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Benchmarking a Transition Economy Capital Market
A. Keller,P. J. Westerholm
Australasian Accounting Business and Finance Journal , 2007,
Abstract: As the centrally planned communist nations of Central Europe lacked liquid and efficient capital markets,financial systems architecture became instrumental to their transition into market economies. Now, afteralmost 17 years of operations, it is time to take a snapshot of one of these economies and compare it to a welldeveloped capital market. This study is the first to provide a quantifiable comparison of the quality of thecapital markets of a fully developed and a transition economy; namely Euronext France [Euronext] and theWarsaw Stock Exchange [WSE]. Using intraday data for the Euronext market and the WSE it is shown thatwhile overall liquidity is certainly much greater in Euronext, range based intra-day volatility is significantlylower in the WSE. For stocks with the highest market capitalisation the WSE has lower transaction costs inthe first [largest] decile than Euronext. These results indicate that while the established market is significantlymore liquid in terms of average trade size and trade numbers it does not always offer lower transaction costsor volatility. This is a new result as most contributions to the literature argue that an emerging market within atransition economy will suffer from excess volatility.
The Estimation of the Influence of the Economy on the Capital Market in Poland During 2000-2006
Waldemar Tarczyński, Prof. , Miros awa Gazińska, Prof.
Folia Oeconomica Stetinensia , 2007, DOI: 10.2478/v10031-007-0012-5
Abstract: The relation between the economy and the capital market is very interesting as far as analysis related to the capital market is concerned. The key statement is that the changes in the country economy have influence on the capital market. The aim of this article is to investigate if there are any essential connections between the values characterizing the capital market and the economy condition in Poland. Such values were taken into consideration as stock indices (WIG20, WIG), the rate of exchange, the level of unemployment, inflation, the GDP, Poland's economic growth. The analyses were made for some indices on the Warsaw Stock Exchange (WIG, WIG20) and for some economic variables (e.g. the level of unemployment, inflation, the GDP, the economic growth and other). Analyses were made for the data in the period of 2000-2006. Some statistical parameters were used to find statistical regularity for some indexes on the Warsaw Stock Exchange and for some economic variables observed in Poland. The authors analysed the relation between selected variables, too. Excel 2003 for Windows and Statistica 6.1 PL were used for all the calculations. The significant element of the fundamental analysis is the confirmation of a statistic regularity concerning the relation between the economy and the capital market. Stock analysis in the scope of fundamental analysis should be also made by the use of macroeconomic variables. It will considerably increase the safety of investment and also its profitability.
Can Capital Income Tax Improve Welfare in an Incomplete Market Economy with a Labor-Leisure Decision?  [PDF]
Danijela Medak Fell
Financial Theory and Practice , 2006,
Abstract: This paper is a quantitative exercise in the economic analysis of optimal fiscal policy. We look at an incomplete market economy where agents face idiosyncratic labor productivity shocks and borrowing constraints. We find the steady state equilibrium of this economy and then analyze the effect of a government policy introducing a capital income tax and redistributing the proceeds of tax collection back to the agents in the form of a labor subsidy. We find that this type of policy can indeed improve the welfare of the economy, but its quantitative effect is small. We thus conclude that using capital income tax as fiscal policy instrument is not an effective way to cure the problem of market incompleteness.
Evidence of Fueling of the 2000 New Economy Bubble by Foreign Capital Inflow: Implications for the Future of the US Economy and its Stock Market  [PDF]
D. Sornette,W. -X. Zhou
Quantitative Finance , 2003, DOI: 10.1016/j.physa.2003.10.010
Abstract: Previous analyses of a large ensemble of stock markets have demonstrated that a log-periodic power law (LPPL) behavior of the prices constitutes a qualifying signature of speculative bubbles that often land with a crash. We detect such a LPPL signature in the foreign capital inflow during the bubble on the US markets culminating in March 2000. We detect a weak synchronization and lag with the NASDAQ 100 LPPL pattern. We propose to rationalize these observations by the existence of positive feedback loops between market-appreciation / increased-spending / increased-deficit-of-balance-of-payment / larger-foreign-surplus / increased-foreign-capital-inflows and so on. Our analysis suggests that foreign capital inflow have been following rather than causing the bubble. We then combine a macroeconomic analysis of feedback processes occurring between the economy and the stock market with a technical analysis of more than two hundred years of the DJIA to investigate possible scenarios for the future, three years after the end of the bubble and deep into a bearish regime. We also detect a LPPL accelerating bubble on the EURO against the US dollar and the Japanese Yen. In sum, our analyses is in line with our previous work on the LPPL ``anti-bubble'' representing the bearish market that started in 2000.
