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Return premiums of sustainable companies listed on the Spanish stock market

Alonso Mollar, Eduardo; Fernández Izquierdo, María Angeles; Nieto Soria, Luisa
Fonte: Return premiums of sustainable companies listed on the Spanish stock market Publicador: Return premiums of sustainable companies listed on the Spanish stock market
Tipo: Conferência ou Objeto de Conferência
Publicado em /07/2011 ENG
Relevância na Pesquisa
46.35%
The purpose of this paper is to analyze whether companies with a greater commitment to corporate social responsibility (SRI companies) perform differently on the stock market compared to companies that disregard SRI. Over recent years, this relationship has been taken up at both a theoretical and practical level, and has led to extensive scientific research of an empirical nature involving the examination of the relationships existing between the financial and social, environmental and corporate governance performance of a company and the relationship between SRI and investment decisions in the financial market. More specifically, this work provides empirical evidence for the Spanish market as to whether or not belonging to a group of companies the market classes as sustainable results in return premiums that set them apart from companies classed as conventional, and finds no differences in the stock market performance of companies considered to be SRI or conventional.

A Dynamic Model of Extreme Risk Coverage : Resilience and Efficiency in the Global Reinsurance Market

Lemoyne de Forges, Sabine; Bibas, Ruben; Hallegatte, Stephane
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.5%
This paper presents a dynamic model of the reinsurance market for catastrophe risks. The model is based on the classical capacity-constraint assumption. Reinsurers choose every year the quantity of risk they cover and the level of external capital they raise to cover these risks. The model exhibits time dependency and reproduces a market dynamics that shares many features with the real market. In particular, market price increases and reinsurance coverage decreases after large shocks, and a series of smaller losses may have a deeper impact than one larger loss. There is a significant oligopoly effect reducing reinsurance supply, and the market is segregated into strategic large actors that influence market prices and price-taker smaller firms. A regulation trade-off between market efficiency and resilience is identified and quantified: improving the ability of the market to cope with exceptional events increases the cost of reinsurance. This model provides an interesting basis to analyze further capacity needs for the insurance industry in view of growing worldwide exposure to catastrophic risks and climate change.

Trade Remedies and Non-Market Economies : Economic Implications of the First US Countervailing Duty Case on China

Zhao, Longyue; Wang, Yan
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
36.49%
In 2007, the United States Department of Commerce altered a 23-year old policy of not applying the countervailing duty law to non-market economies, and initiated eight countervailing and antidumping duty investigations on Chinese imports. The change brings heated debate on trade remedy policies and issues of non-market economies. This study focuses on the first countervailing duty case on imported coated free sheet paper from China and analyzes the implications of this test case for United States-China bilateral trade, and industrial policies in transitioning market economies. The paper also provides a brief review of the economics of subsidies, World Trade Organization rules on subsides and countervailing measures, and United States countervailing duty laws applied to non-market economies. While recently acceded countries should review their domestic development policies from the perspective of economic efficiency and comply with the World Trade Organization rules, it is also important to further clarify the issues of non-market economies under the multilateral trading system...

Labor Market Policy in Developing Countries : A Selective Review of the Literature and Needs for the Future

Fields, Gary S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.5%
This paper presents a selective overview of the literature on modeling labor market policies in developing countries. It considers welfare economics, theoretical models, and empirical evidence to highlight the three general features needed in future research on labor market policy in developing countries. The author identifies desirable research components (welfare economics, theoretical modeling, and empirical modeling) and pitfalls in the literature (inappropriate use of productivity, reliance on wrong kinds of empirical studies, lack of cost-benefit analysis, attention to only a subset of the goods and bads, and fallacy of composition). The paper concludes with suggested topics and methods for future research. The author states that sound labor market policy requires sound labor market models. The paper makes a case for developing policy based on explicit evaluation criteria, specific theoretical models, and comprehensive empirical evidence.

Armenia - Labor Market Dynamics : Volume 1. Overview

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Relevância na Pesquisa
36.49%
This study is intended to help Armenian policymakers better understand the main factors behind modest labor market outcomes and to identify policy options to create more and better jobs. The report is based on data from administrative statistics, labor force surveys, and household surveys. The objective of the study is to determine the main factors behind poor labor market outcomes in Armenia: high unemployment of long duration despite rapid economic growth. To do so, it will assess, first, the key characteristics of the demand for labor. These include (a) the impact of macroeconomic policies on job growth; (b) wage flexibility and unit labor costs; (c) cost-of-doing-business factors, including costs, risks, and barriers to competition faced by firms; and (d) employment promotion legislation and labor market institutions. Recommendations are made on policies that can promote an effective and sustainable increased demand for labor; second, the key characteristics of the supply of labor, including the impact of long-term demographic developments and labor migration...

