scholarly journals Securities market development: assessing and improving market efficiency

2012 ◽  
Author(s):  
Michael Hasenstab
Keyword(s):  
Market Efficiency ◽  
Securities Market ◽  
Market Development

Trust and Regulation in Corporate Capital Markets before 1914

2018 ◽  
Author(s):  
Leslie Hannah
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
Legal Regulation ◽  
Securities Market ◽  
Market Development ◽  
Shareholder Rights ◽  
London Stock Exchange ◽  
Local Elites ◽  
Corporate Capital ◽  
Trust Networks

Historians have struggled to explain how stock markets could develop—with notable vigour in many countries before 1914—before modern shareholder protections were legally mandated. Trust networks among local elites—and/or information signalling to public investors—substituted for legal regulation, but this chapter suggests real limits to such processes. They are especially implausible when applied to giant companies with ownership substantially divorced from control, of which there were many with—nationally and internationally—dispersed shareholdings. In London—the largest pre-1914 securities market—strong supplementary supports for market development were provided by mandatory requirements for transparency and anti-director rights in UK statutory companies and by low new issue fees. There were also stringent London Stock Exchange requirements for other companies wanting the liquidity benefits of official listing. Shareholder rights were similarly achieved in Brazil and other countries and colonies dependent on British capital.

scholarly journals Price dispersion and online markets maturity in Poland

2017 ◽  
Vol 3 (329) ◽  
Author(s):  
Łukasz Konopielko ◽  
Diana Radkova
Keyword(s):  
Market Efficiency ◽  
Price Dispersion ◽  
Product Category ◽  
Theoretical Background ◽  
Market Development ◽  
Online Markets ◽  
Home Appliance ◽  
Efficiency Comparison

This paper is dedicated to the issue of persistent price dispersion in real markets in the context of Polish online market development. The two channels of retail (online and offline) are observed and compared with regard to price variations determinants and their values comparison. Market efficiency comparison between both markets is also provided on the basis of theoretical background. The data collected from shops representing the two channels of retail (online and offline), for a number of commodities within the home appliance product category in Poland, has been used as a sample for the analysis. Generally, results for the Polish market are in line with similar tests performed for EU as a whole and confirm the maturity of Polish online market.

An Empirical Research of Impact of the Merger of Pan-European and Oslo Stock Exchanges on the Efficiency of Tobacco Securities Market

2021 ◽  
Vol 7 (4) ◽  
pp. 568-587
Author(s):  
Dongpeng Xu ◽  
Deqin Lin ◽  
Dan Zhang
Keyword(s):  
Market Efficiency ◽  
Stock Exchange ◽  
Explanatory Power ◽  
Secondary Market ◽  
Securities Market ◽  
Stock Exchanges ◽  
Market Returns ◽  
Market Theory ◽  
Efficient Market Theory ◽  
The Impact

Objectives: Europe is one of the important markets for traditional tobacco. We analyzed the impact of exchange consolidation on securities market efficiency, so as to enable tobacco enterprises to improve the financing efficiency of the stock market and carry out transformation and upgrading. Methods: In this work. We’re based on efficient market theory, the merger of Pan-European Stock Exchange and Oslo Stock Exchange, Norway in June 2019 is analyzed through empirical analysis. The logarithmic returns of 25 listed companies in the Oslo Stock Exchange OBX-25 index were analyzed using OLSN Chow and KPSS tests. Results: It is found that of 72% of securities, the explanatory power of market returns for securities returns is increased, which shows significant improvement in market efficiency. The merger of stock exchanges can indeed improve the market efficiency. In addition, through the KPSS test, it is found that the merger of stock exchanges can improve the market efficiency. As time goes by, however, the validity decreases. Conclusion: The improvement of the efficiency of the securities market will be conducive to the financing efficiency of listed tobacco companies in the secondary market, promote the transformation of enterprises, and contribute to the tobacco control and the health of the population in Europe.

scholarly journals The Securities Market in Ukraine: Theoretical Aspects of Historic Development

