Bridging the Information Gap between Microfinance Institutions and International Capital Markets by Investigating the Efficiency of the Informational Role of Stock and Option Trade Volumes. The Case of the European Derivative Exchange and the Frankfurt Stock Exchange.

2018 ◽  
Author(s):  
Michel Guirguis
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
Microfinance Institutions ◽  
International Capital ◽  
International Capital Markets ◽  
Information Gap

scholarly journals The New Role for the World Bank

2016 ◽  
Vol 30 (1) ◽  
pp. 53-76 ◽  
Author(s):  
Michael A. Clemens ◽  
Michael Kremer
Keyword(s):  
World Bank ◽  
Capital Markets ◽  
Private Capital ◽  
International Capital ◽  
International Capital Markets ◽  
Global Capital ◽  
The World Bank ◽  
The World ◽  
Private Capital Flows

The World Bank was founded to address what we would today call imperfections in international capital markets. Its founders thought that countries would borrow from the Bank temporarily until they grew enough to borrow commercially. Some critiques and analyses of the Bank are based on the assumption that this continues to be its role. For example, some argue that the growth of private capital flows to the developing world has rendered the Bank irrelevant. However, we will argue that modern analyses should proceed from the premise that the World Bank’s central goal is and should be to reduce extreme poverty, and that addressing failures in global capital markets is now of subsidiary importance. In this paper, we discuss what the Bank does: how it spends money, how it influences policy, and how it presents its mission. We argue that the role of the Bank is now best understood as facilitating international agreements to reduce poverty, and we examine implications of this perspective.

Part IV Market Institutions And International Capital Markets, 11 Stock Exchanges—An Endangered Species

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Capital Markets ◽  
Public Interest ◽  
Financial Stability ◽  
Stock Exchanges ◽  
International Capital ◽  
Market Institutions ◽  
International Capital Markets ◽  
Dark Pools ◽  
The Waves

This chapter explores stock exchanges, which are the most visible and vocal among capital market institutions. Despite the waves of demutualization and consolidation, exchanges remain idiosyncratic institutions. Even where similar structural reorganizations have occurred, the underlying factors prompting such moves, and potentially the on-going operations of the exchanges, are often quite different. As capital markets grew in importance, the role of exchanges extended beyond that of a trading venue. The modern exchange also serves political masters, acting as a national symbol in some cases, and thus eliciting regulatory responses not based on market considerations alone. More importantly, exchanges are imbued, implicitly or explicitly, with a ‘public interest’ due to their impact on the related issues of economic growth, systemic financial stability, and investor protection. The chapter then considers high frequency trading, which drove institutional investors off the exchanges and into the ‘dark pools’, creating concerns over exchange liquidity, transparency, and price-discovery.

Theoretical and Methodological Approaches to Attracting Financial Resources from the Capital Market to the Corporate Sector

2020 ◽  
Vol 5 (6) ◽  
pp. 29-34 ◽  
Author(s):  
Khasanov Khayrullo
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Resources ◽  
External Financing ◽  
International Capital ◽  
Corporate Sector ◽  
International Capital Markets ◽  
Methodological Approaches ◽  
Market Relations

The article analyzes the theoretical views on capital markets, and provides an overview of the increasing need of the corporate sector to rely on external financing in the context of market relations. The author reflects on the role of national and international capital markets, segmenting the financial instruments of the financial market.

A study on the earnings response coefficient (ERC) of socially responsible firms

2018 ◽  
Vol 41 (9) ◽  
pp. 1010-1032 ◽  
Author(s):  
Yoo Chan Kim ◽  
Inshik Seol ◽  
Yun Sik Kang
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
Early Stage ◽  
International Capital ◽  
Content Type ◽  
International Capital Markets ◽  
Earnings Response Coefficient ◽  
Earnings Response ◽  
Reported Earnings ◽  
Practical Implications

Purpose The purpose of the paper is to examine the corporate social responsibility (CSR) – earnings response coefficient (ERC) relation in the code-law tradition and the early stage of CSR practice to fill the research gap in the literature on CSR–ERC relation. Design/methodology/approach The authors use an association framework for the study. They use the firms listed on Korea Stock Exchange because Korea is classified as a code-law country and most of firms in Korea are in the early stages of CSR development, and Korean samples are considered credible and stable because of the effective financial reforms initiated by Korean government in the late 1990s. The authors collected data from the two data sources: KisValue and Korea Corporate Governance Service. Findings The authors find the following. First, CSR is negatively associated with ERC, which indicates that the ability of earnings to capture CSR implication is lower under the circumstances of the code-law and the early stage of CSR development. Second, political sensitivity (business group effect) is positively (negatively) associated with CSR–ERC relation, which means that the politically noticeable CSR concerns strengthen the CSR–ERC relation, and the inclusion of a firm in a business group weakens the CSR–ERC relation. Research limitations/implications The paper derives theoretical implications on the quality of earnings reflecting CSR activities, provides practical implications to the investors who target international capital markets and is expected to help broaden the understanding of CSR–ERC relations in international capital markets. Practical implications The paper provides practical implications to the investors who target international capital markets. Regarding the interpretation of accounting earnings that contain information on CSR activities, the legal origin and the CSR development stages are considered as key factors. Specifically, in the code-law and the early CSR environment, the potential benefits of CSR activities tend to be evaluated optimistically and reflected aggressively in reported earnings. Thus, if investors are in a similar international investment environment, they may need to recalibrate estimates in their decision model with additional CSR information from non-financial sources (e.g. sustainability reports). Originality/value The paper is based on the international institutional theory and the discussion of CSR development stages. The international institutional theory states that the legal origin is one of the factors that can help explain the differential aggressiveness of reported earnings by country. In addition, the discussion of CSR stages argues that the CSR practices can be differentially implemented by CSR stages. The authors try to fill the gap in the existing literature by conducting an empirical study based on data from Korea Stock Exchange.

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