Managing Food Price Risks and Instability in an Environment of Market Liberalization

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.49%
This report, Managing Food Price Risks and Instability in an Environment of Market Liberalization, studies the food price instability and risk problem in low-income countries and investigates the benefits and costs of alternative policy responses, and provides guidance on how to make the transition from state-dominated markets to private markets. The report concludes that problems of food price instability and food insecurity need to be addressed by developing: measures to improve overall productivity of food staples, measures to promote irrigation or crop diversification to reduce climate risks, improvements of the overall efficiency of markets, including investments in transport and communication infrastructure, storage, information systems, and market regulations. The report stresses that direct public interventions in food markets to manage food price risk should be a last resort. Specific policy recommendations are made to achieve these objectives.

Turkey - Corporate Bond Market Development : Priorities and Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.52%
The study is in response to a request by the Capital Markets Board of Turkey to assist them in developing the corporate bond market in line with best practices globally. The objective of this study is to carry out an assessment of the status of the corporate bond market in Turkey. The study identifies key impediments and solutions to sustainable development, and it presents a roadmap to address the key impediments to the development of a dynamic and robust corporate bond market. This study provides a comprehensive review of the Turkish corporate bond market: chapter two provides an overview of the Turkish economy and financial sector; chapter three discusses key impediments to the vibrant development of the corporate bond; chapter four looks at the Turkish bond market within global bond markets and gives a review of the Turkish government bond market; chapter five discusses issues relating to the investor base, factors constraining the growth of a broad and diversified investor base are highlighted; chapter six provides an overview of derivatives market in Turkey and discusses its important role in enhancing liquidity in the secondary markets for government and corporate bonds. The study concludes with a recommended roadmap to develop the corporate bond market in chapter seven. The annexes cover the latest corporate bond offerings in Turkey and examine the expected transaction costs. Survey details of the survey are also in the annex...

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

Byskov, Steen; Boskovic, Tanja
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.51%
This note aims to assess the implementation of the Markets in Financial Instruments Directive (MiFID) in Bulgaria, provide an initial view on the impact it had on the Bulgarian securities markets, and draw lessons from the experience. Bulgaria entered the European Union (EU) and adopted MiFID at the cusp of a global crisis that hit central Europe particularly hard. MiFID implementation in Bulgaria began along with other EU countries on November 1st 2007, less than a year after Bulgaria had entered the union. Important changes for the local market were the introduction of the passport, which allows intermediaries to operate throughout Europe under the local license, a more competitive environment for trading venues as shares listed on the regulated market (RM) shares can be traded anywhere in Europe, and greater role for home supervisor.

Pakistan : Issues Related to the Government Securities Market and Government Debt Management

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.49%
The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over the past 18 months that have enhanced the effectiveness of the market as a source of funding, as well as its efficiency. These include the movement toward more predictable, volume-based, market-determined pricing of government securities. Taking account of the dynamics of demand will be important as the government continues to develop its medium-term debt management strategy. Doing so will help identify potential constraints that may impede the implementation of the chosen strategy. Specific actions that the government is recommended to take include: a) reducing the number of tenors issued, b) consolidating the debt stock so as to improve liquidity in individual bonds, c) reducing time delays in auction processing, and d) developing and investor-relations function...

State and Trends of the Carbon Market 2012

Kossoy, Alexandre; Guigon, Pierre
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.5%
The total value of the carbon market grew by 11 percent in 2011, to $176 billion, and transaction volumes reached a new high of 10.3 billion tons of carbon dioxide equivalent (CO2e). This growth took place in the face of economic turbulence, growing long-term oversupply in the EU Emissions Trading Scheme (EU ETS) and plummeting carbon prices. By far, the largest segment of the carbon market was that of EU Allowances (EUAs), valued at $148 billion. With the end of the first commitment period of the Kyoto Protocol in 2012, the value of the pre-2013 primary certified emission reduction (CER), emission reduction unit (ERU) and assigned amount unit (AAU) markets declined in 2011. At the same time, the post-2012 primary Clean Development Mechanism (CDM) market increased by a robust 63 percent, to US$2 billion, despite depressed prices and limited long-term-visibility. Against this backdrop, several new domestic and regional carbon market initiatives gained traction in both developed and developing economies in 2011. Five new jurisdictions (i.e., Australia, California, Québec, Republic of Korea, and Mexico) passed legislations laying the foundation for cap-and-trade schemes. Together, these initiatives will drive substantial resources towards low-carbon investments and they have the potential to unleash a truly transformational carbon market...

