Sources of Capital Market Segmentation: Empirical Evidence from Finland

2001 ◽  
Vol 36 (2) ◽  
pp. 139-160 ◽  
Author(s):  
Mika Vaihekoski ◽  
Kim Nummelin
Keyword(s):  
Empirical Evidence ◽  
Market Segmentation ◽  
Capital Market ◽  
Capital Market Segmentation ◽  
Sources Of Capital

Do Indirect Investment Barriers Contribute to Capital Market Segmentation?

2004 ◽  
Vol 39 (3) ◽  
pp. 613-630 ◽  
Author(s):  
George P. Nishiotis
Keyword(s):  
Market Segmentation ◽  
Capital Market ◽  
Emerging Market ◽  
Capital Inflow ◽  
Deterrent Effect ◽  
Free Access ◽  
International Capital ◽  
Capital Market Segmentation ◽  
Closed End Funds ◽  
Investment Barriers

AbstractUsing a sample of emerging market closed-end funds, I find evidence that indirect investment barriers exert powerful effects on asset pricing differences across countries. I show that not only do indirect investment barriers contribute to international capital market segmentation, but also they can lead to segmentation even in the absence of strong capital inflow restrictions. This result is consistent with Bekaert and Harvey's (1995) conclusion that “other markets appear segmented even though foreigners have relatively free access to their capital markets” (p. 403). The empirical results of this paper provide a rational market segmentation explanation of both premiums and discounts in emerging market closed-end funds, and they are consistent with the deterrent effect of indirect barriers on equity flows to emerging markets found in the capital flow literature.

Mortgage Lending and American Urbanization, 1880–1890

1988 ◽  
Vol 48 (2) ◽  
pp. 273-285 ◽  
Author(s):  
Kenneth A. Snowden
Keyword(s):  
Spatial Pattern ◽  
Urban Growth ◽  
Market Segmentation ◽  
Capital Market ◽  
Mortgage Lending ◽  
Mortgage Market ◽  
Growth Spurt ◽  
Atlantic Seaboard ◽  
Capital Market Segmentation

The connection between the spatial pattern of the urban growth spurt of the 1880s and the mortgage market is an aspect of the familiar capital market segmentation hypothesis that has received little attention. Although mortgage lending expanded most rapidly in the smaller western cities during the decade, I conclude that an underlying pattern of segmentation impeded urbanization in these areas at least until 1890. The initial advantage that segmentation conferred on borrowers in the East was reduced to some extent by binding usury ceilings along the Atlantic seaboard.

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