In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool. To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates. The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market. As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it. The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.

Abstract This text is the role studying the policy finance and acting in the course of economic development, probe into the government 2001 as the background through the holding company law of the finance, inspected it over the last three years after the government removed and controlled, change in the economic and social category of the local capital market of Taiwan. While studying the financing of small and medium-sized enterprises in the past, documents lacked the deep financing behavior of analyzing small and medium-sized enterprises and bank to study, Uzzi (1999) Think that it influences and promotes private information in the network to share to embedded ties relatedly, at the same time the advantage of the market relation lies in obtaining the public information of the price and loan chance on the market, so different one has different advantage and characteristic relatedly in this financing network. This research asks on the view of regional development, ' the relation finance ' on earth finances of relations whether lower the ground cost effectively? Control the fund that can be apter to draw or tighten even more through the government remove the finance? So, this research is with Granovetter mainly (1985) think that the social embeddedness, analyse the turn of the market of the regional capital from three literary composition surfaces: Including the capital market structure, the debt-credit standard awards the policy of the lender with the bank, and inlay to the related embedded ties role in the debt-credit course. This research adopte the questionnaire and interview law of the depth. Aim at the difference among different banks, such as understanding that credit is close to, service range, and debt-credit way etc. especially give the commercial behavior of small and medium-sized enterprises, the reference while regarding doing as the public decision of regional development in financing about the silver. 1. In remove on gold change by regional capital market structure government to Kaohsjung after changing, it removes and controls the assisting of a gang of banks and local banks to still needing the officer on the financing channels of regional small and medium-sized enterprises of the area of Kaohsjung, have on the financial service of the area again, the financial serivce object that the private gold accuses of is to rely mainly on consumption finance, the service to regional small and medium-sized enterprises is had and still needed to make great efforts. 2. Credit policy of financial institution, after investigation and analysis of this research,it accuse of gangs of bank and officer stock by bank to in enterprise award letter the procedures and loan to put getting looser in standard. In addition as to with pay attention to being greater than the private money accusing of and private bank person who do in the test of market factor, linking the more deeply of its embedability of bank of the local characteristic especially the smaller in scale, the deeper the doing in the test amount is by the factors of people. 3. To small and medium-sized enterprises of the area of Kaohsjung, it has already been used to doing the trade of credit in the bank with local characteristic ; In scale of the capital, the bank of the capital with the larger volume, the procedure has put tediously more long to the loans of small and medium-sized enterprises, must often seek the letter via accusing of two times in charge of the centre , the cost obtaining the fund to small and medium-sized enterprises naturally will be higher, so, the government should offer the norm and respect in considering the localization of the market that the bank classifies, make the big pet bank coexist altogether flourishly.

<p>In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool.</p><p>To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates.</p><p>The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market.</p><p>As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it.</p><p>The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.</p>

Includes bibliographical references (p. 128-135).

Thesis (Ph. D.)--University of Oregon, 2003. / Typescript. Includes vita and abstract. Includes bibliographical references (leaves 77-82). Also available for download via the World Wide Web; free to University of Oregon users.

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This dissertation discusses Japanese capital market deregulation for 1980:12-1996:12, which began gradually with the capital procurement of the most multinationalized firms and differentiated them from the pure domestic firms. We try to quantify what actually happened in the Tokyo Stock Exchange during the period to see whether the policy design could have contributed to the problems of non-performing loans and monetary policy ineffectiveness in the 1990s. We first outline the process of deregulation by a literature review. Then, the dissertation compares the statistical properties of monthly share returns for the internationalized corporations with the rest. We detected that the portfolios of internationalized and domestic firms appear to have unequal data generating processes, and possibly different structural break points, around 1984 and 1990, in their relationship with the global market. Next, we use the mild segmentation model (Errunza and Losq March 1985) to analyze the process of internationalization for the two types of firms. Our estimation suggests the internationalized share appraisal priced not only the world factor but also domestic influence more heavily than the pure domestic stocks, which leads us to reject the hypothesis for our data. We suspect the result may be attributable to the deregulation without an introduction of new valuation rules. The research concludes with an analysis of the changing function of the call rates as a traditional Japanese monetary policy tool, using the intertemporal capital asset pricing model (Merton 1973). The estimation results report that the pricing of internationalized firms could allocate no importance to the conventional domestic monetary policy instrument. Moreover, the pure domestic shares stopped reacting to the call rate in the 1990s, which implies the traditional monetary policy lost influence over asset pricing in its totality for the 1990s. Derived from these findings we conclude capital market liberalization / deregulation as an attempt to control the globalization of firms could generate unexpected reactions in the domestic market. Our estimation advises that liberalization ought to consciously reorganize the domestic capital market regulation, and the monetary authority should be flexible enough to find a way to interact with the domestic market valuations during deregulation. / Thesis (Ph. D.)--University of Hawaii at Manoa, 2003. / Mode of access: World Wide Web. / Includes bibliographical references (leaves 219-236). / Electronic reproduction. / Also available by subscription via World Wide Web / xiv, 236 leaves, bound ill. 29 cm

This thesis investigates the impact of the reform of the split share structure on the Chinese capital market. It adopts an event study methodology to examine the share price performance around the announcements of the reform and its predicted determinants, the type and level of consideration by using a sample of the top 300 companies listed in the combined Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). I find the three-day cumulative abnormal returns (CAR) to be negative and significant around government announcement of the reform on 29 April 2005, but the three-day CAR around company???s announcement of the reform to be positive and significant. I attribute this change of sentiment by the market to the release of information about the reform process concerning features such as type and level of consideration. I also regress the company???s CAR on the type and level of consideration and find evidence to suggest that type of consideration matters, where investors prefer payment of shares from capital reserves or retained profits, cash, warrants or any combination of these methods as opposed to payment of shares from non-tradable shareholders. However, I observe no relation between level of consideration and CAR. I interpret this reaction to be that investors perceive that the consideration level is fair and reasonable based on the company???s financial and operating conditions. These results imply that the reform of the split share structure exerts a positive impact on a company???s share price and the extent of impact is a function of the type of consideration.

Thesis (Ph. D.)--University of California, San Diego, 2007. / Title from first page of PDF file (viewed June 26, 2007). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 62-64).