1-BA~1.DOC.pdf
|
Lois Stevenson, Anders Lundström, Swedish Foundation for Small Business Research
|
| Perfect storm of factors pushes IPO market toward rocky shores
|
Annual survey reports details about a record low Canadian IPO market during 2008.
|
http://www.newswire.ca/en/releases/archive/july2008/03/c9708.html
|
PricewaterhouseCoopers (www.pwc.com)
|
| Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States, Board of Governors of the Federal Reserve System, February 2004
|
This paper examines the likely competitive effects of the proposed bifurcated implementation of the Basel II risk-based capital requirements on banks in the market for credit to small and medium enterprises (SMEs) in the U.S.
|
http://www.federalreserve.gov/generalinfo/basel2/docs2004/basel2sme508.pdf
|
Allen N. Berger
Board of Governors of the Federal Reserve System, Washington, DC 20551 U.S.A.
Wharton Financial Institutions Center, Philadelphia, PA 19104 U.S.A.
aberger@frb.gov
|
| Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States, February 2004
|
This paper examines the likely competitive effects of the proposed bifurcated implementation of the Basel II risk-based capital requirements on banks in the market for credit to small and medium enterprises (SMEs) in the U.S. In particular, an issue has been raised as to whether a reduction in the implicit risk weights for SME credits extended by the large banking organizations that are likely to adopt the Advanced Internal Ratings-Based (A-IRB) approach of Basel II might significantly adversely affect the competitive position of community banks, often defined empirically as institutions with under $1 billion in assets. In addition, some have expressed concern that large banking organizations that do not adopt A-IRB may also be put at competitive disadvantages. This paper focuses solely on such potential competitive effects on banks in the SME credit market and does not address the issue of the accuracy of the implicit risk weights.
|
http://www.federalreserve.gov/generalinfo/basel2/docs2004/basel2sme508.pdf
|
Allen N. BergerBoard of Governors of the Federal Reserve System, Washington, DC 20551 U.S.A.Wharton Financial Institutions Center, Philadelphia, PA 19104 U.S.A.
aberger@frb.gov
|
| Project to develop capital markets
|
To enhance the capacity of enterprises to utilise capital markets, the ASEM Trust Fund II is providing funding for a capital markets development project now being implemented by the State Securities Commission. The Official Development Assistance (ODA) project will cost US$770,000, $650,000 of which is funded by the ASEM Trust Fund II. The remain $120,000 is matching funds contributed by the Government. The project improves the securities commission’s capacity to manage and formulate policies for developing the securities market, strengthening training and research and increasing investor awareness of the securities market. International Securities Consultancy from Hong Kong, Vision and Associates Co, the Canadian Development Partnerships, and the Viet Nam Technology, Investment Consulting Centre are co-operating to implement the project, with close oversight by the World Bank. Consultants have completed several training courses this year and are preparing to hold additional workshops and training for the State Securities Commission officials in the near future. — VNS
|
http://vietnamnews.vnagency.com.vn/showarticle.php?num=03ECO091105
|
Viet Nam News (09-11-2005)
|
| Promoting Growth in African Capital Markets
|
(Article Reference: Document No.18, November 2002, Online at
|
http://www.unitar.org/dfm/resource_center/document_series/summary/doc18.htm
|
Odife, Dennis O., Chief and Cohn, Stuart R., ”, Copyright @ 2002 United Nations Institute for Training and Research (UNITAR).,
|
| Promoting SME Development, “Job Creation in the Western Hemisphere
|
Policy Recommendations: Promoting SME Development, “Job Creation in the Western Hemisphere: Reviewing Best Practices and Setting a New Policy Agenda”, Washington, D.C., October 21, 2004, ECLAC >
|
http://www.summit-americas.org/panels/payments_in_the_americas/weller%20sme%20(english).ppt
|
Weller, Jürgen
|
| R189 Job Creation in Small and Medium-Sized Enterprises Recommendation, 1998
|
Recommendation concerning General Conditions to stimulate Job Creation in Small and Medium-Sized Enterprises
|
http://www.ilo.org/ilolex/cgi-lex/convde.pl?R189
|
General Conference of the International Labour Organization
|
| Raising Capital: Practical Tips for Entrepreneurs
|
Overviews third-party investor and capitalization model by informing readers about distinct elements of the value chain, process and attributes that must be present to attract capital. Describes how University Tech Transfer can help close the capital gap for early stage companies.
