One of the most important criteria in showing the development level of a country is that financial markets of the country have gained depth. The most important function of financial system is reconstruction of economy and as a result of this, contribution to economical growth by playing a crucial role in the distribution process of capital. From this respect, Stock exchange is the leading indicator in showing countries' financial depth .The crisis that develop either internally and have a growing contagion effect with globalization, make themselves felt in stock exchange with an increasing severe. After the crisis in 2000-2001, Turkey has lost the growing trend lasting for twenty seven quarter in the following of 2008 crisis. With this study, we have tried to explain where the crisis ha...
The Stock Exchange of Hong Kong had an exuberant year in 2006 when it listed sixty-two companies. The listing of the Industrial and Commercial Bank of China Limited on its Main Board earned the exchange the enviable status of being home to the world's largest initial public offering. The HK$333.2 billion in initial public offering capital raised during the year propelled it to the position of second among global exchanges, behind London but ahead of New York. This Article examines an increasingly common feature of initial public offerings in Hong Kong, namely, the introduction of "cornerstone investors" whose participation enhances the general receptiveness to a stock offering. This approach does have a significant downside, however. The new category of "cornerstone investor" may not be...
This paper analyzes the dynamic interrelationships among the exchange rates of twelve countries in the Asian-Pacific region using Vector Auto regression Models. The exchange rates of the following countries are analyzed: Australia, China, Indonesia, Japan, Malaysia, New Zealand, Philippines, South Korea, Singapore, Taiwan, Thailand, and Vietnam. The daily data spans from May 1995 until the end of 2004. One of the more interesting findings is that the Chinese foreign exchange is not as isolated as one may hypothesize given both the results of the Granger Causality tests and the declared exchange rate policy of the Beijing Government.
The advantages of Web-based document exchange between libraries are just beginning to be systematically explored. This article focuses on general considerations in the development of a Web-based model for electronic document exchange (EDE) in the context of the OpenILL Cooperative's EDEN project. These include an overview of the existing document delivery standard (GEDI) and its relationship to emerging models and a discussion of factors being considered in the development of a Web-based protocol, including document exchange format, application event sequencing, metadata, and security.
The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting an amendment to Rule 146 under Section 18 of the Securities Act of 1933, as amended, (``Securities Act'') to designate certain securities listed, or authorized for listing, on BATS Exchange, Inc. (``BATS'' or ``Exchange'') as covered securities for purposes of Section 18 of the Securities Act. Covered securities under Section 18 of the Securities Act are exempt from state law registration requirements. The Commission also is making corrections to the rule text to reflect name changes.
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