"In infrastructure, the possibility of a positive relationship between operators' profitability and the degree of concentration is a major political issue in view of the wide diversity of feelings about the potential role of the private sector. This is particularly important because of (1) the...

The purpose of this report is to gain an understanding of the financial reporting requirements for companies whose equity or debt securities are listed for trading on a regulated market in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. There...

"Following Chile's pension reform in 1981, a wave of multi-pillar pension reforms took place in Latin America (LAC). Their implementation has revealed new policy challenges. To shed light on these issues, this paper reviews the structure and performance of mandatory DC pillars in LAC. The review...

"For a foreign "issuer," the benefits of cross-listing in the United States are extensively documented in the literature. However it is not clear what motivates "investors" to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. The authors address the...

The value of funded pensions can depend critically on the funds' investment performance. To try and protect people's savings, governments often regulate pension funds strictly, particularly when contributions are mandatory. For example, the new funded pension systems in Latin America and Eastern...

The project purpose is to provide expert technical assistance to the State Securities Commission (SSC) for the development of the regulatory framework for supervising the investment funds. The main products of the work are an assessment report on the key challenges to the SSC in the supervision...