Globalization of financial markets

Clifford W. Smith

32 citations0/0 files storedCarnegie-Rochester Conference Series on Public Policy

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Finance, Markets, and Regulation Global Financial Crisis and Policies Global Financial Regulation and Crises

Abstract

This paper examines the incentives for and impediments to globalization of financial markets. First, incentives for an optimal ownership structure, its implications for geographic dispersion of owners, and the implications for the derived demand for global trading in the firm's shares are analyzed. After a brief survey of the operating procedures and regulatory environments of the New York, London and Tokyo exchanges, various exchange rules, regulatory and tax parameters are analyzed from the perspective of contributing successful competition in a global market.

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References

1952PORTFOLIO SELECTION*1971The Theory of Economic Regulation 1985The Structure of Corporate Ownership: Causes and Consequences 2021The Theory of Economic Regulation 1986Asset pricing and the bid-ask spread 1976Toward a More General Theory of Regulation 1989Why Does Stock Market Volatility Change Over Time?1983The Structure of Ownership and the Theory of the Firm

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1991On the Integration of International Capital Markets: Evidence from Euroequity Offerings 1998Financial reporting and information asymmetry: an empirical analysis of the SEC's information-supplying exemption for foreign companies 1995Information, Sticky Prices and Macroeconomic Foundations

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