2019 ◽  
pp. 120-130
Author(s):  
S. S. ZALIUBOVSKA ◽  
Yu. B. KOLUPAYEV ◽  
К. R. TOKАREVA
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Computer Software ◽  
Securities Market ◽  
Information Support ◽  
Market Development ◽  
Second Phase ◽  
Investment Funds ◽  
Theoretical Approaches ◽  
Business Entities

The article sums up a review of theoretical approaches to the interpretation of economic categories “securities market” and “stock market” and a chronological analysis of the stock market development in independent Ukraine. It is shown that two general approaches to the interpretation of the above categories exist, legislative and scientific. The latter one can, in turn, be subdivided into narrower approaches: segment approach, with securities market treated as a part of the capital market or financial market; functional approach, with securities market seen as a floor for sales and purchase of securities; normative approach, with securities market addressed as a sophisticated mechanism used to set legal and economic relations between business entities; logical approach, with securities market considered as a set of transaction mechanisms. The authors’ definition of the securities market is proposed: a segment of the financial market, on which interactions between various market actors take place, related with issuance, purchase and sales of securities that have value, circulate freely and certify the relations of co-ownership or lending, with the purpose of effective distribution and rational allocation of financial resources in the socio-economic area of a country with due account for the society’s interests and needs. The authors’ chronology of the securities market development in Ukraine is proposed, in which six phases are distinguished. The first phase is “reappearance” (1990). The second phase is “formation” (1991–1994), falling upon radical market-driven transformation in the Ukrainian economy. The third phase is “development” (1995–1999): search of the effective owners on the boosting market, setting up a system for control over sales and purchase of securities, creation of investment funds, financial and industrial companies and private pension funds. The fourth phase is “improvement” (2000–2002): creating a system for information support for circulation of securities issued in non-documentary form, and computer software for operating the State registers. The fifth phase is “recovery” (2003–2006): gradual decline of crisis tendencies in the economy along with the recover at the securities market.  The sixth phase is “financial globalization” (from 2007 and on). This approach enables to investigate the securities market dynamics over 1991–2018 and give detailed descriptions of each phase with emphasis on core historic event in each. 

scholarly journals PROBLEMS AND PROSPECTS OF THE SECURITIES MARKET DEVELOPMENT: DOMESTIC AND INTERNATIONAL EXPERIENCE

2021 ◽  
Vol 80 (1) ◽  
pp. 216-221
Author(s):  
N.E. Dabyltaeva ◽  
◽  
D.E. Galymzhan ◽  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Main Tool ◽  
Developed Countries ◽  
International Experience ◽  
Securities Market ◽  
Market Development ◽  
Foreign Experience ◽  
Modern Process ◽  
The Republic

The securities market is considered as a part of the financial market. Today, the securities market has become the main object of research for many economists and scientists. One of the main reasons for this trend is that in the context of globalization of the world's economies, the main tool for the development of the financial sector of the state's economy is the development of the securities market. As a result of the modern process of globalization, the financial markets of States are becoming closer and more dependent on each other. The formation and organization of the securities market of the Republic of Kazakhstan began after the country gained its sovereignty. One of the main features of the formation of the domestic securities market during this period is the use of foreign experience of developed countries by the state

scholarly journals SECURITIES MARKET IN LATVIA – DEVELOPMENT OPPORTUNITIES AND PROBLEMS

2012 ◽  
Vol 1 (4) ◽  
pp. 358
Author(s):  
Vineta Šņepste
Keyword(s):  
Economic Development ◽  
Securities Market ◽  
Market Development ◽  
Security Market ◽  
Market Participants ◽  
Market Situation

Securities market development is an indicator of economic development in general. An active securities market almost always means a vibrant economics. Latvian security market for many years has developed in a qualitative more than quantitative way, giving market participants a variety of convenient technology solutions, without any significant changes in the offer of securities on the market. This situation is not conducive to interest potential investors in the domestic securities market, stating that it lacks a qualitative offer as well as liquidity. In her work, the author gathers information on the current market situation, identifies the most important problems and defines the main directions of development.

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