Malaysia : Bond Market Development

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.51%
This paper pertains to the bond market development in Malaysia, and provides an overview of the market scenario in the country. Malaysia has been successful in developing the capital markets, particularly bond markets, in the recent past. Now, it faces the challenge of how to improve broader access and efficiency of the bond market. A high degree of investor concentration, dominated by government pension funds, plays a significant role in impeding the growth of higher-yield bond market. The role of the government in stimulating the growth of the bond markets should be now shifted toward encouraging more diversity. In order to promote risk diversity, significant measures should be taken to increase competition on the demand side. Another important challenge for the bond markets going forward is improving transparency to make them more attractive to a broader constituency. To improve liquidity and transparency, the authorities should encourage the establishment of open, independent electronic platforms that integrate price search...

Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.5%
Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Government sees the need to develop capital markets to help finance corporate growth and infrastructure development. It is incumbent on the Government to establish a comprehensive capital market development program, which includes efforts to increase supply and demand, strengthen supervision and enforcement, and must be accompanied by an effective outreach campaign, both domestically and internationally. On the demand side, creating a steady flow of investment into instruments with a long-term horizon, primarily from the pension and insurance sectors, will help grow the markets. Increased demand from institutional investors and issuance by large companies will attract more companies to the capital markets. All these efforts need to be complemented by the issuance of effective regulations...

Labor Market Regulations : What Do We Know about Their Impacts in Developing Countries?

Betcherman, Gordon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.5%
Labor market regulation is a high-profile, and often contentious, area of public policy. Although these regulations have been studied most extensively in developed countries, there is a growing body of literature on their effects in developing countries. This paper reviews that literature and focuses on the impacts of two important types of labor market regulation, minimum wages and employment protection legislation (EPL), on employment, earnings, and productivity. Strong and opposing views exist regarding the costs and benefits of these regulations, but the results of this review suggest that their impacts are generally smaller than the heat of the debates would suggest. Efficiency effects are found sometimes, but not always, and the effects can be in either direction and are usually modest. The distributional impacts of both minimum wage and employment protection legislation are clearer, with two effects predominating: an equalizing effect among covered workers, but with groups such as youth, women, and the less skilled disproportionately outside the coverage and its benefits. Although the overall conclusion is one of modest effects in most cases...

SME Exchanges in Emerging Market Economies : A Stocktaking of Development Practices

Harwood, Alison; Konidaris, Tanya
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
36.5%
In recent years, many emerging market countries have developed or are in the process of developing SME Exchanges to provide financing to SMEs, but few have succeeded. This paper aims to help stock exchanges and policy makers think through the key questions to be addressed to determine if, when, how and for whom to develop an SME Exchange in emerging market countries. It takes stock of some of the actions that exchanges can take to reduce issuance costs, in time and money for SMEs, without compromising the prudential needs of investors. The paper draws on the experience of seven SME Exchanges and the World Federation of Exchanges that participated in a workshop organized and led by the WBG to discuss these and other questions. It does not recommend a specific model to follow and does not address specific context issues, however the analysis suggests approaches that are widespread and/or could be beneficial to consider such as (1) focus on SMEs with a sizeable growth rate, (2) have the SME exchange legally related to the main board...

Labor Market Regulations and Outcomes in Sweden

Ulku, Hulya; Muzi, Silvia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
36.5%
This paper analyzes recent trends in Swedens labor market regulations in relation to comparator economies and examines the relationship between labor market regulations and outcomes. The paper finds that the Swedish labor market responded more rapidly to the recent global financial crisis than the majority of the European Union economies, which helped Sweden to recover quickly. Swedens hiring regulations are more flexible than those of many comparator economies, however, fixed-term contracts of short duration might have adverse consequences for the economy. In addition, Swedens regulations on work during the weekly holidays and mandatory paid annual leave are stricter than those of the majority of comparator economies. Moreover, among the economies of the Organisation for Economic Co-operation and Development, Sweden has one of the largest differences in employment protection between permanent and temporary employees, which could lead to a segmented labor market, where insiders enjoy high job security and outsiders are largely marginalized. This could be cause for concern...

