By Helmut Dietl
This e-book explores a sequence of questions on the diversities within the capital markets in Japan, Germany and the us, and comprises empirical and comparative experiences from the 3 nations.
Read Online or Download Capital Markets and Corporate Governance in Japan, Germany and the United States: Organizational Response to Market Inefficiencies PDF
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Additional info for Capital Markets and Corporate Governance in Japan, Germany and the United States: Organizational Response to Market Inefficiencies
The price of debt is specified by interest rates. Information and incentive asymmetries prevent interest rates from perfectly adjusting to changes in supply and demand. Information asymmetries arise if potential borrowers cannot effectively signal their risk-preferences. Under these circumstances, creditors cannot assess the default risk of their loans and do not know whether borrowers will react to higher interest rates by undertaking riskier investments. Incentive asymmetries are caused by limited liability.
In this case, each individual fund is able to fulfill the diversification requirements imposed by neoclassical regulation without attenuating the incentives to invest into corporate governance. As well-trained professionals, fund advisors will exercise corporate governance more effectively than small investors. Based on their education, experience and the information provided by a qualified support staff, fund advisors can assess corporate performance more accurately than ordinary investors. Fund intermediation also reduces signaling costs.
If stock prices already convey all available knowledge, market participants cannot obtain positive returns from investing into information activities. Accordingly, information activities will be limited to the acquisition of costless information and stock prices will remain incompletely arbitraged with respect to knowledge based on costly information. Empirical evidence supports this argumentation. 23 Consequently, stock prices are not perfectly arbitraged with respect to insider knowledge. While secondary equity markets cannot be informationally efficient in a strong sense, they are at least informationally efficient in Fama’s semi-strong sense.