Shogun and Samaurai: new champions in Japanese bond markets
Article Abstract:
Japan's Ministry of Finance is relaxing some of its rules to facilitate foreign corporations' entry into Japanese markets. Japanese investors appear eager to invest in foreign, especially US, companies. These occurrences could make the Japanese bond market as significant internationally as the Eurobond market within ten years. US corporate bonds and stocks are attractive to Japanese investors because US securities average a six percent yield, as opposed to the normal one percent yield on Japan's domestic equity issues. The US Treasury Department has announced that withholding taxes will not be assessed on securities issued by US companies in Japanese markets, making the issuance of bonds on Japanese markets more attractive to US corporations. Other recent announcements related to the Japanese markets are discussed, including coupon rate deregulation, and yen- or dollar-denominated security issues.
Publication Name: Cashflow Magazine
Subject: Business
ISSN: 0196-6227
Year: 1987
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Exchanges compete by adding services to traditional listings
Article Abstract:
The three major stock exchanges in the US, the NASDAQ, AMEX, and NYSE exchanges, are offering increased services to listing corporations in order to increase their shares of publicly listed companies. Increasingly, companies qualify for listing on any of these three exchanges, making the competition for listings more intense. NASDAQ has had the most listings historically because smaller corporations can only qualify for NASDAQ listing, and the SEC's dual-class stock restriction prevents many companies from listing on either the AMEX or NYSE. Since late 1986, both the NYSE and AMEX have applied to the SEC for exemption from the dual-class stock restriction. Competitive services offered by each exchange are detailed. The NYSE offers the fewest extra services, since it is generally held to provide the best exposure to investors for corporations with stock listings.
Publication Name: Cashflow Magazine
Subject: Business
ISSN: 0196-6227
Year: 1987
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West Coast stock exchanges are small but cooperative
Article Abstract:
The Pacific Stock Exchange and the Spokane Stock Exchange both maintain quality standards, but are willing to examine and list firms that would be overlooked by the larger exchanges. These exchanges attract companies west of the Mississippi River that would be overlooked as investment opportunities by many East Coast investors. Both exchanges will consider listing firms located throughout the US. Large corporations list on these exchanges so that if they are dropped by a major exchange, as Braniff was dropped temporarily by the New York Exchange, they will continue to have a listing, as Braniff did. The Spokane exchange also lists venture capital and other start-up corporations. Neither exchange expects to attract major institutional investors, since trading volumes are relatively low compared to those of other stock exchanges.
Publication Name: Cashflow Magazine
Subject: Business
ISSN: 0196-6227
Year: 1987
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