scholarly journals Selective Disclosures in the Public Capital Markets

2001 ◽  
Author(s):  
Stephen J. Choi
Keyword(s):  
Capital Markets ◽  
Public Capital ◽  
The Public

scholarly journals IPO, private capital? Not! SPAC!

2021 ◽  
Vol 9 (2) ◽  
pp. 29-37
Author(s):  
A. Kovalev
Keyword(s):  
Capital Markets ◽  
Final Section ◽  
Public Capital ◽  
Private Capital ◽  
The Public ◽  
Advantages And Disadvantages ◽  
Public Market ◽  
Pros And Cons ◽  
The Impact ◽  
A Company

The introductory part of the article is devoted to a brief overview of the typical methods of raising funds for a company’s capital. Then, I compared The pros and cons of each approach. Further, the author introduces the company’s new fundraising – through the merger with a SPAC (from now on referred to as the merger with SPAC). The article discusses the advantages and disadvantages of this option for a company to enter public capital markets or raise capital in a company compared to the already traditional methods – raising private capital and entering public capital markets through an IPO. As a result of this comparison, the author concludes that the merger with SPAC has the advantages of both classical options for raising capital, without their disadvantages, which makes this option a unique offer on the market. Statistical data confirmed this conclusion. The separate section in the article is devoted to the peculiarities and complexities of the merge with SPAC. The advantages of the merger with SPAC for the leading Russian companies compared with other types of capital raising are separately highlighted, and the contrast between the placement on the MICEX and the merger with SPAC. The article also presents statistics on the public capital market and the impact on the public market of the new opportunity for companies to go public. In the final section of the article, the author discloses the chain of events that brought the merger with a SPAC such a fame and popularity at the current moment in time. The article resulted in an explanation of the attractiveness of institutional investors’ investment of funds in companies that have chosen the merger with a SPAC as a potentiality for entering public capital markets.

Religious Markets, Capital Markets, and Church Finances in Industrializing America

2017 ◽  
Author(s):  
Eric Baldwin
Keyword(s):  
Capital Markets ◽  
Detailed Examination ◽  
Social Stability ◽  
Religious Institutions ◽  
Moral Norms ◽  
The Public ◽  
Nineteenth Century America ◽  
Protestant Churches ◽  
Church Finances ◽  
The City

A number of scholars in recent years have turned to market models to describe religion in nineteenth-century America, arguing that competition among churches largely accounts for the nation’s relative religious vitality. However, a detailed examination of one religious ‘marketplace’—the city of Lowell, Massachusetts—demonstrates the limits of such interpretations. First, such scholars fail to capture the ways that Protestant churches functioned as an interdenominational de facto establishment, co-operating in the shared project of promoting the public good and defending moral norms. Also, to the extent that churches did compete, they competed for money, as much as for adherents. In doing so, they appropriated new methods accompanying the expansion of capitalism, competing for funds in nascent capital markets. Thus, churches appealed to individuals not primarily as consumers of religious goods, but as potential investors in religious institutions, and presented churches as both safe and profitable investments and bulwarks of social stability.

Take it to the (public) bank: The efficiency of public bank loans to private firms

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Anders Kärnä
Keyword(s):  
Economic Growth ◽  
Capital Markets ◽  
Firm Growth ◽  
Bank Loans ◽  
Government Interventions ◽  
The Public ◽  
Positive Effects ◽  
Economic Output ◽  
Unique Dataset

AbstractIncomplete capital markets and credit constraints for small and medium-sized enterprises (SMEs) are often considered obstacles to economic growth, thus motivating government interventions in capital markets. While such policies are common, it is less clear to what extent these interventions result in firm growth or to which firms interventions should be targeted. Using a unique dataset with information about state bank loans targeting credit-constrained SMEs in Sweden with and without complementary private bank loans, this paper contributes to the literature by studying how these loans affect the targeted firms for several outcome variables. The results suggest that the loans create a one-off increase in investments, with long-term, positive effects for sales and labor productivity but only for firms with 10 or fewer employees. Increased access to capital by firms can therefore produce increases in economic output but only in a specific type of firm. This insight is of key importance in designing policy if the aim is to increase economic growth.