|
http://smartech.gatech.edu/bitstream/1853/15323/1/fleming_raisingcapital6.pdf
|
Stephen Fleming, Chief Commercialization Officer, Georgia Institute of Technology
|
| Report Pursuant to Section 21(a) of the Securities Exchange Act of 1934 Regarding the NASD and the NASDAQ Market
|
Report that began the SEC's current market strucutre programs. The Commission staff has conducted an investigation of the operations and activities of the National Association of Securities Dealers, Inc. ("NASD") and of market making activities in the Nasdaq Stock Market ("Nasdaq market"). The investigation uncovered a number of matters of fundamental concern about the operations and structure of the NASD and the Nasdaq market, as set forth herein. The Commission believes that significant changes to the NASD and the Nasdaq market are warranted. The Commission has deemed it appropriate to issue this Report of Investigation ("Report") pursuant to Section 21(a) of the Securities Exchange Act of 1934 ("Exchange Act") in order to discuss the matters uncovered in the investigation and, in particular, deficiencies in the NASD's oversight of the Nasdaq market and its failure to enforce compliance with the NASD's rules and the requirements of the federal securities laws.-[1]-
|
http://www.sec.gov/litigation/investreport/nd21a-report.txt
|
US Securities and Exchange Commission
|
| Share Liquidity and Industrial Growth in an Emerging Market: The Case of New England, 1854-1897
|
The rapid growth of equity markets in emerging economies over the past decade has prompted economists to raise important questions about their macroeconomic impact. Although the relative brevity of this expansion has made it challenging to perform such an evaluation, there remains a strong notion that liquidity promotes participation in equity markets and is thus central to their deepening. Interestingly the first U.S. market for industrial equities arose in Boston more than 150 years ago, when capital flows were considerably less volatile than those associated with today's emerging markets. This difference makes it possible to gain insights about the long-run effects of growing sophistication in equity markets by studying the full period of Boston's emergence. From primary sources hitherto unused for scholarly investigations, namely the running annual worksheets of securities price fluctuations which underlie Boston broker Joseph Martin's volumes on the history of the Boston stock market, this paper formulates and presents broad-based indices of annual prices and returns for banking and industrial equities traded from 1854 to 1897 as well as measures of overall market capitalization in these sectors. A set of vector autoregressive models then relates increases in liquidity, as measured by the falling par values of industrial shares to rising prices and capitalizations of firms traded in the Boston market. Increases in liquidity and the real market value of equity capital in banks and industrials are also linked to higher annual earnings among the region's industrial workers. The results support the view that share liquidity was a key factor in the rise of the U.S. as a classic case of finance-led industrialization
|
http://www.nber.org/papers/h0117
|
Peter L. Rousseau, NBER Historical Working Paper No. 117, Issued in March 1999, NBER Program(s):, DAE
|
| Shared Services in a Global Economy - Expanding the Shared Services Value Proposition
|
Identifies how Comprehensive Shared Services can become a strategic business asset. The survey reveals that shared services organizations (SSOs) are helping companies adapt to two significant business events: the rise of the outsourcing and offshoring industries and the demands of compliance with the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley). Contrary to popular perception, outsourcing and offshoring aren't replacing shared services. Instead, SSOs are incorporating outsourced and offshore services into their own operating models. As for the Sarbanes-Oxley Act, most of our respondents thought that shared services made the compliance process easier. We expect Sarbanes-Oxley concerns to drive shared services activity for the next several years as companies further consolidate and standardize their processes. Of course, as with any business asset, the value you get out of an SSO depends on the value you put in. Management still expects SSOs to deliver “Lexus luxury at Kia costs,” as one respondent wryly put it. A challenge under the best of circumstances, this can be all but impossible if top management doesn't invest in shared services as a strategic priority. Now is the time to start thinking of SSOs as a value center rather than a cost center. The consolidation and standardization enabled by shared services does more than reduce costs. It also reduces complexity so that businesses can respond to opportunities faster. The more integrated SSOs are with the company's strategic goals, the more useful they can be in a constantly changing environment.
