Latin American Capital Markets

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64 REENA AGGARWAL. 2000. Model for Effective Regulation. Report of the SRO Consultative Committeeof the International Organization of Securities Commissions. May.Levine, Ross. 1997. Financial Development and Economic Growth: Views and Agenda.Journal of Economic Literature 35:688-726.Levine, Ross, and Sara Zervos. 1998. Stock Markets, Banks, and Economic Growth.American Economic Review 88:537-58.McCaffrey, David, and David W. Hart. 1998. Wall Street Polices Itself. New York OxfordUniversity Press.Megginson, William L, and Maria K. Boutchkova. 2000.The Impact of Privatization onCapital Market Development and Individual Share Ownership. Working PaperUniversity of Oklahoma.Oesterle, David A. 1994. Comments on the SECs Market 2000 Report: On, AmongOther Things, Deference to SROs, the Mirage of Price Improvement, the Arrogationof Property Rights in Order Flow, and SEC Incrementalism.The Journal ofCorporation Law (Spring):483-508.Parker, Phillip. 2000.The Concept of Self-Regulation under the Federal Securities Laws.Presentation at SEC International Institute, Washington, DC., April.Securities Industry Association's Ad Hoc Committee on Regulatory Implications ofDemutualization. 2000. Reinventing Self-Regulation. New York Securities IndustryAssociation, January.Soo, J. Kim. 1993. Government Intervention and Regulation in Emerging Stock Markets:A Case Study of the Korean Stock Exchange. ICSID Review — Foreign InvestmentLaw journal 8( I, Spring):53-91.Strahota, Robert 2000. Key Principles of Securities Regulation for Emerging Markets.Presentation at SEC International Institute, Washington, DC., April.Sundel, Michael B., and Lystra G. Blake. 1991. Good Concept, Bad Executions: TheRegulation and Self-Regulation of Automated Trading Systems in United StatesFutures Markets. Northwestern University Law Review 85(3)748-91.World Bank 2002. World Development Indicators 2002. CD-ROM. World BankWashington, DC.Zarb, Frank G. 2000. Building the Global Digital Stock Market. Speech given at the NationalPress Club, June I3.www.nasdaqnews.com/views/.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
•CHAPTER 3Internet Technology and theDevelopment of Securities MarketsGeorgWittichEthiopis TafaraRobert J. PetersonInformation is the lifeblood of modern capital markets. When information flows freely,investors invest their money more readily, established companies find the capital theyneed to expand, and entrepreneurs attract the cash needed to turn their ideas intoreality. However, when the flow of information is constricted—or where the veracityof the available information is called into question—the flow of capital generally driesup. Investors refuse to make an investment where they do not understand the risks.In turn, larger companies find capital costly, given that the more sophisticated investorswilling to take a chance purchasing these companies' securities demand a greater returnon their investment to compensate for the opacity of information concerningrisk Meanwhile, smaller companies, with their untried ideas and unproven products,find it almost impossible to raise funds through capital markets.The Internet is revolutionizing the securities industry because, at its heart, theInternet is about the flow of information. The Internet allows virtually anyone, anywhereto send and receive large volumes of information almost instantaneously andat little cost. As such, the Internet has the potential to significantly "level the playingfield" among many traditional market participants.In theory, the Internet can enable retail investors to receive the same levelof detailed and timely information that in the past was available only to institutionalinvestors and professional securities analysts. Institutional investors and professionalanalysts have access to even more sources of information about the companies andindustries they cover At the same time, the Internet offers dramatically lower transactioncosts associated with accessing and investing in modern capital markets. Thehigh costs traditionally associated with distributing prospectus information to poten-Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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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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12 KENROY DOWERS, FELIPE GOMEZ-ACEB
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THE IMPACT OF THE MACROECONOMIC ENV
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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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^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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