Latin American Capital Markets

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18 VALERIANO F. GARCIA AND LUIS ALBERTO GIORGIO. 1997. Legal Determinants of External Finance. Journal of Finance 52 (J u 'y) :1131-50.Levine, R., and S. Zervos. 1998. Stock Markets, Banks, and Economic Growth. AmericanEconomic Review 88(2)537-58.McKinnon, R. I. 1973. Money and Capital in Economic Development. Washington, D.C.:Brookings Institution.Megginson, W, and J. Netter 2001. From State to Market: A Survey of EmpiricalStudies on Privatization. Journal of Economic Literature 39 (June).Miller; M. 1991. Financial Innovations and Market Volatility. Cambridge.Modigliani, F, and M. Miller 1958.The Cost of Capital, Corporation Finance, and theTheory of Investment. American Economic Review 48(3):261 -97.Rajan, R., and L Zingales. 1998. Financial Dependence and Growth. American EconomicReview 88(3).Shaw, E. S. 1973. Financial Deepening in Economic Development. New York Oxford UniversityPress.Simons, Henry C. 1947. Economic Policy for a Free Society. Chicago: University ofChicago.Sjaastad, L. 1996. Preventing Banking Sector Distress and Crises in Latin America. InS. K. Bery and V Garcia, (eds.), World Bank, Proceedings of a conference held inWashington, DC.Vittas, D. 2000. Pension Reform and Capital Market Development, "Feasibility" and"Impact" Preconditions. Development Research Group, World Bank, Washington,DC.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
CHAPTER 5Institutional Investorsand Capital Market DevelopmentKaren Goldstein RossottoInstitutional investors play an increasingly important role in the world's capital markets.These investors—primarily pension funds, insurance companies, open-end investmentcompanies (mutual funds), and closed-end investment companies—professionallymanage pooled assets on behalf of their beneficiaries, policyholders, andshareholders. 1 Within the financial system, institutional investors act as the holdersand managers of individual savings and wealth, as well as high-volume traders, newsources of capital financing, and influential shareholders.Over the past half-century, total assets under institutional management havegrown tremendously, although to different degrees across regions and countries.TheU.S. institutional sector, one of the earliest to develop, accounts for a substantial percentageof U.S. financial assets. Institutional investors have also become a major forcein the markets of other industrial economies, notably the high-income members ofthe Organisation for Economic Co-operation and Development (OECD). Althoughpension fund and insurance company assets account for the majority of institutionalassets in OECD countries, the mutual fund industry has recently become particularlyimportant, most notably in the United States, but also in other mature markets.The establishment of institutional investors in OECD countries has occurredfor a number of interdependent reasons. A favorable economy, the need for retirementsupport and investment diversification, tax incentives, increased investor confidencethrough regulation and education, and improved distribution techniques created demandfor institutional investment products. In addition, deregulation and competition,effective corporate governance, and the integrated nature of the OECD economiescreated an ample supply of financial assets in which institutions could invest. Further-Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub1 Other institutional investors include banks, trade unions, endowment funds, and generally any firm or individual thattrades large volumes of securities. For the purposes of this chapter, the term "institutional investor" encompasses bothinstitutional money managers (for example, investment advisers) as well as the institutional portfolios they administer
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Copyright © by the Inter-American
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FOCUS ON CAPITALNew Approaches to D
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ContentsForewordAcknowledgmentsAbou
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ForewordDuring the past two decades
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xFOCUS ON CAPITALlyst with Freddie
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ABOUTTHE AUTHORS xiiiDerek West is
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xviFOCUS ON CAPITALLocal capital ma
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xviiiFOCUS ON CAPITALTable IFinanci
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xxFOCUS ON CAPITALto investors to p
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xxii FOCUS ON CAPITALAlthough deriv
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4 KENROY DOWERS, FELIPE GOMEZ-ACEBO
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10 KENROY DOWERS, FELIPE GOMEZ-ACEB
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DEVELOPING A STRATEGY FOR REFORMING
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PART IIFACTORS AFFECTINGTHE DEVELOP
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•CHAPTER 2Globalization,Technolog
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GLOBALIZATION.TECHNOLOGY AND REGULA
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GLOBALIZATION.TECHNOLOGX AND REGULA
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY, AND REGUL
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•CHAPTER 3Internet Technology and
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PROMOTING REGIONAL CAPITAL MARKET I
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^CHAPTER 7Accounting andAuditing St
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ACCOUNTING AND AUDITING STANDARDS 2
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Puerto Rico Colegio de Contadores P
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Financial statement formats Specifi
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CHAPTER 8Enhancing Market Infrastru
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ENHANCING MARKET INFRASTRUCTURE IN
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•CHAPTER 9Demutualization of Exch
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DEMUTUALIZATION OF EXCHANGES 271int
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DEMUTUALIZATION OF EXCHANGES 273and
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DEMUTUALIZATION OF EXCHANGES 275as
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DEMUTUALIZATION OF EXCHANGES 277wou
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DEMUTUALIZATION OF EXCHANGES 279is
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DEMUTUALIZATION OF EXCHANGES 281tha
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DEMUTUALIZATION OF EXCHANGES 283sec
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DEMUTUALIZATION OF EXCHANGES 285the
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DEMUTUALIZATION OF EXCHANGES 287cro
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DEMUTUALIZATION OF EXCHANGES 289Ams
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DEMUTUALIZATION OF EXCHANGES 291to
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DEMUTUALIZATION OF EXCHANGES 293Kah
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CHAPTER 10Developing Bond Markets:A
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DEVELOPING BOND MARKETS: A COMPREHE
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322 CLEMENTE DELVALLEare generally
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•CHAPTER 11Designing a Derivative
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DESIGNING A DERIVATIVES COMPLEMENT
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DESIGNING A DERIVATIVES COMPLEMENTT
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•CHAPTER 12Access to Financing fo
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ACCESS TO FINANCING FOR SMALL AND M
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•CHAPTER 13Developing Capital Mar
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DEVELOPING CAPITAL MARKETS—ETHICA
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DEVELOPING CAPITAL MARKETS-ETHICAL
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•CHAPTER 14Corporate Governancean
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CORPORATE GOVERNANCE AND CAPITAL MA
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The company's historyof equitable t
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CHAPTER 15Human Capacity Developmen
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HUMAN CAPACITY DEVELOPMENT 465For t
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HUMAN CAPACITY DEVELOPMENT 467• W
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HUMAN CAPACITY DEVELOPMENT 469spect
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HUMAN CAPACITY DEVELOPMENT 471Table
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HUMAN CAPACITY DEVELOPMENT 479struc
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HUMAN CAPACITY DEVELOPMENT 481rapid
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HUMAN CAPACITY DEVELOPMENT 483tate
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PART IVCONCLUSIONCopyright © by th
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CHAPTER 16Pragmatic Issues in Capit
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PRAGMATIC ISSUES IN CAPITAL MARKET
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IndexIn this index, page numbers in
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INDEX 519Bolsa de Valores de Rio de
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INDEX 521Clearing and Depository Co
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INDEX 523costs, financial services
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INDEX 525developing economies (cont
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INDEX 527European Central Securitie
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INDEX 529Global Equity Market (GEM)
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INDEX 531institutional investorsbon
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INDEX 533Jensen, Michael, 216job cr
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INDEX 535margin requirements, 322,
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INDEX 537outsourcing and infrastruc
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INDEX 539prudent investor rule, 141
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INDEX 541Securities and Exchange Co
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INDEX 543technology (continued)self
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