formation（employee training）：generalist----France 不利于radical innovation； Financial system Strategy: 想建立双元制企业 ambidextrous 政府支持 并购可以低成本扩张，规模效应，资产增值，提高行业进入成本 B. 为什么好收购 USA：Financial market liquid; venture capital strong bb 允许hostile takeover France：two tier; social distance--- employee no power; CEO is Chairman, high power; ownership control---direct & market control的combine （员工，股东都不能影响决策，只有state和CEO有影响和决策） 收购share price快速上涨，美国financial system和法国corporate governance的优点是成功的原因；法国的缺点是失败的原因 税前利润
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1 EGC Montauban Business School Bachelor degree THESIS THE FINANCIAL CRISIS AND ITS CONSEQUENCES ON THE GERMAN FINANCIAL SYSTEM Thesis presented by Florian DAVID Promotion Mulliez florian.david@egc-montauban.fr The 10th August 2009 2 Figures....................................................................................................................... 3 Introduction.........................................................................................................
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INTERNATIONAL FINANCIAL MARKETS Topic 1 THE STRUCTURE OF THE INTERNATIONAL FINANCIAL SYSTEM Agenda Recent developments in international financial markets The components of the international financial market The eurocurrency market The international equity market The international debt market The foreign exchange (currency) market Globalisation of financial markets The global economy has undergone through a number of structural changes in the past few decades:
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Risk (VaR) Model: Evidence from the Indian Debt Market Sunando Roy* Conventional Value at Risk models are severely constrained while dealing with liquidity risk. This inevitably leads to an underestimation of overall risk and consequently misapplication of capital for the safety of financial institutions. Standard Value at Risk (VaR) model assumes that any quantity of securities can be traded without influencing market prices. In reality, most markets are less than perfectly liquid and many securities
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En The Economics of Money, Banking, and Financial Markets, 9e (Mishkin) – Global Edition Chapter 8 An Economic Analysis of Financial Structure 8.1 Basic Facts About Financial Structure Throughout the World 1) American businesses get their external funds primarily from A) bank loans. B) bonds and commercial paper issues. C) stock issues. D) loans from nonbank financial intermediaries. Answer: D Ques Status: Revised 2) Of the sources of external funds for nonfinancial businesses
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volatile days of the ten years, let us first know what are : a) Stock Markets, b) Stock exchanges. a) Stock Markets: Stock Market is a market where the trading of company stock, both listed securities and unlisted takes place. It is different from stock exchange because it includes all the national stock exchanges of the country. For example, we use the term, "the stock market was up today" or "the stock market bubble." b) Stock Exchanges: Stock Exchanges are an organized marketplace
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SPEECH Indian Derivatives Market - A Regulatory and Contextual Perspective Shyamala Gopinath Indian Derivatives Market - A Regulatory and Contextual Perspective* Shyamala Gopinath Let me first thank Euromoney for inviting me for this seminar on Indian derivatives market. The esoteric world of derivatives has come into sharp focus in recent times precisely on account of their complexity and recent events have triggered a debate on their impact on the financial system stability. My discussion
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company’s shareholder wealth is equal to the number of shrares outstanding times market value per share. * We need to know what factors affect the stock price. * The value of a share of stock is the present value of the cash flows an “average investor” expects to receive in the future id he or she bought the stock. * Long-term view important. Market price VS intrinsic value Stock’s market price: actual market price of the share of stock. Value based on perceived returns and risk. (could
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can only imagine. Like the insurance companies who collect interest on premiums paid while waiting months to pay health providers for services delivered today they profit on “the float”. Their size allows them to create runs in markets, shoring commodities floods the market and creates downward pressure through supply and demand, and then when the price drops they cover the short. Selling something they do not own and then filling the hole when the price is less. The question is not how do they
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4 THE GLOBAL FINANCIAL CRISIS ................................................................5 Credit and Debt Markets....................................................................................................5 Equity Markets ...................................................................................................................6 THE GFC AND EQUITY CAPITAL RAISING..................................................6 THE NATURE OF THE AUSTRALIAN EQUITY MARKET.............
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