scholarly journals Structural-functional deformations of the stock market in Ukraine: macro- and micro-measurements

2019 ◽  
Vol 2019 (2) ◽  
pp. 19-65
Author(s):  
Stanislav Shyshkov
Keyword(s):  
Stock Market ◽  
Public Companies ◽  
Role Of Government ◽  
Government Bonds ◽  
Market Abuse ◽  
High Volatility ◽  
Investment Portfolios ◽  
Stock Indexes

The article highlights the factors of the classification of issuers and their securities (forms of circulation and admission to trading, listing, publicity, type of offering, liquidity, objectivity of pricing) in the context of determining the reasons for the limited number of instruments in Ukraine's regulated market and signs of its unattractiveness for issuers and investors. The author defines peculiarities of the formation and structure of investment portfolios of financial institutions and other investors (in comparison with international indicators) and difficulties of the valuation and diversification of assets. It has been revealed that a sharp reduction in the number of issuers and financial intermediaries (through variable legislation, increased regulatory requirements and controversial enforcement) led to a reduction in liquidity and competition, an increase in transaction costs, and did not contribute to market development, its infrastructure, and the objectivity of pricing. The emphasis is on the conventionalities of market benchmarks (stock indexes of shares, total capitalization) in Ukraine due to the limited financial instruments, lack of public companies, scanty liquidity, high volatility and artificiality of pricing. Indicated various signs of illiquidity of Ukraine's regulated stock market in comparison with world trading platforms (first of all, in relation to shares), as well as reasons of irregularity of the trades, mainly the purpose oriented conclusion of agreements, absence of active market and actual prices (in particular, due to unsatisfactory regulation of exchange pricing). However, it is worth emphasizing the significant role of government bonds that differ from other securities in Ukraine in that they have increased liquidity, strong investor demand, more predictability and price adequacy, which is a sufficiently anticipated factor for an underdeveloped stock market. The author highlights peculiarities and problems of pricing in the underdeveloped stock market, which considerably complicate the task of counteracting market abuse, in particular due to total illiquidity, the absence of contradiction in the implementation of international practice, and subjectivity of the existing regulatory criteria for the detection of manipulation.

Raiders Activity on the Market for Corporate Control as a Product of Coercive Entrepreneurship Evolution

2007 ◽  
pp. 80-92
Author(s):  
A. Kireev
Keyword(s):  
Corporate Control ◽  
Role Of Government ◽  
Market For Corporate Control ◽  
Basic Characteristics

The paper studies the problem of raiders activity on the market for corporate control. This activity is considered as a product of coercive entrepreneurship evolution. Their similarities and sharp distinctions are shown. The article presents the classification of raiders activity, discribes its basic characteristics and tendencies, defines the role of government in the process of its transformation.

scholarly journals On the financial sustainability of earnings-related pension schemes with ‘pay-as-you-go’ financing and the role of government-indexed bonds

2007 ◽  
Vol 8 (2) ◽  
pp. 153-187 ◽  
Author(s):  
DAVID A. ROBALINO ◽  
ANDRÁS BODOR
Keyword(s):  
Pension System ◽  
Rate Of Return ◽  
Financial Sustainability ◽  
Alternative Measure ◽  
Role Of Government ◽  
Government Bonds ◽  
The Government ◽  
The Right

AbstractIn this paper we reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. The paper starts by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. We show that current proxies for the sustainable rate, including the Swedish ‘gyroscope’, are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system we then show how GDP-indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully funded pension system when the government bonds are allowed to be traded.

Polices Study on Sustainable Tourism in China

2012 ◽  
Vol 573-574 ◽  
pp. 973-976
Author(s):  
Xin Liang Ye ◽  
Rui Hong Sun ◽  
Jun Gao
Keyword(s):  
Sustainable Development ◽  
Sustainable Tourism ◽  
Policy Research ◽  
Research Progress ◽  
Role Of Government ◽  
Policy Makers ◽  
Development Policies ◽  
Industry Policy

This paper examines research on sustainable tourism policies formulation and implementation and the role of government and industry policy makers. This document explains classification of China’s tourism development policies and present sustainable research progress. At the end, the article points out future development directions of sustainable tourism policies formulation : Establishing the theory system of policy research for tourism sustainable development; Deepening the policy thinking of sustainable development——industry transformation; Enriching the theory contents of tourism policy research.

