The 1980s and 1990s have been critical periods for Thailand’s development. After an initial period of instability in the early 1980s, Thailand’s economy expanded at an average pace of 9 percent p.a. during 1987–96, while the number of households below the poverty line dropped from 32.6 percent in 1988 to 16.3 percent in 1996.
During this period, Thailand’s economy also underwent deep structural changes, including the liberalization of its financial sector and the integration of its economy with global financial and product markets.
The announcement in January of the merger between
America Online and Time Warner marked the convergence
of the two most important business trends of the last
five years: the rise of the Internet and the resurgence of
mergers and acquisitions. M&A activity has been at a fever
pitch recently, and all signs point to an even further acceleration
of deal making, spurred in large part by the breathtaking
influx of capital into the Internet space. Many
executives will be placing bets on M&A that will put their
companies’ futures at stake....
The Palestinian stock market has a number of key players, including the
Palestine Securities Exchange, public listed companies, brokerage firms,
the Capital Market Authority (CMA) and shareholders. The Palestine stock
market was created in 1996, performing its first deal early in 1997. It
evolved quickly in the last ten years, the number of listed companies
reaching 35 with a capitalization of US$ 950 million.
The teaching and the practicing of corporate finance are more challenging and exciting
than ever before. The last decade has seen fundamental changes in financial markets and
financial instruments. In the early years of the 21st century, we still see announcements in
the financial press about such matters as takeovers, junk bonds, financial restructuring, initial
public offerings, bankruptcy, and derivatives. In addition, there is the new recognition
of “real” options (Chapters 21 and 22), private equity and venture capital (Chapter 19), and
the disappearing dividend (Chapter 18).
The Project Board is the most senior level of Project Organization and has the
responsibility of ensuring the continued integrity of the project from all points of
view. The structure of the Project Board reflects the tripartite responsibility that
exists in any project, namely the Business, Customer, and Technical interests.
The Board should be prepared to recommend termination of the project if
States from 1991 onwards. Using these monthly data, we document a statisti-
cally significant smart money effect in the United States whose magnitude is
comparable to that of the United Kingdom. However, even at the quarterly data
frequency, the post-1990 period is suggestive of the presence of smart money in
the United States (whereas the 1970 to 1990 period is not). These conclusions
hold irrespective of whether the momentum factor is taken into consideration.
Thus, Sapp and Tiwari’s results are due to the weight they put on the pre-1991
period, and to their use of quarterly data.
ESMA’s focus in 2013 in the investment funds area will be divided between the finalisation of the key elements of the Alternative Investment Fund Managers Directive (AIFMD) framework, leading up to the transposition deadline of July 2013, and work in the area of UCITS. This area will also be supplemented by activity with respect to the Regulations on Venture Capital (VC) and Social Entrepreneurship Funds (SEFs).
In addition, Thai mutual funds play an important role in the capital market and
Thailand’s economy is among the three fastest growing in the Asia/Pacific region. The data
on mutual funds and the stock market, as well as other relevant information from Thailand,
are sufficiently accessible and more complete than from many other emerging countries and
thus allow us to make more comprehensive investigations of mutual funds in emerging
This monograph emerged from our efforts to study the behavior of the
households from the Townsend Thai Monthly Survey. This experience
convinced us that imposing an accounting framework and creating
financial statements would be a useful, indeed a necessary, first step
for the analysis of household finance, especially from high-frequency,
A key reason is that agricultural production has few technical (dis) economies of scale, implying that a
range of production forms can coexist. A look at the 300 or so publicly listed companies in table 4
illustrates this point. Even though farming accounts for 22 percent of the global agricultural value chain, it
makes up a mere 0.2 percent of equity market capitalization. As of October 2009, there were only seven
publicly listed farming companies worldwide, three in Brazil and Argentina and four in Ukraine and
Financial markets have undergone tremendous growth and dramatic changes in the
past two decades, with the volume of daily trading in currency markets hitting over
a trillion US dollars and hundreds of billions of dollars in bond and stock markets.
Deregulation and globalization have led to large-scale capital flows; this has raised
new problems for finance as well as has further spurred competition among banks
and financial institutions.
Since the mid 1990s there has been a significant growth in the aggregate
size and number of global property funds, largely fuelled by the investment
of significant capital from institutional investors. This falls into two broad
types: the 'core' universe and the 'opportunity' universe.
This growth has seen fund managers launching new funds and raising more
capital at a time when many have been unable to show clear evidence that
their funds have provided historic out-performance against market
benchmarks or performance objectives.
Foreword Nitin Nohria Introduction: The State of Integrated Reporting Today Robert G. Eccles Part I: The Role of the Corporation in Society Accounting and Accountability:Integrated Reporting and the Purpose of the Firm Robert Kinloch Massie A CEO’s Letter to Her Board of Directors John Fullerton and Susan Arterian Chang Drivers of Corporate Sustainability and Implications for Capital Markets: An International Perspective Ioannis
The Capital Market Climate Initiative (CMCI) is a UK initiative, bringing together experts from the
financial and public sector to help deliver private climate financing at scale in developing countries by:
identifying deliverable propositions to mobile private capital; developing a base of evidence build
developing country interest and support; and building private sector confidence in the feasibility of the task
Because larger ﬁrms are much more likely to be covered by collective bargaining
contracts and works councils, a closely related issue concerns the independent role
of ﬁrm size in providing wage insurance. As ﬁrm size is typically viewed as a good
proxy for capital market access (e.g., Gertler and Gilchrist 1994), insurance contracts
should be particularly apparent for individuals working at larger employers.
Residential leases are regulated by provincial legislation. In some
cases, the applicable legislation will override the terms of the lease
agreement, regardless of the intention of the parties. In some
provinces, the ability of the landlord to increase residential rents
is limited by provincial regulation.
Most real estate !nancing is arranged through institutional lenders
such as banks, trust companies, pension funds, credit unions and
In this publication, Jeremy Nowak, President and CEO of The Reinvestment
Fund, examines the role of community-based arts and cultural activity
in neighborhood development and points towards strategies for building
an integrated vision of creativity and development. It focuses on the ways
cultural activity and neighborhood development have complementary and
in some ways intertwined missions, and offers a framework for flexible
investment and funding that supports this synthesis and can contribute to
imaginative and substantive urban revitalization....
Beginning with Titman and Wessels (1988), then Rajan and Zingales (1995) and more
recently Frank and Goyal (2004), the empirical corporate finance literature has converged to a
limited set of variables that are reliably related to the leverage of non-financial firms.
Leverage is positively correlated with size and collateral, and is negatively correlated with
profits, market-to-book ratio and dividends.
In regard to the long-term debt problem, in an economy operating close to potential output,
government borrowing to finance budget deficits will in theory draw down the pool of national
saving, crowding out private capital investment and slowing long-term growth. However, the U.S.
economy is currently operating well short of capacity and the risk of such crowding out occurring
is therefore low in the near term.
The bottom line of the table grosses up the numbers
for industry totals, by assuming that 80% is covered by the
top 10 firms. For the margin lending we assume 75% is
covered by member of the NYSE.
The main point to note is that counterparty exposure
differs considerably between the prime brokers, with higher
risk-taking firms (to generate higher returns) showing high
exposures relative to tier 1 capital, and more conservative
firms showing much lower ratios. The total exposure of the
top 10 firms is about USD 2.9 trillion, and total Tier 1
capital is around...