On the Efficiency of Markets for Agricultural Products: Rice Prices and Capital Markets in Java, 1823–1853

2004 ◽  
Vol 64 (4) ◽  
pp. 1028-1055 ◽  
Author(s):  
JAN LUITEN VAN ZANDEN
Keyword(s):  
Economic Development ◽  
Interest Rates ◽  
Capital Markets ◽  
Capital Market ◽  
Agricultural Products ◽  
Market Failures ◽  
Seasonal Fluctuations ◽  
Marketing System ◽  
Rice Prices ◽  
The Relationship

I use rice prices in three cities to analyze the efficiency of the marketing system and the institutional framework of Javanese agriculture, 1823–1853. I show that imperfections in rural capital markets caused the extreme fluctuations in rice prices and that the segmentation of the capital market modifies the McCloskey and Nash interpretation of the relationship between seasonal fluctuations of grain (or rice) prices and interest rates. I argue that these fluctuations proxy peasants' stress. Finally, I hypothesize that institutional and market failures explain the “noneconomic” behavior of Javanese peasants in Boeke's theory of dualistic economic development.

The Emergence of a National Capital Market in England, 1710–1880

1993 ◽  
Vol 53 (1) ◽  
pp. 1-24 ◽  
Author(s):  
Moshe Buchinsky ◽  
Ben Polak
Keyword(s):  
Eighteenth Century ◽  
Financial Markets ◽  
Interest Rates ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Late Eighteenth Century ◽  
Regional Markets ◽  
Late Eighteenth ◽  
National Capital

Was eighteenth-century London's financial market linked to domestic real capital markets? When did English capital markets cease to be regionally segmented? We compare London interest rates with annual registered property transactions in Middlesex and in West Yorkshire. This evidence, though tentative, suggests that London financial markets were weakly linked to local real capital markets in the mid-eighteenth century. By the late eighteenth century those links were strong. Regional markets were still segmented in the mid-eighteenth century but were integrated by the time of the Napoleonic War.

scholarly journals Do Capital Market Training, Online Facilities and Social Environment Matter in Investment Decision

2021 ◽  
Vol 16 (3) ◽  
pp. 263-303
Author(s):  
Yuni Nustini ◽  
◽  
Mohd Taufik Mohd Suffian ◽  
Nor Balkish Zakaria ◽  
Zuraidah Mohd Sanusi ◽  
...  
Keyword(s):  
University Students ◽  
Social Environment ◽  
Capital Markets ◽  
Capital Market ◽  
Random Sampling ◽  
Sampling Method ◽  
Investment Decision ◽  
Minimum Amount ◽  
On Line ◽  
The Relationship

This study aimed to determine if capital market training, on-line facilities, social environment, and a minimum amount of investment affect Indonesian and Malaysian university-students’ decisions in investing in the capital markets of each country, as they are potential smart investors. Based on 229 respondents from both countries, a survey was conducted comprising 24 questions. Respondents were selected using they random sampling method. The results found that capital market training and on-line facilities were not factors that influenced university students’ decisions in Indonesia and Malaysia in making investment in the capital markets. The other two variables, social environment and a minimum amount of investment proved influential. The mediating variable, investment interest partially influenced the relationship between social environment and a minimum amount of investment-to-investment decision, but did not mediate capital market training and on-line facilities to the investment decision. Keywords: capital market training, on-line facilities, social environment, minimum amount of investment, university-students

scholarly journals PENGARUH TINGKAT INFLASI, SUKU BUNGA BI, DAN NILAI TUKAR RUPIAH TERHADAP IHSG

2021 ◽  
Vol 10 (2) ◽  
pp. 118-129
Author(s):  
Desi Ratjaya Ningsih ◽  
Nur Aida Arifah Tara ◽  
Muhdin Muhdin
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Price ◽  
Quantitative Methods ◽  
Price Index ◽  
Market Conditions ◽  
Negative Effect ◽  
The Relationship

The Composite Stock Price Index (IHSG) is a description of information regarding the movements of all stock prices that affect capital market conditions and produce a trend. There are three factors that mainly influence the IHSG, namely inflation, BI interest rates, and the rupiah exchange rate. The purpose of this study was to examine the relationship between inflation, BI interest rates, rupiah exchange rate and the IHSG in the period of 2016-2020. The method in this research used quantitative methods. The results showed that inflation and BI interest rates have a negative and insignificant effect on the IHSG, while the Rupiah exchange rate has a significant negative effect on the IHSG.Keywords :IHSG, Inflasi, Suku Bunga BI, Nilai Tukar Rupiah

scholarly journals Investment Training Moderates the Effect of Financial Literacy, Return and Risk on Investment Interest in Capital Markets

2020 ◽  
Vol 9 (1) ◽  
pp. 102-112
Author(s):  
Anhar Fadli ◽  
Andhi Wijayanto
Keyword(s):  
Structural Equation Model ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Literacy ◽  
Structural Equation ◽  
Model Analysis ◽  
Equation Model ◽  
The Relationship ◽  
Positive Effect ◽  
The Capital Market

