Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic PDF Download

Author: Robert Lensink
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 21

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Author: R. Lensink
Publisher:
ISBN:
Category :
Languages : en
Pages : 21

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Author: World Bank
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 228

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Book Description
This report analyzes the securities market and the main groups of institutions operating in the Czech Republic's capital market, namely, investment funds, pension funds, and insurance companies. It also examines corporate governance, based on the performance of publicly traded companies and an analysis of the relevant pieces of legislation; and the area of regulatory framework for banks which is relevant to the analysis of corporate governance. After providing an overview of the current status of capital market reforms, the report identifies the remaining gaps in the regulatory and institutional framework for the securities market, investment funds, the internal and external mechanisms for corporate governance as well as the private pension fund and insurance company sectors. Policy recommendations include restrict the number of publicly tradable companies, integrate the different trading channels, improve regulatory enforcement, manage the opening of investment funds, improve pricing rules, privatize state-controlled banks and utilities, strengthen minority shareholder protection, improve disclosure and the quality of information, improve monitoring of boards by shareholders, enhance the banks' capacity to handle problem debtors, streamline the bankruptcy process, enact measures that would improve pension fund regulation, strengthen the regulatory framework for the insurance sector, and ensure greater compliance with European Union directives.

Author:
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 296

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Author: Robert K. Dixit
Publisher: Princeton University Press
ISBN: 1400830176
Category : Business & Economics
Languages : en
Pages : 484

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How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Author: Jean-Pierre Casey
Publisher: CEPS
ISBN: 9290795964
Category : Business & Economics
Languages : en
Pages : 142

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Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.

Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 0821365444
Category : Business & Economics
Languages : en
Pages : 232

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Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Author: Emilio Colombo
Publisher: Springer Science & Business Media
ISBN: 379081671X
Category : Business & Economics
Languages : en
Pages : 179

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Book Description
We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.

Author: William Blyth
Publisher: OECD Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 152

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This publication examines how uncertainty in climate change policy may affect investment behaviour in the power sector and how the costs of transition to a low-carbon economy may be addressed. For power companies, where capital stock is intensive and long-lived, those risks rank among the biggest and can create an incentive to delay investment. The analysis show that the risk premiums of climate change uncertainty can add 40 per cent of construction costs of the plant for power investors, and 10 per cent of price surcharges for the electricity end-users. It also looks at the sensitivity of different power sector investment decisions to different risks and considers the implications for policy development and design.

Author: Joseph E. Stiglitz
Publisher: Oxford University Press, USA
ISBN: 0199230587
Category : Business & Economics
Languages : en
Pages : 388

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Book Description
Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.