Top PDF Growth Potential of the Market Force of Intermediary Structures

Growth Potential of the Market Force of Intermediary Structures

Growth Potential of the Market Force of Intermediary Structures

the availability of effective information flow between the intermediary structures and clients; a clear definition of roles, rights and obligations of the parties involved and mutual coordination of behaviour of intermediary structures and clients [13]. Market positions of waterway transport business structures can be strengthened due to increased participation in integration processes. The terms of the Deep and Comprehensive Free Trade Area within the Association Agreement between the European Union and the European Atomic Energy Community and their member states, as one party, and Ukraine as the other party, which entered into force on 1.01.2016, opened the coastal shipping market in the European Union for Ukraine. In conditions of development of the EU coastal shipping market, the said agreement provides Ukraine with the opportunity to enter the closed transport market, which is not yet fully formed. Accordingly, at present Ukraine is a country that has been granted the right for its merchant fleet to sail in the inland waterways of the European Union on a bilateral basis. This creates exceptional opportunities to enter and conquer the segment of the EU inland waterway transport market.
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Market force of institutional investors on the Romanian capital market

Market force of institutional investors on the Romanian capital market

2.1 Private pension funds First of all, the role of pension funds increased a lot, the effects being likely to be seen in the next period, taking into consideration the reform of the pension system. It supposed the introduction of two more pension pillars, along to the state pension, of fostering the private pension funds activity in their attempt of reaching a significant volume of compulsory and optional private pensions. The more and more intensive activity of private pensions funds is becoming more visible, considering the fact that the percent from the monthly revenue of each employee dedicated to private pension will increase gradually to 6% till 2016. This fact has a deep influence upon the domestic capital market. The experience of other countries that have implemneted such reforms in their countries show the potential big impact upon the capital market. The existence of the suplimentary two pillars represents a premise for the developing the activity of these pension funds, that will further look for investitional products in order to place their funds. Ineluctable, that will lead to a wider range of financial instruments on the capital market, an increase growth of the market liquidity and not at least, a deepening of financial market in general. In our opinion, the effects generated from the private pension funds are not yet significant for the domestic capital market for two reasons. First of all, the uncertainty climate and major capital losses registered on the capital market more recently, have released a certain reserve from the part of the persons in charged with the investment decisions, being more cautious in their approach to choosing investment instruments and assume risk. Therefore, they’d rather invest in bank deposits or state bonds. On the other hand, these alternatives are preferred also because there is this politics at the level of the pension fund, that, in the first years, the majority of their assets ( > 70 %) must be placed in low risk financial instruments ( short and long term state bonds, bank deposits, fixed income securities), for prudential reasons and for covering the provisions and guarantees required by the law. On contrary, in the following years, managers of such funds choose high risk financial instruments, as equities listed on the domestic capital market that can offer higher yields 2 .
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Market force of institutional investors on the Romanian capital market

Market force of institutional investors on the Romanian capital market

2.1 Private pension funds First of all, the role of pension funds increased a lot, the effects being likely to be seen in the next period, taking into consideration the reform of the pension system. It supposed the introduction of two more pension pillars, along to the state pension, of fostering the private pension funds activity in their attempt of reaching a significant volume of compulsory and optional private pensions. The more and more intensive activity of private pensions funds is becoming more visible, considering the fact that the percent from the monthly revenue of each employee dedicated to private pension will increase gradually to 6% till 2016. This fact has a deep influence upon the domestic capital market. The experience of other countries that have implemneted such reforms in their countries show the potential big impact upon the capital market. The existence of the suplimentary two pillars represents a premise for the developing the activity of these pension funds, that will further look for investitional products in order to place their funds. Ineluctable, that will lead to a wider range of financial instruments on the capital market, an increase growth of the market liquidity and not at least, a deepening of financial market in general. In our opinion, the effects generated from the private pension funds are not yet significant for the domestic capital market for two reasons. First of all, the uncertainty climate and major capital losses registered on the capital market more recently, have released a certain reserve from the part of the persons in charged with the investment decisions, being more cautious in their approach to choosing investment instruments and assume risk. Therefore, they’d rather invest in bank deposits or state bonds. On the other hand, these alternatives are preferred also because there is this politics at the level of the pension fund, that, in the first years, the majority of their assets ( > 70 %) must be placed in low risk financial instruments ( short and long term state bonds, bank deposits, fixed income securities), for prudential reasons and for covering the provisions and guarantees required by the law. On contrary, in the following years, managers of such funds choose high risk financial instruments, as equities listed on the domestic capital market that can offer higher yields 2 .
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Stock market development and financial intermediary growth : a research agenda

