Publication:
Promoting Access to Primary Equity Markets : A Legal and Regulatory Approach

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dc.contributor.authorFriedman, Felice B.
dc.contributor.authorGrose, Claire
dc.date.accessioned2012-06-21T20:31:54Z
dc.date.available2012-06-21T20:31:54Z
dc.date.issued2006-04
dc.description.abstractThis paper examines legal and regulatory measures that can be taken to promote access to the primary market in emerging market economies. While capital market development depends on many factors including, primarily, a favorable macroeconomic environment, an appropriately designed and effective legal and regulatory framework can help to encourage market growth and to increase access to finance for all companies, including small- and medium-sized enterprises. In this paper we identify the basic necessities that underpin a regulatory regime that is cost effective and strikes an appropriate balance between, on the one hand, laws and regulations that may be too restrictive to achieve a supply of capital and, on the other, those that may be so relaxed that investors feel that there is an unacceptable level of risk and do not care to venture into the market. We explore the legal foundations for the successful operation of a primary market for securities and identify disclosure and effective monitoring and enforcement as essential elements of legal protection. We then examine different legal and regulatory approaches for improving access to finance. We discuss measures that can be used by traditional stock exchanges to attract smaller enterprises to their lists as well as recent initiatives to create second boards or divide the main board into different market segments. We also discuss different mechanisms for companies to raise funds outside of a formal stock market listing, including private placements and private equity. Finally, we propose some recommendations for a simple legal and regulatory framework that will help promote access to primary equity markets, via both the traditional exchange as well as other alternatives.en
dc.identifierhttp://documents.worldbank.org/curated/en/2006/04/6731299/promoting-access-primary-equity-markets-legal-regulatory-approach
dc.identifier.doi10.1596/1813-9450-3892
dc.identifier.urihttps://hdl.handle.net/10986/8713
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3892
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACQUISITIONS
dc.subjectADVERSE IMPACT
dc.subjectADVERTISING
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBENEFICIAL OWNER
dc.subjectBONDS
dc.subjectCAPITAL GAINS TAXES
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANK
dc.subjectCOLLECTIVE
dc.subjectCOMMERCIAL TRANSACTIONS
dc.subjectCOMPANY
dc.subjectCOMPETITIVE ADVANTAGE
dc.subjectCONSUMERS
dc.subjectCONTINUOUS DISCLOSURE
dc.subjectCONTRACTUAL ARRANGEMENTS
dc.subjectCONTROLLING SHAREHOLDER
dc.subjectCONTROLLING SHAREHOLDERS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE GOVERNANCE REFORM
dc.subjectCOST OF CAPITAL
dc.subjectDAMAGES
dc.subjectDEBT
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE RULES
dc.subjectDISPUTE RESOLUTION
dc.subjectDISTRIBUTION OF INCOME
dc.subjectDOMESTIC COMPANIES
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectDOMESTIC STOCK EXCHANGES
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMICS
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKETS
dc.subjectEQUITY MARKETS
dc.subjectEQUITY OFFERS
dc.subjectEXPROPRIATION
dc.subjectEXTERNAL FINANCING
dc.subjectFAIR
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DISCLOSURE
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STATEMENTS
dc.subjectFOREIGN INVESTORS
dc.subjectFULL DISCLOSURE
dc.subjectGDP
dc.subjectGLOBAL MARKETS
dc.subjectGLOBALIZATION
dc.subjectGOOD CORPORATE GOVERNANCE
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINDIVIDUALS
dc.subjectINFORMATION DISCLOSURE
dc.subjectINITIAL PUBLIC OFFERING
dc.subjectINSIDER DEALING
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINTERNATIONAL MARKET
dc.subjectINVESTMENT CHOICES
dc.subjectINVESTOR CONFIDENCE
dc.subjectINVESTOR PROTECTION
dc.subjectLATIN AMERICAN
dc.subjectLIMITED
dc.subjectLIQUIDITY
dc.subjectLITIGATION
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMANAGERS
dc.subjectMANDATORY DISCLOSURE
dc.subjectMARKET ACCESS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET ECONOMIES
dc.subjectMARKET ECONOMY
dc.subjectMARKET REFORMS
dc.subjectMARKET SEGMENTATION
dc.subjectMARKET SEGMENTS
dc.subjectMINORITY INVESTORS
dc.subjectNASDAQ
dc.subjectNUMBER OF SHAREHOLDERS
dc.subjectOFFERINGS
dc.subjectPARTIAL PRIVATIZATION
dc.subjectPERSONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO MONITORING
dc.subjectPRIVATE COMPANIES
dc.subjectPRIVATE EQUITY
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPROTECTING INVESTORS
dc.subjectPUBLIC COMPANIES
dc.subjectPUBLIC COMPANY
dc.subjectPUBLIC MARKETS
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC OFFERINGS
dc.subjectREGISTRATION STATEMENT
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY BURDEN
dc.subjectREGULATORY ENFORCEMENT
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY REFORM
dc.subjectREGULATORY REGIME
dc.subjectRETAIL
dc.subjectRETAINED EARNINGS
dc.subjectSALE
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSECURITIES LAWS
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES REGULATION
dc.subjectSECURITIES REGULATOR
dc.subjectSHAREHOLDER VOTING
dc.subjectSHAREHOLDERS
dc.subjectSIDE EFFECTS
dc.subjectSMALL BUSINESS
dc.subjectSMALL BUSINESSES
dc.subjectSMALL COMPANIES
dc.subjectSMALLER COMPANIES
dc.subjectSPREAD
dc.subjectSTATE OWNED ENTERPRISE
dc.subjectSTATE OWNED ENTERPRISES
dc.subjectSTATE-OWNED COMPANY
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectSTOCK PRICES
dc.subjectSTRATEGIC INVESTOR
dc.subjectTAX INCENTIVES
dc.subjectTAX RATES
dc.subjectTAX REVENUE
dc.subjectTAX REVENUES
dc.subjectTOTAL MARKET CAPITALIZATION
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectTURNOVER
dc.subjectWAGES
dc.titlePromoting Access to Primary Equity Markets : A Legal and Regulatory Approachen
dspace.entity.typePublication
okr.crossref.titlePromoting Access To Primary Equity Markets : A Legal And Regulatory Approach
okr.date.doiregistration2025-04-10T09:13:34.683943Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2006/04/6731299/promoting-access-primary-equity-markets-legal-regulatory-approach
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.guid620951468339870809
okr.identifier.doi10.1596/1813-9450-3892
okr.identifier.externaldocumentum000016406_20060417173741
okr.identifier.internaldocumentum6731299
okr.identifier.reportWPS3892
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/04/17/000016406_20060417173741/Rendered/PDF/wps3892.pdfen
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicLaw and Development::Corporate Law
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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