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 : 592

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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: 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.

Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403

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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.