This paper attempts to examine the securitization, negotiability and profitability aspects of three types of muèOErabah instruments; namely, asset-enfaced muèOErabah instruments, currency-enfaced muèOErabah instruments representing monetary contributions and currency-enfaced muèOErabah...

Conventional finance has long been plagued by crises that cause economic dislocations and impede sustained economic growth, with banks and non-bank financial institutions requiring periodic bailouts. Numerous developing countries have been unable to mobilise domestic and foreign financial...

The goal of this paper is to examine the impact of 1975 Congressional mandate to integrate the trading of NYSE-listed stocks.

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best, and French civil law countries the worst, legal...

The structure of this paper is as follows. in section 1, I describe the welfare gain function. In section 2, I use stock returns for the G-7 countries to examine stock returns using standard mean- variance analysis. In section 3, I develop a single general equilibrium framework for examining...

This paper examines the likely impact of Capital Adequacy Directive (CAD) on European Securities markets, focusing in particular on the competitive consequences for institutions engaged in the trading of equity securities.

The market value of corporate stock in the United States increased by nearly one trillion dollars between December 1994 and July 1995. This paper explores the distribution of the stock ownership, and hence the gains from the stock price rise, and what the rise in stock prices implies for...

This paper examines the influence of shocks in the Japanese Nikkei Index and in the U.S. S&P Index on the Australian All-Ordinaries Index. W present results from the application of three models - an autoressive linear model, a GARCH-M model and a non-linear neural network model.