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By Helmut Dietl

This publication explores a chain of questions on the diversities within the capital markets in Japan, Germany and the us, and comprises empirical and comparative reports from the 3 international locations.

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Additional info for Capital Markets and Corporate Governance in Japan, Germany and the United States: Organizational Response to Market Inefficiencies

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Start-up firms do not have a reputation, usually do not own many unspecific assets and are short on equity. Due to the price imperfections within primary debt markets, unestablished firms cannot finance their innovative activities by issuing bonds, even if they expect high returns and promise to pay higher interest rates than other borrowers. As a consequence, debt is not automatically allocated to its highestyield uses by the price mechanism. 19 Secondary debt markets Secondary debt markets enhance credit liquidity by enabling lenders to sell their claims before maturity.

If the e are uncorrelated, the amount of noise incorporated by stock i prices will decrease as the number of market participants increases. Under this condition, neoclassical capital markets are able to aggregate and transmit large amounts of scattered knowledge. If the e are correlated, an increase in the number of capital market i participants will magnify rather than reduce the absorption of noise by stock prices. In this case, even neoclassical capital markets will fail to aggregate and transmit large amounts of scattered knowledge.

Investment trusts are composed of an advisor who gives instructions regarding the operation of the trust property, a trustee who administers the trust property in accordance with the instructions received from the advisor, and the beneficiaries. The participating parties of an investment trust do not constitute a company under company law. The relationship between advisor, tr ustee and beneficiaries is governed by contracts. There are two kinds of investment companies: closed-end funds and open-end funds.

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