Governance in financial mutuals
Abstract
Summarizes the reasons for and methods of regulation in worldwide capital markets; and describes in detail the development, governance and regulatory structure of the Warsaw stock exchange (Poland). Uses a variance ratio approach based on Lo and MacKinlay (1988, 1989) to examine price behaviour in the exchange from 1991 to 1995, shows that it is not a random walk market and puts forward possible explanations for its market inefficiency. Considers the implications for the Polish economy and suggests that public policymakers could tighten securities laws and exchange rules to improve the efficiency of this emerging capital market.
Keywords
Citation
Baker, A. and Thompson, S. (2000), "Governance in financial mutuals", Managerial Finance, Vol. 26 No. 9, pp. 36-50. https://doi.org/10.1108/03074350010766864
Publisher
:MCB UP Ltd
Copyright © 2000, MCB UP Limited