TAILIEUCHUNG - LAW COMMISSION PROJECT ON INTERMEDIATED INVESTMENT SECURITIES

What is the role of market valuation in bank stock returns? The ratio of book value to market value of equity (BTM) is often used as an indicator for firms’ future earnings capacity. Put another way, if investors have a favourable view ill push up the price of its stock, thus lowering its cost of equity and creating incentives for managers to undertake additional investment. By contrast, financial stress would coincide with rising BTM ratios. From 2008, the BTM ratio rose around 50% for most banks in the sample (Graph 2). The increases were particularly pronounced for German,. | LAW COMMISSION PROJECT ON INTERMEDIATED INVESTMENT SECURITIES First Seminar - Objectives for a Common Legal Framework am 22 March 2006 British Bankers Association Pinners Hall 105-108 Old Broad Street London 1 TABLE OF CONTENTS PROJECT SEMINARS 4 INTRODUCTION 4 Provisional Seminar Topics 4 OBJECTIVES FOR A COMMON LEGAL FRAMEWORK 6 INTRODUCTION 6 APPROACH 7 UNIDROIT approach 7 Internal soundness and cross-border compatibility 8 Functional approach 8 Policy Issues for Securities Markets 9 Market Confidence 9 Market Efficiency 9 GENERAL NEEDS OF MARKET PARTICIPANTS 10 Recognition of intermediated securities 11 Needs of the investor 12 The rights of the investor 13 Protection against the Intermediary s insolvency 14 The treatment of shortfalls 15 Exclusion of the Intermediary s personal liability 16 Set-off 17 Needs of the Intermediary 17 The Intermediary relationship 18 Clear and simple rules for the settlement of securities 18 Duty to avoid shortfalls 19 Instructions 20 2 Net settlements 20 Set-off 20 Needs of the Transferee 20 Defence against prior claims 21 Investigation of title 22 Settlement finality 22 Needs of the Security Interest Taker 23 Financial Collateral Directive 23 Meaning of control 24 Priorities 24 ISSUES TO BE ADDRESSED 25 General 25 Account holder s Rights 25 Intermediary s insolvency 26 Duties of the Intermediary 26 Shortfalls 26 Transfers 26 Innocent Transferees 27 Collateral 27 Set-off 27

• Đầu tư Chứng khoán
• pioneering discovery
• combat infections
• genes including Toll
• different non linear
• optimization techniques
• illegal adulterant
• inclined strongly
• college journal
• donation practices
• determining factor
• closely associated