Stock market development and financial intermediary growth : a research agenda

Using data on 32 developing countries over the 1984-1990 period, they summarize the relationship between one measure of stock market development - the ratio of market capitalizatio[r]

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REVIEW OF INTERMEDIARY MARKET

REVIEW OF INTERMEDIARY MARKET

• investigating ways of raising commercial customers' awareness of the value of commission information disclosed by intermediaries. • European Commission's Business Insurance Sector Inquiry The European Commission carried out a sector inquiry into the provision of insurance products and services to businesses. The final report was issued in September 2007. The report found that commissions are characterised by a lack of transparency in respect of the separate prices of the insurance cover and of the mediation service, which reduces the scope for competition in the market and is susceptible to creating conflicts of interest that risk damaging the interests of customers and leading to higher prices. This is all the more so when additional remuneration is paid by the insurer to the broker that is contingent on the achievement of agreed targets of business. Full and automatic disclosure of relevant information by intermediaries to their clients about remuneration received from insurers and services provided to insurers could help mitigate conflicts of interest but may not be sufficient to mitigate such conflicts in relation to those types of remuneration that specifically aim at aligning the interest of brokers with that of insurers.
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Intermediary Semantic Representation through Proposition Structures

Intermediary Semantic Representation through Proposition Structures

We propose an intermediary-level seman- tic representation, providing a higher level of abstraction than syntactic parse trees, while not committing to decisions in cases such as quantification, grounding or verb- specific roles assignments. The proposal is centered around the proposition struc- ture of the text, and includes also im- plicit propositions which can be inferred from the syntax but are not transparent in parse trees, such as copular relations intro- duced by appositive constructions. Other benefits over dependency-trees are ex- plicit marking of logical relations between propositions, explicit marking of multi- word predicate such as light-verbs, and a consistent representation for syntactically- different but semantically-similar struc- tures. The representation is meant to serve as a useful input layer for semantic- oriented applications, as well as to provide a better starting point for further levels of semantic analysis such as semantic-role- labeling and semantic-parsing.
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Polish insurance market: growth and potential

Polish insurance market: growth and potential

• Poor car market responsible for the stabilization of motor insurance premium growth • Visible tendency of increase in MTPL and Casco claims tempered in 2011 • After the period of low tariff policy, in 2010 insurers started to rise prices for motor insurance cover MTPL claims AC premium AC claims

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Credit, Bankruptcy and Intermediary Market Structure

Credit, Bankruptcy and Intermediary Market Structure

First consider what happens when available credit increases as represented by an out- ward shift of the savings function S(r). Under both monopolistic intermediation and competitive intermediation, there will be an expansion of credit to collateral-poor en- trepreneurs. 19 Under monopoly, a lower cutoff collateral value results, with no changes in the loan contracts for entrepreneurs who obtained loans before the expansion and thus no change in the default rate (see equation 6). Gains in loan businesses and profits are absorbed by the monopoly intermediary. Under competition, a lower equilibrium deposit rate due to the credit expansion affects all loan contracts for entrepreneurs (see equation 8). The face value of debt decreases for each loan, and default rates fall across all entrepreneurs. Thus, while a monopoly intermediary internalizes the impact of a credit expansion, competitive intermediaries spread the impact throughout the market. Next, consider the impact of changes in the monitoring cost g. Under both monopolistic and competitive intermediation, a reduction in the cost decreases the cutoff collateral value and increases the deposit rate. The impact on bankruptcy rates, however, is different. A smaller monitoring cost makes it profitable for a monopoly intermediary to extend credit to more entrepreneurs by increasing the deposit rate. However, since the monitoring expense is directly incurred by the intermediary, a cost reduction has no effect on the face value of debt, and hence no effect on bankruptcy rates (see equation 6). The benefits of the reduction of the monitoring expense accrue to the monopoly intermediary. In contrast, under competitive intermediation, not only will more savings be mobilized because a decrease in the monitoring cost moves the demand function to the right, but also all entrepreneurs that obtain loans in equilibrium will benefit from a smaller monitoring cost (see equation 8). Although the monitoring cost is directly
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VET provider market structures: history, growth and change