|
1002,sid=57841&cid=88377,00.html, http://www.deloitte.com/dtt/article/0,1002,sid=57841&cid=88377,00.html
|
Deloitte's 2005 Global Shared Services Survey
|
| Small- and Medium-Size Enterprise Financing in Eastern Europe
|
World Bank Policy Research Working Paper 2933, December 2002
|
http://wbln0018.worldbank.org/html/FinancialSectorWeb.nsf/(attachmentweb)/2933/$FILE/2933.pdf
|
Leora F. Klapper, Virginia Sarria-Allende, Victor Sulla
|
| SMEs and Poverty Reduction
|
This report was commissioned by the Ford Foundation’s Affinity Group on Development Finance (AGDF)’s Small and Medium Enterprise (SME) Committee. In early 2004, the Committee asked CFED to conduct a desktop review of the current literature on the SME sector and its links to poverty reduction strategies in the United States and internationally, and to inform committee members and the broader AGDF of the current state of practice and knowledge. The desktop reviews in this report encompass key questions, issues and challenges affecting the ability of the SME sector to reduce poverty in both developing and mature economies.
|
http://www.cfed.org/imageManager/_documents/Final_SME_Desktop_Study.pdf
|
CFED report, http://www.cfed.org/home.m
|
| Stability with Growth: Macroeconomics, Liberalization and Development (Initiative for Policy Dialogue Series C)
|
Offers concepts for economic policy development.
|
http://www.amazon.com/stability-growth-macroeconomics-liberalization-development/dp/0199288143
|
by Joseph E. Stiglitz (Author), Jose Antonio Ocampo (Author), Shari Spiegel (Author), Ricardo Ffrench-Davis (Author), Deepak Nayyar (Author)
|
| State banks told to tap world market to help SMEs expand
|
Overviews Thai Fiscal Policy Office Initiative to connect its SMEs to capital markets
|
http://www.bangkokpost.com/Business/09Nov2005_biz41.php
|
Bangkok Post Business News 11.09.05
|
| Step by step, China Business Daily, 10/31/2005
|
Donald Tang, vice chairman, Bear Stearns & Co Inc's China Strategy Centers on SME segment companies. Bear Stearns focuses on financing fast-growing and privately-owned small and mid-sized enterprises (SMEs), due to the government's supportive SME policies. An increasing number of SMEs would then materialize and grow, playing a bigger role in China's economy. The lack of adequate funding channels would be the major obstacle for SME development.
|
http://www.chinadaily.com.cn/english/doc/2005-10/31/content_488940.htm
|
CHEN HUA
|
| STUDY ON THE VIABILITY AND FORM OF AN OVER-THE-COUNTER (OTC) MARKET IN KENYA DRAFT REPORT PRESENTED TO STAKEHOLDERS
|
This study articulates the rational for establishment of a formal OTC market that will:
Enable small and medium size companies raise capital;
Provide a breeding ground for small companies to list in the main securities exchange;
Enhance efficient transfer of securities;
Facilitate unlocking of investments in closely held companies such as family businesses;
Avail investors with additional investment avenues;
Enhance market discipline in financial reporting, disclosure and corporate governance in SMEs
It also addresses listing rules, OTC market ownership structures and many other other stake holder issues.
|
http://www.cma.or.ke/index.php?option=com_docman&task=cat_view&gid=17&itemid=32&date=2008-07-01
|
VAS CONSULTANTS LTD, http://www.vas.co.ke/index.php/home
|
| Summit of the Americas RECOMMENDATIONS OF THE PRIVATE SECTOR
|
In preparation for the Hemispheric Private Sector Forum and the IV Summit of the Americas, consultations took place with private sector organizations with the objective of making the views and contributions of the Caribbean, Central American, Southern Cone, North American and Andean private sectors known in these fora with respect to “Delivering the Benefits of Democracy Through Job Creation: The Role of the Private Sector.” The Private Sector Forum is a continuation of the First OAS Private Sector Forum, which took place in Fort Lauderdale on the occasion of the XXXV OAS General Assembly. Its objective is to explore and assess public-private sector initiatives and strategies to promote job creation, with a view to assisting member countries deliver the benefits of democracy. These recommendations are the first step towards the establishment of a permanent dialogue with OAS Member States. The dialogue will develop in the future to ensure the broad participation of all the different components of the private sector in the Americas. The recommendations contained in this compilation focus on the most part on the following three aspects: 1) Job Creation: The Role of Education and Technological Innovation; 2) Job Creation: The Role of Governance and Transparency; y 3) Job Creation: The Role of Trade, Investment, and Infrastructure Development. This document has been organized into the five subregions of the Hemisphere.
|
http://www.dttc.oas.org/psf/miami/pdf/bairesrecom_e.pdf
|
See list of consulted entities that provided content.