Intellectual Capital and Financial Performance in the Banking Sector  [cached]
Sami Karacan,,Emre Ergin
Business and Economics Research Journal , 2011,
Abstract: As a result of the contributions to science and technology made by humankind, intellectual ability has given rise to knowledge economy that increases the importance of intellectual capital. The development of intellectual capital in corporate dimension provides a competitive advantage and increases the market value of the firms. This study aims to examine whether or not the intellectual capital calculated according to the intangible assets method is reflected in the values that investors accord to firms in the ISE (Istanbul Stock Exchange) banking sector. A new model is developed in this study in order to overcome the limitations of the existing model in the literature. The results suggest that the intellectual capital is highly positively correlated with the market values. The correlation is even stronger for the new model developed in this study. As the importance of the intellectual capital in banking sector is relatively higher than other sectors, firms should give importance to the management of intellectual capital which is not reflected by the traditional accounting method. The intellectual capital should be calculated and reported to the concerned parties.
Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania
Marilen Pirtea,Laura Raisa Iovu,Marius Cristian Milos
Theoretical and Applied Economics , 2008,
Abstract: Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.
Laura Raisa MILO?
Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series , 2008,
Abstract: The process of transition detered for the Romanian economy the creation and development of an adequate economical infrastructure and of the institutions and mechanisms that regard the transactions with financial instruments.Through the main functions of the capital market, the one of financing the economy is one of the most important. It is an alternative to financing through the banking system, though it is slightly little used in Romania by the nonfinancial companies. In this paper the author tries to analyse the benefits of issuing equity on the capital market as a mean for financing a company’s deficit and in the same time, tries to emphasize the current state of the Romanian capital market in comparison with the other European capital markets, as far as concerns the attractiveness of capital market, measured as the volume and structure of IPO’s on the market.
Issues Existing in the Capital Market in Jilin Province and Solutions  [cached]
Hong Li
Journal of Politics and Law , 2012, DOI: 10.5539/jpl.v5n1p196
Abstract: Development of the capital market has attracted external sources of finance to the great extent, promoted Jilin Province to change from an old industrial base to an advanced international manufacturing base and greatly enhanced the overall economic strength of Jilin Province. Nonetheless, considering the current situation, mobility of capital in economy of Jilin Province is not yet strong and insufficient capital is still an impediment to constrain economic and social development of Jilin Province. Through a survey and analysis of the development condition of capital market in Jilin Province, this article expounds the major problems existing in development of capital market in Jilin Province and puts forward solutions for development of capital market in Jilin Province.
Annals of the University of Oradea : Economic Science , 2012,
Abstract: There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological), educational capital, health capital and social skills (Neagu, 2010). Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education) as a the share of GDP per capita weighted by the employment rates. For OECD countries, the market value of their human capital was calculated for 1999-2008, showing their efficiency on utilisation of the human capital stock. The most efficient OECD countries are Australia Austria and USA and the less efficient are Mexico, Czech Republic and Hungary.The market value of human capital has a ascending trend in all OECD countries, reflecting the results of their efforts to valorise their human capital in employment. The originality of the paper consists on introduction the concept of the market value of the human capital, defining his content and providing estim
Foreign capital in the banking market of Ukraine
Podchesova, Valeriya Yuriyivna,Sydorenko, Mykhaylo Yuriyovych
Socìal?no-ekonomì?nì Problemì ì Der?ava , 2012,
Abstract: This article deals with foreign banks’ activity in Ukraine. Their motivation andfactors influencing the final decision on entering the new market were viewed. Fumerous potentialpositive or negative consequences of foreign banks’ expansion for the national bank’s market,consumers and economic sectors were examined. The activity’s dynamics, allocation of overseasbanks’ capital depending on the country of origin, their prospects and problems of furtherdevelopment in the Ukrainian banking market were analyzed. Changes in foreign banks’ strategyand tactics under global financial crisis conditions were paid special attention to: decreasing ofwest capital banks’ number in certain banking market’s segments or even absolute secede a varietyof banking companies from the market. Ways of improvement of native banking system activityproviding both the development of Ukrainian economy and foreign investors’ interests wereproposed.
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