VET provider market structures: history, growth and change

The VET FEE-HELP student loan arrangements are a more recent policy initiative, one that has seen significant growth, especially since about 2011−12. An examination of registration data reveals that 19 of the top 20 VET FEE-HELP providers in 2014 (in terms of numbers of students and amount of loans) were already in the market before the introduction of the scheme. While enrolments at these providers may have grown as a result of their being approved as VET FEE-HELP providers, the evidence indicates that these were established providers rather than new providers entering the market. The structure of the sector may change as the market matures and further initiatives and reforms are implemented. As we collect more years of data with total VET activity scope, and our research uses this data, we will have a more complete view of the sector and the training market, their associated structures and performance.
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NGV Market Growth and Potential LDC Roles

NGV Market Growth and Potential LDC Roles

• Measure could be temporary, reviewed by PUC as vehicle count and related infrastructure develop, perhaps with sunset clause requiring sale to private retail fuel providers when criti[r]

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Does Market Potential Matter? Evidence on the Impact of Market Potential on Economic Growth in Iranian Provinces

Does Market Potential Matter? Evidence on the Impact of Market Potential on Economic Growth in Iranian Provinces

market, effects on the manufactures’ profitability; because larger markets increase the demand for various regional products, and manufacturing firms will benefit from increasing returns to scale. So, the manufacturers located in areas with larger market potential has higher profitability than firms settled in areas with smaller market potential. So, an area with larger market potential will be an attractive site for industrial firms’ concentration. According to the new economic geography model, concentration of industrial activities in a region leads to regional growth by Localization Economics. Furthermore, agglomeration of activities can also lead to higher productivity, real wages and higher living standards, and regional economic growth. Several studies on the impacts of market potential on the economic variables have been done. The first group of studies examined the impact of market potential on GDP and growth (Clemente, Pueyo and Sanz, 2009; Enbai, Hong and Wenqing, 2012; Martinez-Galarraga, Tirado, and González-Val, 2015). The second group of studies investigated the impacts of market potential on wages (Niebuhr, 2003; Redding and Venables, 2004; Amiti and Cameron, 2004; Hanson, 2005; Head and Mayer, 2006; Paillacar, 2007; Lopez and Faina, 2007; Kosfeld and Eckey, 2010; Fally, Paillacar, and Terra, 2010; Hering and Poncet, 2010; Pareds, 2012; Kamal, Lovely, and Ouyang, 2012; Cieślik and Rokicki, 2013; Turgut, 2014). The third group of studies are those which investigated the the impact of market potential on industrial activities’ concentration (Hanson, 2004; Harris, 2008; Tokunaga and Jin, 2011; Bagoulla and Peridy, 2011), and the fourth group focused on the impacts of market potential on productivity (Ottaviano and pinelli, 2006; Nicoloni and Artige, 2010; Liu and Meissner, 2015).
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Market Intermediary Business Continuity and Recovery Planning