Going Far by Going Together: James M. Buchanan’s Economics of Shared Ethics

2021 ◽  
pp. 1-15
Author(s):  
Art Carden ◽  
Gregory W. Caskey ◽  
Zachary B. Kessler
Keyword(s):  
Business Ethics ◽  
Economic Analysis ◽  
Public Good ◽  
Public Capital ◽  
The Public ◽  
Economic Progress ◽  
The Individual ◽  
Other Regarding ◽  
Ethical Communication ◽  
Other Regarding Preferences

We explore themes in Nobel Prize–winning economist James M. Buchanan’s work and apply his Ethics and Economic Progress to problems facing individuals and firms. We focus on Buchanan’s analysis of the individual work ethic, his exhortations to “pay the preacher” of the “institutions of moral-ethical communication,” and his notion of law as “public capital.” We highlight several ways people with other-regarding preferences can contribute to social flourishing and some of the ways those who have “affected to trade for the public good” might want to redirect their efforts. We show how Buchanan’s work has considerable implications for business ethics. Just as his economic analysis of politics changed how we understand government, we think his economic analysis of ethics can (and should) change how we understand business.

Clean energy investing in public capital markets: Portfolio benefits of yieldcos

Energy Policy ◽  
2018 ◽  
Vol 121 ◽  
pp. 383-393 ◽  
Author(s):  
Sarah La Monaca ◽  
Martina Assereto ◽  
Julie Byrne
Keyword(s):  
Capital Markets ◽  
Public Capital ◽  
Clean Energy

Part IV Supervision and Enforcement, 19 Public Enforcement of MiFID II

2017 ◽  
Author(s):  
Gortsos Christos V
Keyword(s):  
Capital Markets ◽  
Financial Stability ◽  
Public Capital ◽  
Financial Supervision ◽  
Public Enforcement ◽  
Member States ◽  
Criminal Sanctions ◽  
Administrative Sanctions

This chapter systematically assesses the provisions of MiFID II (Articles 67-88) on supervision, enforcement, and cooperation by competent authorities. It addresses the role of Member States’ competent authorities within the MiFID II regime, with particular emphasis on the competent authorities’ supervisory powers, their power to impose administrative sanctions and measures, as well as criminal sanctions, and redress procedures. It considers cooperation arrangements between Member States’ competent authorities, the obligation to cooperate with the ESMA, and cooperation with third countries. Finally, these rules are briefly assessed on the basis of three elements pertaining to financial supervision, which, in the author’s view, are essential for the preservation of financial stability and the attainment of other goals underlying (public) capital markets law, and which are addressed by MiFID II’s provisions: micro-prudential supervisory effectiveness, the efficient and unobstructed exercise of competent authorities’ sanctioning powers, and the effectiveness of supervisory cooperation arrangements.

scholarly journals REVISITING THE OPTIMAL STATIONARY PUBLIC INVESTMENT POLICY IN ENDOGENOUS GROWTH ECONOMIES

2008 ◽  
Vol 12 (2) ◽  
pp. 172-194 ◽  
Author(s):  
GUSTAVO A. MARRERO
Keyword(s):  
Endogenous Growth ◽  
Public Investment ◽  
Public Capital ◽  
Optimal Choice ◽  
Public Infrastructure ◽  
The Public ◽  
Developed Economies ◽  
Elasticity Of Intertemporal Substitution ◽  
Output Ratio ◽  
Public Investment Policy

One part of the literature on endogenous growth concerns models where public infrastructure affects the private production process. An unsolved puzzle in this literature concerns observed public investment-to-output ratios for developed economies, which tend to fall short of theoretical model-based optimal ratios. We reexamine the optimal choice of public investment in a more general framework. This setting allows for long-lasting capital stocks, a lower depreciation rate for public capital than for private capital, an elasticity of intertemporal substitution that differs from unity, and the need to finance a nontrivial share of public services in output. Given other fundamentals in the economy, we show that the optimal public investment-to-output ratio is smaller for low-growth economies, for economies populated by consumers with low preferences for substituting consumption intertemporally, and when public capital is durable. For a calibrated economy, we show that a combination of these factors solves the public investment puzzle.

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