Chaper 3 compares and analyzes four modes of financing of enterprise in the world, include securities business leading mode in America, main bank mode in Japan, almightiness bank mode in German, government leading mode in Korea.
With the development of modern information technology and computer technology, the scope, depth of data base is to become larger. Many enterprises and scientific organizations especially economy system (retail trade, securities business etc.)
If the economy has no viable alternative investment opportunity (other than agents' projects) then equilibrium allocations can be supported by a (non-intermediated) securities market.
Adaptation of the stock market to a new environment was shown to be realized through reducing the fractal dimensionality, that is, chaoticity of motion, of the short-term dynamic structures.
Minimization of the fractal dimensionality with the increase of the efficient existence of the dynamic component substructures was shown to be the prerequisite for stability of the multifractal dynamic system of the stock market.
On a General Theorem of Set Theory Leading to the Gibbs, Bose-Einstein, and Pareto Distributions as well as to the Zipf-Mandelbrot Law for the Stock Market
In this paper, we use a direct method to solve the optimal portfolio and consumption choice problem in the security market for a specific case, in which the utility function is of a given homogenous form, i.e.
A major economic reason behind the underdevelopment of the Russian mortgage security market is that large commercial banks do not operate in the domestic mortgage lending system.
In this setting we give proofs of three properties of CAPM equilibria: they are efficient, asset prices lie on a "security market line", and all agents hold the same two mutual funds.
A client(she) contracts with an agent(him), who has limited liability, as follows: she lends him one dollar at time 0 and he uses the money to trade in a security market.
In this article we study the completion by options of a two-period security market in which the space of marketed securities is a subspace X of $\mathbb{R}^m$.
This paper analyses the potential effects of commercial banks' expansion into the securities business in the context of the contemporary theory of financial intermediation.