This study aims to analyze the effect of financial literacy, return and risk on investment interests in the capital market members of Forum KSPM Kota Semarang with investment research as a moderating variable. This research uses structural equation model analysis with WarpPLS 6.0 to evaluate the relationship between variables and the effect of moderation on investor investment training with financial literacy, return, risk, and investment interest by conducting a survey of 113 respondents who were successfully collected. The results of this study confirm previous findings that financial literacy has a positive effect on investment interest, returns have a positive effect on investment interest, and risk has a positive effect on investment interest. Researchers also found that investment training could not moderate the effect of financial literacy on investment interest, but investment training could moderate the effect of return and risk on investment training.

scholarly journals Corporate governance, agency costs and investment appraisal: An assessment

2012 ◽  
Vol 9 (4-2) ◽  
pp. 208-220
Author(s):  
Baliira Kalyebara ◽  
Abdullahi D. Ahmed
Keyword(s):  
Corporate Governance ◽  
Interest Rates ◽  
Capital Markets ◽  
Capital Market ◽  
Firm Value ◽  
Agency Costs ◽  
Investment Decisions ◽  
Market Interactions ◽  
Investment Appraisal

Undoubtedly, capital markets have an impact on investment appraisal decisions through interest rates (cost of capital) charged and debt covenants stipulated in debt contracts. However, the extent of influence of their interactions in shaping and determining a firm’s corporate governance policy, agency costs, investment decisions and firm value has been overlooked or not duly emphasised in the literature to date. This lack of interdisciplinary research in areas such as finance, accounting, capital markets and corporate governance may lead financial managers making wrong interpretation of the current empirical evidence. This may result into suboptimal decisions in capital budgeting decisions. There are various existing studies that have discussed the relation between corporate governance and one or two other business topics this paper is assessing. However, questions have persisted about the role capital markets’ interactions play in determining firm’s corporate governance, minimizing agency costs, long term investment decisions and firm value. The recent high profile global company collapses mainly due to poor corporate governance mechanisms have rekindled the interest in the role capital market interactions play in formulating firm’s corporate governance rules and policies and their impact on agency costs, investment appraisal decisions and firm value. This study intends to assess this issue and critically evaluates these related issues. The impact of multiple objectives on long-term investment decisions is also discussed. We find that capital market interactions have a significant impact in the way firms formulate their corporate governance, identify and control agency costs, optimize multiple objectives, make investment decisions and determine firm value. In a nutshell, there is a consensus among researchers that capital markets impact on capital investment decisions and firm value through interest rates, debt covenants that impact on managers’ self-interest behaviour, corporate governance policies and agency costs.

scholarly journals Reflections Of Public Disclosure And Transparency Principles To Accounting Information System In Corporate Governance Basic

2014 ◽  
Author(s):  
Emine Kalaycı ◽  
Rabia Özpeynirci
Keyword(s):  
Corporate Governance ◽  
Capital Markets ◽  
Capital Market ◽  
Secondary Data ◽  
Decisive Role ◽  
International Markets ◽  
Accounting System ◽  
Accounting Information System ◽  
The One ◽  
The Relationship

Financial crises occurred in international markets and costs of these crises to investors at microeconomic level and to whole country at macroeconomic level caused institutional administration to have more interest. There are some regulations in this area to follow events in the world closely and to increase the contributions of capital markets on economic development. Background of institutional administration is regulated by Capital Market Legislation, Turkish Trade Legislation, International Reporting Standards and Turkey Accounting Standards. These regulations stand out in accounting primarily. Accounting transactions have great importance with its decisive role about researching financial positions of entrepreneurs and implementing other financial responsibilities. Transparence which is the one principle of institutional transparence included corporate governance, explaining, responsibility has important role to achive this regulations. Transparence term has enhanced its importance in capital markets last years. Transparence is necessary to protect investor rights and get public trust. Corporate transparance is directly related with accountancy application and provided by the standart of accountancy which is admitted in international area. This study aims to uncover the relationship between the accounting system and the principle of transparency corporate governance. For this purpose, primarily corporate governance principles transparency and variable laws on emphasis at the same time will be included secondary data.

scholarly journals Análise da relação entre riscos e remuneração dos executivos nas empresas listadas na B3

2020 ◽  
Vol 19 (1) ◽  
pp. 149-169
Author(s):  
Rodrigo Rengel ◽  
Allison Manoel de Sousa ◽  
Januário José Monteiro ◽  
Rodrigo Malta Meurer
Keyword(s):  
Interest Rates ◽  
Executive Compensation ◽  
Capital Market ◽  
Residential Buildings ◽  
Developed Countries ◽  
Descriptive Statistics ◽  
Risk Compensation ◽  
Corporate Risk ◽  
Transmission And Distribution ◽  
The Relationship

