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London Bullion Market Association. May Retrieved 9 October ; "London Metal Exchange". The London Metal Exchange. April Retrieved 13 December Retrieved 2 March Financial News. Retrieved 5 April Princeton University Press. Amsterdam Business. Archived from the original PDF on 5 July The Guardian. Dutch News NL. Irish Independent. Finance Dublin.
Coordinated Credit Spaces: The Globalization of Chinese Development Finance
IFSC Ireland. Irish Times. Wall Street Journal. China Daily. Commission de Surveillance du Secteur Financier. Investment Europe. Retrieved 21 August Finanzplatz Zurich. Archived from the original on 8 May Zurich Banking Association. Archived from the original PDF on 25 May Canton of Zurich.
Cass Business School. Retrieved 2 June Retrieved 11 July Kaminsky September Archived from the original PDF on 18 August Making Competitive Cities. Retrieved 16 April The Korea Society. The New York Times: Magazine. China Spectator. Sydney Morning Herald. Invest Toronto. Indian Institute of Management Bangalore. Ministry of Finance, Government of India. The Economic Times.
Retrieved 23 January Retrieved 1 February Translated by Jacqueline Collier. Cambridge University Press, , p.
Civil Service College of Singapore ". Civil Service College Singapore cscollege. Retrieved 26 February As Wu Wei Neng notes: "17th century Amsterdam was the world's first modern financial centre — the city hall, Wisselbank, Beurs stock exchange , Korenbeurs commodities exchange , major insurance, brokerage and trading companies were located within a few blocks of each other, along with coffee houses which served as informal trading floors and exchanges that facilitated deal-making.
Financial innovations such as maritime insurance, retirement pensions, annuities, futures and options, transnational securities listings, mutual funds and modern investment banking had their genesis in 17th and 18th century Amsterdam.
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The Journal of Economic History. Global Financial Data. Retrieved 14 May Eric Michael Wilson : "The defining characteristics of the modern corporation, all of which emerged during the Dutch cycle , include: limited liability for investors, free transferability of investor interests, legal personality and centralised management.
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Although some of these characteristics were present to a certain extent in the fourteenth-century Genoese societas comperarum of the first cycle , the first wholly cognisable modern limited liability public company was the VOC. London Review of Books. The Netherlands United East Indies Company Verenigde Oostindische Compagnie, or VOC , founded in , was the world's first multinational, joint-stock, limited liability corporation — as well as its first government-backed trading cartel. Retrieved 18 March Bloomsbury Press, , pp. Retrieved 21 January Capitalism's renaissance? The potential of repositioning the financial 'meta-economy'.
Futures , Volume 68, April , p.
Boettke and Christopher J. Edward P. Curott: "Business ventures with multiple shareholders became popular with commenda contracts in medieval Italy Greif, , p. Yet the title of the world's first stock market deservedly goes to that of seventeenth-century Amsterdam, where an active secondary market in company shares emerged. Other companies existed, but they were not as large and constituted a small portion of the stock market Israel  , —; Dehing and 't Hart , 54; dela Vega  , Translated from the Dutch by Lynne Richards. Bruce D.
Boyd, John H. Greenwood, J.follow
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Cooray, Arusha, Saint-Paul, Gilles, Saint-Paul, G. Henderson, Daniel J. New methods, new evidence ," European Economic Review , Elsevier, vol. Parmeter, Fattouh, Robert G. King, Robert G. Robert M. Solow, Luintel, Ross Levine, Levine, Ross, Pesaran, M. Cheng, Su-Yin, Pagano, Marco, Odedokun, M. For example, Paul Gompers, William Gornall, Steven Kaplan, and Ilya Strebulaev find that venture capitalists weigh a firm's management team quality more heavily than its product and technology. Boards that chose CEOs with military experience, for example, may have needs for which this experience is particularly valuable.
Carola Frydman and Dirk Jenter provide a contemporary survey paper on the question of whether the assignment of managers to assets comes from organizational power or an efficient and competitive market for CEO labor. Institutions Leaving aside the individuals involved, corporate finance is concerned with the sources and uses of funds.
This suggests a natural delineation: Banks or firms raise money, accounting for the components of fundraising on the right side of their balance sheets, and invest the proceeds, accounting for the components of investment on the left side. The financial crisis has concentrated research efforts of the Corporate Finance program on banks and the less regulated, but functionally similar, shadow banking system. Banks are special because their defining source of funds is ultrasafe deposits and because their defining uses of funds are, for practical and regulatory reasons, much safer than the investments of industrial firms.
They specialize in maximally diversified portfolios of loans, which are expected to produce a stable cash flow and are often collateralized by specific and transferable assets that can be quickly converted into cash in the event of default. As an illustration of the power of collateral and the bank lending channel, Thomas Chaney, David Sraer, and David Thesmar show a high propensity of firms to invest following the price appreciation of their real estate holdings, a traditional form of collateral for lenders.
The essential feature of banks in this view is their transforming risky assets into safer, more useful ones. Gorton, Stefan Lewellen, and Andrew Metrick find that the percentage of all assets that is safe has remained stable, suggesting limits on their overall production. Meanwhile, Harry DeAngelo and Stulz emphasize banks' central role in liquidity production as a driver of high leverage ratios; they conclude that stringent capital requirements for regulated banks have fueled the growth of the shadow banking system.
This makes things simple for depositors. A behavioral version developed by Gennaioli, Shleifer, and Vishny says that investors, for the most part, consider assets that pay in most states of the world to be ultrasafe, neglecting tail risks and obviating monitoring. Hanson, Shleifer, Jeremy Stein, and Vishny argue that banks are able to invest more patiently in fixed income assets because the stability of their deposit funding helps them endure transitory price volatility.
Securities deemed ultrasafe are by their nature a low-cost source of finance, and invite ex post risk-shifting. Oliver Hart and Luigi Zingales argue that regulation is needed to limit private sector creation of safe assets that are close substitutes for money. Deposit insurance and regulation help, but they lead non-core liabilities to be indicators of vulnerability, according to Joon-Ho Hahm, Hyun Song Shin, and Kwanho Shin.