Latin American Capital Markets

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236 PIETRO MASCI AND IVAN SOTOMAYORaccounting and auditing standards and practice constitutes a public good whose benefitsare not confined to the country that is undertaking the implementation.BibliographyAmerican Institute of Certified Public Accountants (AICPA). http://www.aicpa.org/.Ball, R. 1972. Changes in Accounting Techniques and Stock Prices. Journal of AccountingResearch Supplement 10:1 -38.Ball, R., and R Brown. 1968. An Empirical Evaluation of Accounting Income Numbers.Journal of Accounting Research 6:159-77.Ball, R., and S. Kothari. 1991. Security Returns Around Earnings Announcements. TheAccounting Review 66:718-38.Bank for International Settlements (BIS). 1997. Draghi Report Financial Stability in EmergingMarket Economies. Basle, Switzerland.Collins, Q, S. Kothari, J. Shaken, and R. Sloan. 1994. Lack of Timeliness Versus Noise asExplanations for Low Contemporaneous Return Earnings Association.Journd ofAccounting and Economics 18:289-324.Crockett, Andrew. 1997. Why Is Financial Stability a Goal of Public Policy? In FederalReserve Bank of Kansas City, Maintaining Financial Stability in a Global Economy.Kansas City.Di Piazza, Samuel A, and G. Robert Eccles. 2002. Building Public Trust. The Future of CorporateReporting. New York John Wiley and Sons.Fama, Eugene. 1970. Efficient Capital Markets: A Review of Theory and EmpiricalWork Journal of Finance 25:383-417.. 1991. Efficient Capital Markets II. Journal of Finance 46:1575-617.Financial Accounting Standards Board (FASB). http://www.fasb.org.. 1998. International Accounting Standard Setting: A Vision for the Future. FASB'sSpecial Report. Norwalk, Conn.: Financial Accounting Standards Board.Grossman, S., and Joseph Stiglitz. 1980. On the Impossibility of Informationally EfficientMarkets. American Economic Review 70:573-85.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
ACCOUNTING AND AUDITING STANDARDS 237Herdman, Robert K. 2002. The Roles of the SEC and the FASB in Establishing GMP. Tetimony of the chief accountant, U.S. Securities and Exchange Commission beforthe House Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises, Committee on Financial Services, May 14.Inter-American Development Bank and Multilateral Investment Program (IDB-MIF).http://www.iadb.org/mif.International Accounting Standards Board (IASB). http://www.iasb.org.uk/.. 2002. Improvements to International Accounting Standards. London.International Federation of Accountants (IFAC). http://ifac.org.Jensen, Michael. 2000. A Theory of the F/rm. Cambridge, Mass.: Harvard University Press.Jensen, Michael, and William Meckling. 1976.Theory of the Firm: Managerial BehaviorAgency Costs, and Ownership Structure.Journo/ of Financial Economics 3:305-60.Kaul, Inge, Isabelle Grunberg, and Marc Stern (eds.). 1999. Global Public Goods. NewYork United Nations Development Programme (UNDP).Kothari, S. P 2002. Capital Markets Research in Accounting. Cambridge, Mass.: MassachusettsInstitute of Technology, Sloan School of Management.La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny. 1998.Law and Finance. Journal of Political Economy 106 (December).Litan, E. Robert, and j. Peter Wallison. 2000. The GAAP Gap-Corporate Disclosure in theInternet Age. Washington, DC.: American Enterprise Institute-Brookings JointCenter for Regulatory Studies.Lo, Andrew W, and A. Craig MacKinlay. 2002. A Non-Random Walk Down Wall Street.Princeton, N.J.: Princeton University Press.Nobles, W. Christopher (ed). 2001. Introducing GAAP 2001. Andersen, BDO, DeloitteTouche Tohmatsu, Ernst & Young, Grant Thornton, KPMG, Price WaterhouseCoopers.Piston Katharina. 2000. The Standardization of Law and Its Effect on Developing Economies.G-24 Discussion Papers. New York United Nations and Harvard UniversityCenter for International Development.Pitt, Harvey L. 2002. Accounting and Investor Protection Issues Raised by Enron and OtherPublic Companies.Testimony of the chairman U.S. Securities and Exchange ComCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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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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INTERNETTECHNOLOGY AND THE DEVELOPM
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNETTECHNOLOGY ANDTHE DEVELOPME
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CHAPTER 4The Impact of the Macroeco
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THE IMPACT OF THE MACROECONOMIC ENV
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CHAPTER 5Institutional Investorsand
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INSTITUTIONAL INVESTORS AND CAPITAL
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United KingdomPercentInsurance comp
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PART IIIISSUES IN THE IMPLEMENTATIO
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CHAPTER 6Promoting Regional Capital
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PROMOTING REGIONAL CAPITAL MARKET I
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Page 211 and 212: PROMOTING REGIONAL CAPITAL MARKET I
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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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