Whether stock market provides high returns: evidence from skewness of individual stocks in China

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tianning Ma ◽  
Shuo Li ◽  
Xu Feng
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Portfolio Diversification ◽  
Government Bond ◽  
Chinese Market ◽  
Government Bonds ◽  
Content Type ◽  
Stock Market Return ◽  
Bond Returns

PurposeThis paper studies whether individual stocks provide higher returns than government bond in the Chinese market.Design/methodology/approachThe authors compare individual stock returns and government bond returns in the Chinese market.FindingsThe authors find that more than half of individual stocks underperform government bonds over the same period in China, which highlights the important role of positive skewness in the distribution of individual stock returns. The high return of a few stocks is the reason why the stock market return is higher than that of government bond in China.Originality/valueThe results of this paper emphasize that portfolio diversification plays an important role in the Chinese market.

scholarly journals R&D Subsidies as Drivers of Corporate Performance in Slovenia: The Regional Perspective

2017 ◽  
Vol 8 (2) ◽  
pp. 79-95 ◽  
Author(s):  
Dejan Ravšelj ◽  
Aleksander Aristovnik
Keyword(s):  
Economic Growth ◽  
Corporate Performance ◽  
Positive Impact ◽  
Vital Role ◽  
Role Of Government ◽  
New Knowledge ◽  
The Relationship ◽  
Unique Dataset

AbstractInvestment in research and development (R&D) plays a vital role in economic growth. Therefore, the crucial role of government is to encourage companies to develop new knowledge, skills, and innovations in order to achieve greater competitiveness, employment creation, and economic development. The aim of this paper is to determine whether R&D subsidies contribute to corporate performance and ascertain whether the relationship between the amount of R&D subsidies and corporate performance is moderated by Slovenian cohesion (NUTS 2 level) and statistical (NUTS 3 level) regions. This paper ultimately tries to classify statistical regions within meaningful groups. Using an OLS regression, a unique dataset of 407 Slovenian companies is analysed for 2014. The empirical results reveal that R&D subsidies have a positive impact on corporate performance and confirm that cohesion and statistical regions can moderate the effect of R&D subsidy on corporate performance. Moreover, the paper provides for the classification of Slovenian statistical regions into four groups.

scholarly journals Relationship between Volatilities of Stock Market and Instruments of Monetary Policy in Vietnam

2015 ◽  
Vol 22 (1) ◽  
pp. 82-99
Author(s):  
Thao Tran Phuong ◽  
Thuy Phan Chung
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Stock Exchange ◽  
Daily Basis ◽  
Stock Exchanges ◽  
Market Maker ◽  
Rate Data ◽  
Stock Indexes ◽  
The Relationship

Volatility of stock exchange and its determinants always attract the attention of investors, researchers and exchange authorities. The research estimates the volatility of Vietnam stock market by measuring the conditional volatility of VN-Index and HNX-Index, and explores the relationship between the volatility of stock exchanges and the volatility of two instruments of monetary policy (overnight rate and exchange rate). Data are collected on a daily basis from Jan. 5, 2006 to March 31, 2014. The research found evidence of volatility of returns through the two indexes and two instruments, but it detected no relationship between the volatilities of these instruments and the stock indexes. Additionally, the research confirms the role of VN-Index as a market maker over HNX-Index.

How to Assure Stable Development in Unstable Financial Environment?

2007 ◽  
pp. 4-26 ◽  
Author(s):  
M. Ershov
Keyword(s):  
Stock Market ◽  
Developed Countries ◽  
Market Liquidity ◽  
Market Mechanisms ◽  
Russian Economy ◽  
The Developed Countries ◽  
Russian Stock Market ◽  
Stable Development ◽  
Financial Environment

Growing involvement of Russian economy in international economic sphere increases the role of external risks. Financial problems which the developed countries are encountered with today result in volatility of Russian stock market, liquidity problems for banks, unstable prices. These factors in total may put longer-term prospects of economic growth in jeopardy. Monetary, foreign exchange and stock market mechanisms become the centerpiece of economic policy approaches which should provide for stable development in the shaky environment.

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