|
| Taking Stock of the World's Capital Markets by McKinsey Global Institute > $118 Trillion and Counting
|
MGI examined the financial assets of more than 100 countries since 1980. The result is a comprehensive profile of the global capital market (GCM) and an in-depth analysis of its evolution across geographies and asset classes. Global Findings The global financial stock, which now totals more than $118 trillion, could increase to $200 trillion by 2010. It has grown faster than the world’s gross domestic product, indicating that financial markets are becoming deeper and more liquid. Most of this growth has come from a rapid expansion of debt. Meanwhile the role countries and regions play in the global capital market is changing.
|
http://www.mckinsey.com/mgi/publications/gcm/index.asp
|
McKinsey Global Institute
|
| Taking the Over-the-Counter Route to U.S.
|
Articulates why the U.S. over-the-counter market (OTCBB) is becoming a more attractive place to invest as big foreign companies seek refuge from the burdens of Sarbanes-Oxley.
|
http://online.barrons.com/article/sb121513825314428447.html?mod=djemwr
|
ERIC UHLFELDER, Barrons, July 7, 2008
|
| Technology Transfer and the Life-Sciences
|
This paper extends and complements “When Venture Capitalists Say ‘No’—Creative Financing Strategies & Resources,” by Ron Peterson, Comanche Press MD and adds sources of technology to the funding techniques illustrated in that book. By incorporating the techniques detailed in the book, the reader should be able to find a technology that is ripe for the market, assemble the resources necessary to launch a new entity, and find adequate funding for a growth company. There is no reason a person cannot venture into the entrepreneurial world fully-armed through TT and ready with products, resources, markets and an effective organization—an unparalleled opportunity for economic independence. It is within the catalogues of TT resources that many of the kernels of innovative and successful companies lay waiting to be harvested. This report is presented in two sections. The first is a compilation of resources that can be tapped by entrepreneurs seeking to find technologies and other resources as the basis for a company, or larger organizations looking to expand. The second deals with the subject of TT generally. Since knowledge is more and more globally distributed, resources from around the world are noted.
|
http://smecapitalmarkets.net/technologytransferandthelifesciences.aspx
|
Ron Peterson, Bethesda, MD, USA (240) 308 0337, tarrows@verizon.net
|
| The Disruptive Engine - Innovation and the Capitalistic Dream, The Global Politician, 11.2/2005
|
Overview of Innovation
|
http://globalpolitician.com/articledes.asp?ID=1342&cid=12&sid=53
|
http://samvak.tripod.com/
|
| The Effect of Capital Structure When Expected Agency Costs are Extreme
|
We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures provides an acute separation of management cash flow rights and control rights. Second, we argue that not all debt is the same. Using new data on global debt issuance, we find that the type of debt that positively impacts shareholder value is the type that closely monitors management. This combination of a sample of firms with extreme expected agency problems and detailed information on the different types of debt allows us to construct powerful tests of whether debt can mitigate the effects of agency and information problems. Among other results, we find that the abnormal returns resulting from syndicated term loans (which provide monitoring) are significantly related to the extent of the separation of ownership and control. Our results are consistent with the idea that debt creates value because it reduces the agency costs associated with overinvestment
|
http://www.nber.org/papers/w8452
|
Published: Harvey, Campbell R., Karl V. Lins and Andrew H. Roper. "The Effect Of Capital Structure When Expected Agency Costs Are Extreme," Journal of Financial Economics, 2004, v74(1,Oct), 3-30.
|
| THE FISHER MODEL AND FINANCIAL MARKETS
|
This monograph represents a unified coherent perspective of financial markets and the theory of corporate finance. The Fisher model is used in corporate finance texts to note the foundations of the net present value rule, but has not been developed further in textbooks as a perspective for students of the finance discipline. This book articulates corporate finance from a common perspective and model: by generalizing the Fisher model to include risks, it is possible to exposit and prove the classic corporate finance theorems and to establish a common foundation for the discipline. The classic theorems of corporate finance are collected, stated, and some are proved. The reader is challenged to prove corollaries and theorems to see how the model provides the fundamental building blocks for the discipline.
