Development’, Economic Theory, Vol. The creation, of money as a means of exchange and the increasing need of people to find an, efficient and beneficial way to trade their assets, and more importantly to take, advantage of the great monetary value attached to them has caused the appearance of, specific institutions, markets and individuals that, environment to perform these activities. 9 0 obj Does financial structure matter? The instruments in the financial market are generally used for hedging purpose. endobj for saving, offering unattractive deposit rates. © 2020, Arinjay Academy. <> Tsuru, K. (2000), ‘Finance and Growth: Some Theoretical Considerations, and a Review of the. I first consider the demand for financial market services in a “per- fect capital market” setting and then argue that financial market in- novations may be viewed as attempts to overcome real-world market imperfections. 2 0 obj In this research, I am investigating about the challenges with which the internal auditors are involved. 6 0 obj h�b```f``�d`e`�a�c@ >����^pCPv3���cd���)�X�o���}iJ��p���Е\��3�n��4�^�z����oJ���g����"��.���A-ֵ\�E���sO�k�Dq"��D���g~9T8,��֪{��ׯO{��{��zzK�%֞[�U��0VVb��+�]��R �ݗ�_aBxj#�DɕP%NV��k��� AV�RQ�&GGᛉe����,:�I���Q���/�r��h��O�,�n� 3�w,h9�4 The results also indicate that the net profit has information content in proportion to other two variables. intermediaries in terms of volume and transactions (Boyd and Smith 1998). Mutual Funds (i) Meaning (ii) Evolution (iii) Types (iv) Performance Measures, NAV (v) Mutual Fund Organisation (vi) Advantages and Disadvantages of Mutual Fund (vii) Exchange Traded Funds (ETFs) (viii) Real Estate Investment Trusts (ReITs) (ix) Infrastructure Investment Trusts (Invits), 10. In general terms, financial intermediaries reduce the costs of search for borrowers and lenders, and. >> and providing a large number of consumers and firms with liquidity. ̄ The profitability of brokerage companies is measured by Return on Assets (ROA) as a function of broker specific and macroeconomic determinants. ° Countries with a common law tradition, strong protection for shareholder rights, good accounting standards, low levels of corruption, and no explicit deposit insurance tend to be more market-based, even after controlling for income. ����7L�����>�/�/]�i�7�Hf��XZ0�(�,���xE� � Originality/value: This study is the first to present empirical evidence on the effects of loan portfolio diversification on bank performance in an emerging banking market in Africa. investments in in sub-Saharan Africa, and its role in enabling economic growth and political stability as well as investment return. The equity culture has an effective role in developing investment market and represents economic development. ;DY�5a�?����Z��l(��NE Nn�h�#���>��@� � 4-�?�Ӭ���]M���z~?�f��*�� �˯�{P�Zͳ���23@�6��_�NC��H��3��g�uܫ��#K�D2����Vٙ(���D�8�{��8�(�J�D�xG환(��JMn��������X��]����������яA�޻����u�� ����q��N�+�z��[���������n_4��w�� ���7�R�ml;���9�Y˟��2p���2�-� [� facilitate the ability to trade at low transaction costs (Harris, 2003; Kyle, 1985). In bank-based systems banks play a leading role in mobilizing savings, allocating capital, overseeing the investment decisions of corporate managers, and providing risk management vehicles.In market-based systems securities markets share center stage with banks in getting society's savings to firms, exerting corporate control, and easing risk management. 1, pp: 220-242. investment and involvement in the investment market. Empirical Literature’ OECD Economics Department Working Paper No. Download full-text PDF Read full-text. CAPITAL MARKET AND IT'S ROLE IN INDIAN FINANCIAL SYSTEM INTRODUCTION financial structure at the levels of ‘moderate’ and ‘very’. >> All rights reserved. D, Smith, (1998) ‘The Evolution of Debt and Equity Markets in Economic. In many countries, most of the governments’ revenue sources are meted by taxes, but in some countries such as Iran that have oil sources, the situation is a bit different. 4. 0000000016 00000 n business and occupational interests and the utility of the production function approach for explaining growth. The data used in the current July 1999Financial systems tend to be more market-based in higher income countries, where stock markets also become more active and efficient than banks. It is clear that every government require revenue sources for execution and application of their policies. 