Hybrid Issuance Regimes for Corporate Bonds in Emerging Market Countries

Loladze, Tamar
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
36.51%
Securities regulators in many developing countries are looking for ways to help grow their nongovernment bond markets to finance development. A common challenge is onerous regulations for issuance of bonds, which tend to discourage companies from coming to market. This paper explains and analyzes an issuance framework—a hybrid offer regime (HBOR)—that is particularly suitable for bonds and could help encourage greater issuance and market growth. The HBOR reduces issuance requirements and approval times for bond issuers but maintains certain protections to ensure investor comfort. While certain aspects of this type of issuance have been covered in literature on private placements, the review of hybrid offer regimes, as discussed in this paper, is new and has been evaluated by the WBG. Drawing on the experience of eight countries, the paper identifies key features of HBORs and highlights important issues for policymakers to consider in their implementation. The findings conclude that the most salient features of HBORs are: i) investment limited to qualified investors...

State and Trends of the Carbon Market 2012

Kossoy, Alexandre; Guigon, Pierre
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
EN_US
Relevância na Pesquisa
36.5%
The total value of the carbon market grew by 11 percent in 2011, to $176 billion, and transaction volumes reached a new high of 10.3 billion tons of carbon dioxide equivalent (CO2e). This growth took place in the face of economic turbulence, growing long-term oversupply in the EU Emissions Trading Scheme (EU ETS) and plummeting carbon prices. By far, the largest segment of the carbon market was that of EU Allowances (EUAs), valued at $148 billion. With the end of the first commitment period of the Kyoto Protocol in 2012, the value of the pre-2013 primary certified emission reduction (CER), emission reduction unit (ERU) and assigned amount unit (AAU) markets declined in 2011. At the same time, the post-2012 primary Clean Development Mechanism (CDM) market increased by a robust 63 percent, to US$2 billion, despite depressed prices and limited long-term-visibility. Against this backdrop, several new domestic and regional carbon market initiatives gained traction in both developed and developing economies in 2011. Five new jurisdictions (i.e., Australia, California, Québec, Republic of Korea, and Mexico) passed legislations laying the foundation for cap-and-trade schemes. Together, these initiatives will drive substantial resources towards low-carbon investments and they have the potential to unleash a truly transformational carbon market...

Mexico : Capital Market Development

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.5%
Securities markets in Mexico are orderly and relatively innovative; however, corporate markets lag behind those in comparator countries. The government bond market accounts for the bulk of the fixed-income segment, and is well developed and active. While financial savings rates have been growing, little has been transformed into long-term investments. Most of the savings remain in traditional savings accounts. Institutional investors still hold the bulk of their assets in government bonds. Mexico will need to find solutions to further develop its capital market to fund its development needs. In the infrastructure sector alone, the country needs approximately US$230 billion of new investments. In the corporate sector, provision of financing by banks fare well below peers, especially for small and medium enterprises. Meanwhile, the pension fund industry, growing at about US$20-US$30 billion annually, requires sound investment outlets. The large concentration in the control of financial intermediaries raises complex issues and may stunt market development. The investor base in the equity market lacks diversity...

India : Role of Self-Regulatory Organizations in Securities Market Regulation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.5%
This Note identifies four main theoretical options for securities markets self-regulation in India, based on precedents from international markets. There is no single 'right' approach - the note outlines three options that employ Self Regulatory Organizations (SROs), which could be viable solutions for Indian capital markets. These are: (1) Restructure the existing Exchange SRO system to create a joint SRO subsidiary of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The new entity would be responsible for both market and member regulation. The Exchanges provide an existing platform for SRO functions that works reasonably well. This platform includes a governance structure, professional management, experienced staff, documented programs and procedures, and IT tools. But this option raises all of the issues on conflicts of interest at Exchange SROs. (2) Hybrid structure: NSE and BSE retain responsibility for market regulation, and create a new independent SRO for member regulation. This option is very similar to Association of National Stock Exchange Members of India's (ANMI's) proposal to create a member-based SRO (but the SRO should not be based on a trade association because of the significant conflicts of interest). It is based on the idea that supervising members is best done by a central regulator...

Capital Market Integration and MiFID Implementation : The Bulgarian Experience

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Commodities Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.51%
Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial diversification of the financial system. Bulgaria began aligning its regulation of securities markets to European Union (EU) standards when its EU accession process began and introduced the Markets in Financial Instruments Directive (MiFID) in November 2007 along with other EU countries. This report aims to assess the implementation of MiFID in Bulgaria, to provide an initial view on the impact it had on the Bulgarian securities markets, and to draw lessons about the experience. The report not only offers concrete suggestions for stimulating development of the capital market to the benefit of firms and investors, but it also aims to stimulate further debate about how to organize the securities market infrastructure for long-term development.