established in 1938 by amendments to the National Housing Act to provide local banks with federal money to finance home mortgages. This was an attempt to raise levels of home ownership and make affordable housing more available by creating a secondary market. Fannie Mae was authorized to buy Federal Housing Administration insured mortgages, replenishing the supply of lendable funds. In 1944 Fannie Mae was authorized to purchase loans guaranteed by the Veterans Administration, and in 1954 they become a
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The Role of Intermediaries in Electronic Marketplaces: Assessing Alternative Hypotheses for the Future George M. Giaglis1 , Stefan Klein2 and Robert M. O’Keefe 1 1 Department of Information Systems and Computing, Brunel University, Uxbridge, UK 2 Institute for Information Systems, University of Munster, Germany Abstract Early research in electronic markets seemed to suggest that E -Commerce transactions would result in decreased costs for buyers and sellers alike, and would therefore
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Foundations and Trends R in Finance Vol. 4, No. 4 (2009) 247–325 c 2010 V. V. Acharya, T. Cooley, M. Richardson and I. Walter DOI: 10.1561/0500000025 Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009 By Viral V. Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter Contents 1 Introduction 2 How Did We Get There? 2.1 2.2 2.3 The Panic of 1907 and Its Aftermath Bank Competition, Financial Innovation and Risk-Taking in the Last Decades of the 20th Century Risk-Taking
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has been rating overall medium risk for dynamic risks, governance framework, political violence and business and macroeconomic environment. Financial Markets in the country & Sources of Capital for the multinational corporation Brazil is now the eighth-largest economy in the world and will continue to seek a growing international role. The country has also been considered a confident player on the world stage and also seat temporary at the UN Security Council. The Brazilian Bovespa index
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B. It is subject to few government regulations. | C. its income is not subject to corporate taxation but is taxed as part of the proprietor's personal income. | Disadvantages: | | A. it may be difficult for a proprietorship to obtain the capital needed for growth. | B. the proprietor has unlimited personal liability for the business's debts, which can result in losses that exceed the money invested in the company (creditors may even be able to seize a | proprietor's house or other personal
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OTC market is an important part of multi-layered capital markets, and reflects investment and financing needs of the general concerns of SME. In addition to the main board, OTC market provides more diversification, more flexible transaction methods, and more complicated and customized securitization product. Mostly, the enterprises listed in OTC market are SMEs in the early growth stage, with underperformed corporate governance, management and unpredictable profitability. As a result, the risk of
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* Firms that sell stock that is traded in financial markets such as the New York Stock Exchange are called public firms, whereas firms that do not sell stock are called private firms. * Sole proprietorship A firm owned by a single individual and not organized as a corporation. * Partnership A firm owned jointly by two or more persons and not organized as a corporation. * Corporation A legal form of business that provides owners with protection from losing more than their investment
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system is structured into two major categories, Financial Institutions and Financial Market. The Financial Institutions comprise Banking System and Non-bank Financial Intermediaries. The Financial Market in Malaysia comprises four major markets namely: Money & Foreign Exchange Market, Capital Market, Derivatives Market, and Offshore Market. Chart 1: The Financial System Structure in Malaysia
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with defined responsibilities, to cover both development & regulation of the market, and independent powers have been set up. Paradoxically this is a positive outcome of the Securities Scam of 1990-91. The basic objectives of the Board were identified as: * to protect the interests of investors in securities; * to promote the development of Securities Market; * to regulate the securities market and * for matters connected therewith or incidental thereto. Since its inception
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deposits Capital market can be classified into primary & secondary markets Primary markets : provides for channel for sale of new securities. The issuer of securities(create and sell) new securities in the primary market to raise funds, either through public issue or private placement. If the issue is made to particular class of people it is called a private placement Secondary markets : Deals with securities already issued or offered to the public in the primary market. Thus secondary
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