|
http://www.worldscibooks.com/economics/5887.html
|
Richard D MacMinn
|
| The Future of Securities Markets: A Summary of the Brookings-Wharton Papers
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Beginning with the transatlantic cable that linked the London and New York markets for foreign exchange, a series of technological innovations has transformed the securities industry, changing not only patterns of financing, but also the regulation and governance of institutions that provide the infrastructure for financial flows. But the impact has been uneven. Trading floors have been abandoned in favor of an electronic interface in some stock exchanges, but not others (including the largest, the New York Stock Exchange). The Internet has transformed the brokerage business, but has had very little impact to date on initial public offerings. Greater international competition among exchanges has put increasing pressure on regulators to regulate more efficiently or face the prospect of regulating an increasingly irrelevant fragment of the securities industry. What lies ahead for securities and other financial markets in light of all these and other developments? What other changes that affect the trading of financial instruments are likely in the near future? The Brookings Institution and the Wharton School of the University of Pennsylvania convened their fifth annual conference on financial services at Brookings in January 2002 to help answer these questions. This report summarizes some of the issues and conclusions that were discussed in papers presented at the conference, as well as some of the comments that were made by financial experts in attendance.
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http://www.brook.edu/comm/conferencereport/cr10.pdf
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by Richard J. Herring and Robert E. Litan, March 2002
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| The Geneva Private Capital Symposium: Investing Private Capital in Emerging and Frontier Market SMEs
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Click on the speakers name to read their presentation
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http://www.geneva-private-capital-symposium.com/web/presentation.html
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Click on the speakers name to read their presentation
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| The Innovation-Entrepreneurship NEXUS, A National Assessment of Entrepreneurship and Regional Economic Growth and Development
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Purpose, The connection between innovation and entrepreneurship as drivers of local economic development is often discussed but not often studied. This research addresses the needs of local policymakers to understand the role of entrepreneurship and innovation in creating an environment where local economic growth can thrive. Overall Findings, Both entrepreneurship (new firms and growing firms) and innovation (patents, R&D, and hi-tech industries) are drivers in the growth of regional economies. This study infers that innovative regions need entrepreneurship to more fully develop local economies. Entrepreneurial regions are likely to be associated with higher levels of technology.
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http://www.sba.gov/advo/research/rs256tot.pdf
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by Advanced Research Technologies, LLC, Powell, OH
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| The Rise and Fall of the U.S. Mortgage and Credit Markets A Comprehensive Analysis of the Meltdown
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This report is excerpted from The Rise and Fall of the U.S. Mortgage and Credit Markets:
A Comprehensive Analysis of the Meltdown, published by John Wiley & Sons.
It offers a brief preview of the extensive data and analysis found in the full-length book.
This in-depth volume will provide a definitive recounting of the mortgage meltdown
and the ensuring financial crisis, along with policy recommendations for moving forward.
The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the
Meltdown will be available online and in bookstores in spring 2009.
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http://www.milkeninstitute.org/pdf/riseandfallexcerpt.pdf
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Milken Institute
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| THE ROLE OF SOCIAL ACTORS IN SHAPING PUBLIC POLICY PUBLIC-PRIVATE PARTNERSHIPS IN ARGENTINA
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Examines public-third sector interaction in Argentina in the field of public policy-making as the government has begun to consider CSOs as key stakeholders or relevant actors in the policy system. These stakeholders are able to influence the outcome of the political process because they have legitimacy and power, hence can bring pressure to bear on the government. The governments themselves are making efforts to further partnerships as a way of improving their own organizational capacities. What is more, they consider that CSO participation enhances the effectiveness of government. Clearly, public-private partnerships in Argentina are modifying traditional ways of designing and implementing public policy not only through the participation of CSOs in social service delivery but also by influencing political decisions.
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http://www.jica.org.ar/.../NGO/ BIFARELLO%20-%20Role%20of%20social%20actors%20in%20shaping%20public%20policy.pdf
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by Mónica Bifarello2 (bifarel@cablenet.com.ar), Universidad Nacional de Rosario, Argentina
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| The Small Business Economy 2007
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The Small Business Economy is a report that issued by the Office of Advocacy of the U.S. Small Business Administration, which documents the state of small business and its contributions to the economy using the latest data for the previous year. It covers the state of American small business and how the economic environment fostered entrepreneurial activity. Facts include the small business gross domestic product, small business economy jobs, new employer firms and analysis of the number of self-employed. The comprehensive report examines the role small business plays in the economy. Key segments focus on the economic environment, regulations, innovation, tax policy, minority and veteran entrepreneurship, federal government procurement, and small business financing data.
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http://www.sba.gov/advo/research/sb_econ2007.pdf
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SBA Office of Advocacy, Dr. Chad Moutray
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