Charles W. Calomiris, Murillo Campello, Mark Lang, Florin P. Vasvari
{"title":"CARE/CEASA Roundtable on: Liquidity and Capital Management","authors":"Charles W. Calomiris, Murillo Campello, Mark Lang, Florin P. Vasvari","doi":"10.1111/j.1745-6622.2012.00364.x","DOIUrl":"https://doi.org/10.1111/j.1745-6622.2012.00364.x","url":null,"abstract":"Five distinguished banking and accounting scholars explore the role of liquidity at not only the “macro” level of the economy, but also at the level of individual companies. The first of the four main speakers, who is the author of the preceding article, restates his argument that the stability of financial systems can be increased by directing bank regulators and executives to find the optimal combination of liquidity and capital requirements. The second of the four speakers shifts the focus to liquidity management by non‐financial companies, with particular emphasis on their use of lines of credit and their role in helping companies weather the financial crisis. The third speaker places liquidity in the context of capital markets, and presents suggestive evidence that improvements in corporate disclosure and transparency have beneficial effects on both the level and volatility of liquidity in those markets. The panel is rounded out by a discussion of liquidity in corporate bond markets and the proposal of a new way to measure such liquidity.","PeriodicalId":102476,"journal":{"name":"Wiley-Blackwell: Journal of Applied Corporate Finance","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126208570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Demutualization and Corporate Governance of Stock Exchanges","authors":"Reena Aggarwal","doi":"10.2139/SSRN.327360","DOIUrl":"https://doi.org/10.2139/SSRN.327360","url":null,"abstract":"Securities exchanges all over the world are demutualizing and converting from non-profit mutual organizations to for-profit, investor owned corporations. Several exchanges have become publicly traded companies and are listed on the exchange itself. The dramatic changes in the organizational form of the exchanges reflect major changes in their business environment caused by intense global competition and advances in technology. Some of the traditional sources of revenue, such as listing fees, membership fees, and sale of information services and market data are becoming less important. Transactions fee will continue to be one of the most important sources of revenue and exchanges that can attract liquidity will succeed. Exchanges are adding new products and services to expand their revenue base. Typically, exchanges have operated as self-regulatory organizations and the new organizational structure has raised a number of regulatory issues. There are concerns about the inherent conflict of interest between the business operations and the regulatory obligations. However, demutualized exchanges argue that enforcing a good regulatory framework is critical to an exchange's commercial success.","PeriodicalId":102476,"journal":{"name":"Wiley-Blackwell: Journal of Applied Corporate Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129702908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Recent Developments in German Capital Markets and Corporate Governance","authors":"E. Nowak","doi":"10.2139/ssrn.316123","DOIUrl":"https://doi.org/10.2139/ssrn.316123","url":null,"abstract":"Financial economists continue to point to Germany as a relatively successful model of a \"bank-centered,\" as opposed to a market-based, economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world. Although there are now only about 750 companies listed on German stock exchanges, in 1914 there were almost 1,200 (as compared to only about 600 stocks then listed on the New York Stock Exchange). 2001 Morgan Stanley.","PeriodicalId":102476,"journal":{"name":"Wiley-Blackwell: Journal of Applied Corporate Finance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134522521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}