Author: Surya ChelikaniPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The effects of regulatory changes on market integration
Author: Surya ChelikaniThe Effect of Regulatory Changes on Market Integration
Author: Surya ChelikaniThe Effect of Regulation Fair Disclosure on Market Integration
Author: Surya ChelikaniPublisher:
ISBN:
Category :
Languages : en
Pages : 20
Book Description
The recent market crises have focused interest on methods to improve the functioning of financial markets. Before implementing new regulations, it is necessary to evaluate the effects of previous regulations. Regulatory changes such as Fair Disclosure have an effect on information dissemination and price discovery. This paper uses the information share of individual markets, to measure changes in the information contribution of markets before and after implementation of Regulation Fair Disclosure. Most of the existing studies focus on the price discovery process and the information contribution or share of the individual markets. This paper uses this information share as a metric to test the effect of a particular regulation. Employing cointegration analysis, this study measures the changes in the information share, impulse response functions, and tests whether Regulation Fair Disclosure has achieved its intended goal of greater informational parity and market integration. Results show that Fair Disclosure has increased the information share of satellite markets and achieved greater market integration.
Effects of Decimalization and Regulation FD on Market Integration
Author: Surya ChelikaniPublisher:
ISBN:
Category :
Languages : en
Pages : 17
Book Description
A sizable body of literature exists on the information share of markets, when a single asset or identical assets are traded in several markets. Most of these studies focus on the price discovery process and the information contribution of the individual markets. However the idea that the information share can be used as a measure of market integration (or fragmentation) has not been adequately explored. Regulatory and microstructure changes such as Fair Disclosure and Decimalization of tick-size have an effect on the information dissemination and price discovery. More efficient price discovery and greater information parity are some of the justifications offered for the introduction of such measures. This article measures the effects of such changes on the information share, speed of adjustment impulse response functions, and tests whether such regulations have achieved greater informational parity and market integration.
Regulatory Changes, Market Integration and Spill-Over Effects in the Chinese A, B and Hong Kong Equity Markets
Author: Roger BucklandPublisher:
ISBN:
Category :
Languages : en
Pages : 54
Book Description
We document the changes in dynamic stochastic structure of the various industrial sectors of the Chinese A, B share markets and the Hong Kong share markets. We utilize a robustly estimated VECM-MV-GARCH model to test for possible co-integrating vectors between the market segmentations pre and post deregulation of the Chinese B share market. Our results suggest that before deregulation there is weak evidence of co-integration between the A and B share markets however, post deregulation the situation changes and the segments appear to be significantly co-integrated. MV-GARCH results suggest that the conditional correlations of market/sector shocks also increase significantly over the sample period.
International Financial Market Integration
Author: Stanley R. StansellPublisher: Wiley-Blackwell
ISBN: 9781557862662
Category : Business & Economics
Languages : en
Pages : 404
Book Description
The rapid growth of international financial markets and their increasing integration has created a unique set of problems in the understanding of international finance. This important new book surveys the many aspects of financial market integration. The markets examined range from those of developed countries such as the US, Japan, and European countries to less developed countries. A section on the emerging markets in the CIS and Baltic States has also been included. Areas covered include capital market segmentation, an examination of the US, Hong Kong, and Singapore markets, the foreign and domestic balance sheet strategies of US banks, international financial market integration and commercial banks, the European monetary system, international integration of the CIS and Baltic States emanating from the USSR, an overview of Japanese finance, international transmission of stock market movements, and international capital markets. International Financial Market Integration is a comprehensive and valuable reference for academics, graduate students, and researchers in international finance.
Global Capital Markets
Author: Maurice ObstfeldPublisher: Cambridge University Press
ISBN: 9780521671798
Category : Business & Economics
Languages : en
Pages : 386
Book Description
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Financial Market Integration and Growth
Author: Paul J.J. WelfensPublisher: Springer Science & Business Media
ISBN: 3642162746
Category : Business & Economics
Languages : en
Pages : 411
Book Description
Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Dynamics of Regulatory Change
Author: David VogelPublisher: Univ of California Press
ISBN: 9780520245358
Category : Business & Economics
Languages : en
Pages : 384
Book Description
Critics of globalization claim that economic liberalization leads to a lowering of regulatory standards. As capital and corporations move more freely across national boundaries, a race to the bottom results as governments are forced to weaken labor and environmental standards to retain current contracts or attract new business. The essays in this volume argue that, on the contrary, under certain circumstances global economic integration can actually lead to the strengthening of consumer and environmental standards. This volume extends the argument of David Vogel’s book Trading Up, which discussed environmental standards, by focusing on the impact of globalization on labor rights, women’s rights and capital market regulations.
Doing Business 2020
Author: World BankPublisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 241
Book Description
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.