Market Intermediary Business Continuity and Recovery Planning

A number of Supervisor Respondents identified as an important issue relationships with third parties (e.g., a supplier, or a subcontracted supplier whether located in the domestic jurisdiction or abroad), who may be unable to provide contracted services during an MOD, thus threatening the effective implementation of the intermediary’s BCP. Some regulators believe that risks to intermediaries derived from outsourcing operations to third parties, including networks and data storage and recovery, must be anticipated during the development of BCPs. The financial industry may be potentially vulnerable to collective ‘supplier concentration risk,’ whereby the majority of the firms rely on a few core suppliers for certain services. For example, in the U.S., under FINRA rules, an intermediary must address in its BCP the firm's existing relationships with other intermediaries and counterparties. In addition, under FINRA requirements, each BCP must address, among other things, critical business constituent, bank and counterparty impact related to an emergency or significant business disruption.
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Potential Foreign Competition and Market Structures: Empirical Analysis and Policy Implications

Potential Foreign Competition and Market Structures: Empirical Analysis and Policy Implications

법의 위반 여부를 판단하는 기초자료로 사용하여 왔다. 집중도 지수를 시장지배력의 판단기준 으로 삼을 경우, 경쟁당국과 피심인 간에 쟁점이 되는 사항들은 얼마나 높은 집중 도가 시장지배력을 의미하는가와 관련 시장의 범위를 어떻게 획정하는가 등이 다. 먼저 시장의 획정이 명확하다고 하더 라도 집중도와 시장지배력 간에 명확한 관계가 존재하지 않는다는 데에 집중도 지수의 문제점이 있다. 2) 만약 경합시장 (contestable market)이론이 지적하는 바와 같이 잠재적 진입기업이 존재하여 경쟁 압력을 행사한다면 독점기업이라도 시장 지배력을 행사할 수 없다. 또 다른 극단 적인 예로서 다수의 소규모 기업들로 구 성된 산업일지라도 사업자단체 등을 통 하여 효과적으로 담합할 수 있는 경우 또 는 진입장벽의 존재로 추가적인 기업의 신규진입이 봉쇄되어 있는 경우 상당한 정도의 시장지배력을 행사할 수 있는 것 이다. 이 같은 논의는 집중도가 시장지배 력의 필요조건도 충분조건도 아님을 시 사한다.
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4. Market Structures. Learning Objectives Market Structures

4. Market Structures. Learning Objectives Market Structures

Supply Elasticity and the Role of Time It is less costly to expand output slowly in response to a demand increase. For example, the immediate response to an increase in demand is to extract more production from existing facilities. Eventually, a new plant can be built to meet increased demand. Therefore, the market supply curve is more elastic in the long run than in the short run. The firm’s short-run response is limited by the fixed nature of some of its factors of production. Within this framework, however, some firms can expand some factors more quickly than others. For example, hiring additional workers for a third shift can be implemented more quickly than building a new plant. Generally, it is more cost effective to increase output slowly when demand rises. Expanding output will increase over time as long as price is greater than costs. The market supply curve has greater elasticity when an industry has more time to change output levels.
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Trade credit, financial intermediary development, and industry growth

Trade credit, financial intermediary development, and industry growth

Fraction is fraction of industry Value Added in total manufacturing in 1980, RZ Interaciton is interaction of industry's dependence on external financing with Financial develo[r]

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Trade Credit, Financial Intermediary Development and Industry Growth

Trade Credit, Financial Intermediary Development and Industry Growth

credit will vary across countries, and the US firms are likely to represent the desired (optimal) level of trade credit used by firms in a given industry. Using the US trade credit data implicitly assumes that trade credit usage by industries in US is representative of trade credit usage in other countries. This is a strong assumption, borne of necessity, as we do not have adequate cross- country data on trade credit usage. However, it is an assumption that has a strong theoretical rationale. Using each country’s individual “dependence on trade credit” would be problematic, for reasons of endogeneity: one of our basic assumptions is that trade credit usage is a response to poor financial development. To capture the underlying ‘technological affinity’ of an industry for trade credit dependence, it is more appropriate to look at a country with well-developed markets, where trade credit choices are, in some sense, optimal. The United States, which is excluded from our regressions, provides a potential ‘exogenous’ measure of this.
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Market Structures and Market Abuse *

