Bonding to the Improved Disclosure Environment in the United States: Firms' Listing Choices and Their Capital Market Consequences

2006 ◽  
Author(s):  
Ole-Kristian Hope ◽  
Tony Kang ◽  
Yoonseok Zang
Keyword(s):  
United States ◽  
Capital Market ◽  
The United States ◽  
Market Consequences ◽  
Listing Choices

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

Urban electric railway management and operation in Britain and America 1900–14

Urban History ◽  
1989 ◽  
Vol 16 ◽  
pp. 22-37 ◽  
Author(s):  
M. D. Reilly
Keyword(s):  
United States ◽  
Capital Market ◽  
The United States ◽  
Comparative Performance ◽  
Transit System ◽  
Investment Projects ◽  
Industrial Sectors ◽  
Difficult Time ◽  
New Type ◽  
The Capital Market

The debate about the comparative performance of the British and American economies around the turn of the century has involved most industrial sectors. In the case of the railways, the argument goes back at least to 1887, when a critical analysis of English railway operations compared to those of the United States was published. For British railway companies, the years after 1900 were a particularly difficult time especially in the capital market, and many new investment projects were abandoned, although not solely because of adverse conditions in the capital market. A substantial number of these projects were probably of a marginal nature but the eighteen-year period between 1890 and 1908 also saw the development of a new type of railway – the urban rapid transit system. This was in response to two very different factors – the continuing growth of cities and the application of electric power in a form suitable for railway use. The spread of these systems in Britain paralleled their expansion in the United States.

scholarly journals Are controlled companies underperforming?

2020 ◽  
Vol 19 (4) ◽  
Author(s):  
Linh Le ◽  
Dongfang Nie
Keyword(s):  
United States ◽  
Firm Performance ◽  
Ownership Structure ◽  
Capital Market ◽  
Keyword Search ◽  
Research Question ◽  
The United States ◽  
Fiscal Year ◽  
The Us ◽  
Important Player

Research Question: Are controlled companies underperforming in the United States? Motivation: Anecdotal evidence shows that the average market capitalization of controlled firms increased from $8.3 billion in 2005 to $20.6 billion in 2015. Given the rapid increase in capitalization, the group of controlled companies has become an important player in the US capital market. However, little is known about controlled companies. Idea: We examine whether controlled companies are underperforming relative to non-controlled companies in the United States. Data: The data sample consists of 351 listed companies in the United States for the fiscal year 2014. Tools: 176 controlled companies were manually collected by performing the keyword search “controlled company” from the U.S. Securities and Exchange Commissions (SEC) website via “www.seekedgar.com/”. Specifically, we search “controlled company” from proxy statement DEF 14A. Each controlled company is verified after reading through the proxy statement. Findings: Using 176 controlled companies and 176 random sampled non-controlled companies, we find that controlled companies are underperforming compared to non-controlled companies. Contribution: To the best of our knowledge, we are the first to collect the group of controlled companies in the US and we are among the first to study how firm performs under the type II agency problem (Pantzalis et al. 1998). We contribute to the stream of literature on how ownership structure (e.g., family-controlled firms) affects firm performance (Anderson & Reeb, 2003). Consistent with the findings from family-controlled firms, we show that ownership structure affects firm performance. Out study sheds light on the important role of controlled companies in the US capital market.

Review of Hoshi and Kashyap's Corporate Financing and Governance in Japan

2003 ◽  
Vol 41 (2) ◽  
pp. 566-574 ◽  
Author(s):  
Juro Teranishi
Keyword(s):  
United States ◽  
Capital Market ◽  
Rapid Growth ◽  
Banking Crisis ◽  
Financial System ◽  
The United States ◽  
Corporate Financing ◽  
Meiji Era ◽  
The One

Examining the development of the Japanese financial system since the Meiji era, Hoshi and Kashyap derive a number of interesting propositions on the evolution of bank-centered financing, its contribution to rapid growth, and its future transformation. They argue that the piecemeal approach to deregulation is one of the main reasons for the current banking crisis, and conclude that Japan will shift to a capital market-based financial system like the one in the United States or in prewar Japan. Hoshi and Kashyap's work makes an important contribution as a coherent long-term overview of Japan's bank-centered financial system.

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