Objective: To analyze the relationship between executive compensation and the risk of companies from different sectors of B3.Methodology: The relationship between executive compensation and the risk of 61 companies in the Abattoir sectors analyzed; Banks; Construction of residential buildings; Generation, transmission and distribution of electricity; Rental of Real Estate, and; Telecommunications, between 2011 and 2017 through descriptive statistics and through the multivariate panel model.Relevance: The influence of executive compensation on companies' risk discussed, in which the results are divergent and performed in emerging and developed countries that do not present macroeconomic characteristics, such as high rates of inflation and interest rates in the case of Brazil. In this way, this study presents evidence in this different perspective.Main Results: The findings show that executive compensation is negatively associated with corporate risk. However, the change in executive compensation influences the companies' risk. Additionally, it found that the size of the organizations is positively associated with the companies' risk, unlike the profitability of the asset, which negatively related to the risk of the companies.Theoretical contributions: The present study presents contributions regarding the incentive implications of risk compensation in companies from different sectors of the Brazilian capital market, especially considering that managers can, from their decisions, select projects that influence the risk of the company's operations.

scholarly journals A Critical Analysis of Relationship between Gold Prices and NEPSE Index

Pravaha ◽  
2020 ◽  
Vol 25 (1) ◽  
pp. 129-140
Author(s):  
Nischal Risal
Keyword(s):  
Interest Rates ◽  
Capital Market ◽  
Critical Analysis ◽  
Direct Relationship ◽  
Annual Reports ◽  
Interesting Issue ◽  
Market Index ◽  
Gold Market ◽  
Analytical Research ◽  
The Relationship

The investors’ prioritization towards the gold investment and capital market investment is really interesting issue. To clear the issue in the context of Nepal,the research paper seeks the relationship between gold prices on Nepalese capital market. The descriptive and analytical research design has been adopted in the study. The study is based on quantitative approach. The data has been collected from July 2015 to July 2018. The information on market index and gold price has been collected for the same period. The information has been collected from the annual reports of NEPSE, Nepal Gem and Jewellery Association (NEGJA),Nepal gold market and Federation of Nepal Gold and Silver Dealer’s Association(FENEGOSIDA). The comparative analyses of gold market and capital market have shown the direct relationship between these two markets. The investors ‘tendency to switch to gold investment is found risky. The gold prices and interest rates have influence on NEPSE.

scholarly journals ECONOMETRIC ANALYSIS ON THE RELATIONSHIP BETWEEN AGRI-TOURISM DEVELOPMENT AND ECONOMIC GROWTH - THE CASE OF CENTRAL PLAINS ECONOMIC ZONE OF CHINA

2019 ◽  
pp. 33-42
Author(s):  
CHEN YANG ◽  
SVITLANA LUKASH ◽  
GUO QINGRAN
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Agricultural Products ◽  
Added Value ◽  
Development Economic ◽  
Central Plains ◽  
Technological Cooperation ◽  
Economic Zone ◽  
Agricultural Tourism ◽  
The Relationship

The main problem for farmers in China is the search for possible ways to maximize income. Especially relevant today is tourism, which has a broad reach and deep connections with many fields of the national economy. Agritourism in China has recently undergone significant development, expansion and renewal. As part of the Belt and Road Initiative, active rural development and other activities are being undertaken to improve a promising investment environment for tourism. The development of tourism products that integrated with the agricultural sector is becoming a promising form of cooperation with the rural population in the future. Eco-agriculture tourism is a new direction for farmers. The development of eco-agriculture not only contributes to the optimization and adaptation of the agricultural structure, increasing in the added value of agricultural products, but also contributes to the development of services, economic and technological cooperation, the exchange and inflow of funds into the country's economy. It is a new way of strengthening the connection between urban and rural areas, improving the general condition of farmers, developing agricultural infrastructure and creating a harmonious environment between man and nature. As the development of the Central Plains Economic Zone has become part of a national strategy, the development of tourism in the Central Plains Economic Zone has a great potential. In the Central Plains, where natural conditions are better, the development of a local agro-tourism economy as a starting point can greatly increase farmers' incomes, since the development of agritourism can promote the development of related industries and facilitate the optimization and modernization of industrial structures. This can improve infrastructure, save farmers 'production costs, increase farmers' employment. The transfer of surplus agricultural labor may also contribute to the realization of a harmonious sustainable economic and environmental development. Taking as an example the economic zone of the Central Plains, the main task of this article is to study the relationship between the development of ecological-agricultural tourism and economic growth, which substantiates the new trend of national economic development. This article regards the Central Plains Economic Zone as a research object and uses the econometric method of analyzing and examining the relationship between tourism development and economic growth in the Central Plains Economic Zone. Eco-farming is a new outlet for farmers. The development of eco-agricultural tourism will not only help to optimize and adjust the structure of agriculture, increase the added value of agricultural products, but will also promote the development of services, economic and technological cooperation, attract additional investments, will also promote the development of catering, hospitality, economy tourism products and real estate, thus contributing to the growth of agriculture as a whole. To analyze the source of economic growth, we need to know the main driving force behind economic growth. Neoclassical economic theory argues that economic growth depends on three factors: labor, capital, and technological progress. The main model of economic growth is the production function of Cobb-Douglas with the addition of variable income from tourism. Stata software was used for empirical analysis of the model. Keywords: agritourism, sustainable development, economic growth, environment, social development, economic development.

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