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This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
An evolving regulatory landscape and changing economic conditions continue to affect business organization and capital requirements in the global insurance industry, leading to new participants, new transactions, and new challenges. PLI s new Insurance and Investment Management M&A Deskbook provides attorneys with an essential reference to keep up with emerging trends in insurance and investment management M&A. The Deskbook covers topics such as acquisitions of public insurance companies, blocks of insurance business and private acquisitions; the regulatory environment of the insurance industry and the financial services industry; investment in the insurance industry by private equity and pension funds; and the expansion of insurance industry participants into emerging markets around the globe. The Deskbook also provides specific guidance for understanding Lloyd s of London and the M&A market for mutual life insurers."
Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs.
One of the greatest events in financial history will occur in 1999: the birth of the euro and the emergence of a unified European capital market. This is the first academic text to consider the medium term impact of a single currency on these markets. It tackles several key questions: Once the euro is in place, what is likely to change in European capital markets? How is the structure of the bond, equity, and derivative markets going to be affected? Are these markets going to be integrated? Is the disappearence of exchange rate uncertainty going to affect risk premium on the equity and corporate debt markets? Is the euro going to compete with the US dollar, and does this matter? Is the introduction of the euro likely to change the sources of competitive advantages of financial institutions? What are going to be the key factors for success in the industry? The European Capital Markets Institute commissioned a report to address these issues. Drawn from various countries and fields of research - banking, economics, and finance - the contributors analyse the structural effects of the introduction of euro on European capital markets.
When done correctly, real estate investment is exciting, rewarding and lucrative - in any economy. Everything that I have achieved so far has not happened by accident. I came from a working class background yet still made a success in property investment; turning a 5k overdraft into over 15m in assets, with over half a million in rental income annually. If you have a dream or are yet to dream, then join me as I narrate my journey. Discover the challenges I faced, the lessons I learned and the obstacles I overcame - as I reveal how anyone can change their current reality, for the better, through successful property investment!
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