Market Structures and Market Abuse *

auditors who were influenced by corrupt motives or in- competence and thus undermined the integrity and effi- cient pricing of UK-listed equities. 19 Since the eighteenth century, Parliament and the City of London adopted a number of measures aimed at pro- moting the integrity of investment banks, securities bro- kers, and other financial intermediaries. Although the effectiveness of these measures has been questioned by some economists and market participants, 20 there has al- ways been the recognition that manipulative and fraudulent conduct has especially serious implications for the efficient operation of capital markets because of the threat posed to individual investors. Indeed, main- taining the integrity and fairness of financial markets has generally been viewed as a prerequisite for their efficiency. Yet, the use of information obtained in pri- vileged circumstances has not always been considered objectionable, let alone unfair. For example, econo- mists have suggested that certain restrictions on in- sider dealing might actually undermine efficiency in financial markets and lead to a higher cost of capital for issuers.
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Modelling Work Effort of Workers in the Crowdsourcing Intermediary Market

Modelling Work Effort of Workers in the Crowdsourcing Intermediary Market

3.3.1. Task clarity and internal motivation. The task in the crowdsourcing intermediary market is, by nature telework. Task clarity refers to the existence of clear criteria standards for how tasks are performed and the exact results required [30]. Task clarity is a crucial concept in the digital media workplace, which lacks physical space and face-to-face communication [31]. Kim [32] believes that individuals are motivated not only by intrinsic needs but also by positive job-related factors, such as task clarity, skill utilization, task significance, and social interaction. Tasks with clear and detailed instructions will make workers have the confidence to complete the task, thus, increasing their expectation of winning. Workers will be internally motivated and willing to participate in the task; Contrarily, if work instructions are vague, workers will lose the confidence to complete the task because of the lack of clarity, thus, reducing their expectation of winning and their willingness to participate in the task. Hence, the following hypothesis is formed:
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Market potential and global growth over the long twentieth century

Market potential and global growth over the long twentieth century

Based on equation (14), we can also extract and plot the implied price index P i by removing world income from the market potential measure. Here, we assume a value for the elasticity of substitution of σ = 5. In Figure 2b, we plot this implied price index for two key economies, India and the United Kingdom, normalized to 100 in the year 1910. How should we interpret this implied price index? Consider the following benchmark case. If trade costs did not change and the world experienced uniform income growth across all countries, then the price indices would not change. 14 In that case, market potential would follow exactly the same trend as global income over time. By contrast, higher trade cost levels serve to increase these price indices. This is precisely what we observe from 1910 to 1930, reflecting rising protectionism in the interwar period. More specifically, the price index rose by 92% for India and 70% for the United Kingdom. This rise is then followed by falling price indices, reflecting a long-run trend of declining trade barriers and increasingly open economies. Overall, the implied price indices can
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The African insurance and reinsurance market offers potential for growth, given

The African insurance and reinsurance market offers potential for growth, given

Exhibit 3 displays the CRTs for African countries. The majority of African coun- tries are categorised as CRT-5, with the exception of South Africa (CRT-3) and Morocco and Tunisia (both CRT-4). In September 2011, Egypt was recategorized from CRT-4 to CRT-5. A.M. Best expects political uncertainty associated with the revolution and the building of a new polit- ical system to continue to weigh heavily on the Egyptian economy into 2013. Country risk factors affect all compa- nies in a given market, but to differing degrees (see A.M. Best Clarifies the Risk Weighting Given to Sovereign Credit- worthiness in Assigning Insurer FSRs, 8 November, 2012). Many of these risks can be hedged or lessened through diversification, and A.M. Best therefore does not impose a country risk ceiling on ratings, but rather looks at how these risks specifi- cally affect an insurer’s credit quality. To impose a ceiling on insurer ratings based on the sovereign debt rating is inappropriate, as it ignores meaningful risk manage- ment activity at the company level and international diversification.
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