0000014085 00000 n CAPITAL MARKET MANAGEMENT MANAGEMENT THEORY AND FINANCIAL SERVICES CONTENTS PART I MANAGEMENT AND FINANCIAL SERVICES 1. Gurley, J. G and E. S, Shaw (1960), Money and Theory, Harris, J., F. Schiantarelli and M. Siregar(1994), ‘The Effect of Financial Liberalization, Structure and Investment Decisions of Indonesian Manufacturing Establishments’, The. © 2008-2020 ResearchGate GmbH. Treasury Operations (i) Raising and Deployment of Funds (ii) Risk Management, 14. The authors may be contacted at ademirguckunt @worldbank.org or rlevine@csom.umn. Access scientific knowledge from anywhere. We focus on the role of the speed of technological progress at the moment of full opening to international capital market. Recommendations are made to tackle the host of regulatory, institutional and cultural challenges that a foreign investor may have to face in Somalia. data, we employed ‘Chi-Square test for comparing the frequency of observed. o 3����r>��j���ih��uO*�˻ƿM���sRa͡�V�^��xܛC"����?x�5�p�5ɯ���au� z_b�����s��� �Pv�ɝ'.��Ǡ���8^�7�� �yc�#��������|>W���r}w�-�\�6c�xc^�>Ƣ���RlH�?�a.�{ S=Z-w@�&�d����|�H�aQ��H��%T�*9|�Ė�������JE�3�1��F~�:���M4bM�Gu��0���8pdP�o㨏���1ޑ(�|�ٽ�D�]{�-��(�,�F�>�B��V!oF�Ƞ҇�Rw! enormous amount of assets available and the income generated by them. stream Design/methodology/approach: Static and dynamic estimations, namely Prais-Winsten, fixed and random effect estimators, feasible generalized least squares as well as the system generalized methods of moments are employed on the annual data of 30 Ghanaian banks that operated between 2007 and 2014 to determine the effect of loan portfolio diversification on bank performance. The results indicate the correlation ratio of net profit and partial correlation of operational profit in relation to stock return and indicate unrelated quotient of debit to stockholder’s equity in relation to dependent variable. endstream endobj startxref Khan, M. and A. Senhadji (2000), ‘Financial Development and Economic Growth: An Overview’ IMF. three main reasons why financial intermediaries exist: 3. trailer Download full-text PDF. the other hand firms tend to approach the equity markets to finance their fixed cost, and Zervos (1998) that ‘both stock markets and banks arise and develop, simultaneously while providing different bundles of financial services to, Greenwood and Javanovic (1990), point out, selectors of investment projects, the selection of more profitable projects resulting, from the evaluation of the more favorable risk/return project rates. Introduction to Financial Services: Capital Markets This In Focus provides an overview of U.S. capital markets, Securities and Exchange Commission (SEC)-related regulation, and their policy issues. 228. ��@��8� �(�D�9]aP��Lh�4:��j�\hE��e�ݪ�p\G�YD�>���{gq@��\��w���8{��L[��ċi8�4�N�PCGOb��lm�jV�E�\{8��j�p�(�g� gN)��~��t��l~��-�;�qY5� �����&ՋBŜ׼*(*7���uFm���9h3�����P�\�u�>����>.��{�-�B}P_�Z"�e�jq��L�>�2������C�4,L%Ah�xTR�N*�lo�W�HXp׶j�������}pK�9\~���NJt�̼��SI In the era of globalization, the potential contribution of financial development to the acceleration of growth is, further financial intermediaries have an advantage in gathering, investment projects and hence allocate the funds to high-return investments and can, positively affect growth (Berthelemy and Varoudakis, information on alternative projects and invest the funds in projects that yield highest, returns. 0000010826 00000 n Do economies with higher levels of financial intermediary development experience, more or less volatility in economic growth rates? It, the financial institutions, because of several reasons, play more important role in a, well developing economy. for International Conflict and Cooperation in R&D Policy’, Research Policy, Vol. Pearson correlation and Regression test are employed to determine the kind of relationship between dependent and independent variables, hypotheses test and evaluating normality of data respectively.

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