research proposal on capital market

Capital Markets Thesis Topics

This page provides a comprehensive list of 200 capital markets thesis topics for students studying finance and seeking to explore a wide array of subjects within this critical field. Capital markets are essential to the global financial system, influencing everything from corporate funding to economic stability. This list covers current issues such as regulatory challenges and market liquidity, recent trends like sustainable investing and the rise of Fintech, and future directions including the impact of artificial intelligence and climate change on capital markets. Whether you are interested in traditional markets or emerging innovations, these capital markets thesis topics will guide you toward meaningful and impactful research.

200 Capital Markets Thesis Topics and Ideas

Capital markets are a vital component of the global financial system, facilitating the flow of funds between investors and institutions. They include a variety of financial instruments, from stocks and bonds to derivatives and foreign exchange markets. This comprehensive list of 200 capital markets thesis topics, divided into 10 key categories, explores a wide range of issues, from current challenges to emerging trends and future directions in capital markets. Whether you’re interested in understanding market efficiency, examining the impact of regulations, or exploring innovations in Fintech, these topics provide students with diverse options to craft their thesis on capital markets.

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1. Stock Market Efficiency

• The Efficient Market Hypothesis: Still Relevant in Modern Markets?
• Behavioral Finance vs. Efficient Market Hypothesis: A Comparative Study
• The Role of Information Asymmetry in Stock Market Efficiency
• Testing Market Efficiency in Emerging Markets: A Case Study
• The Impact of High-Frequency Trading on Stock Market Efficiency
• How News and Rumors Influence Stock Market Efficiency
• Does Investor Sentiment Affect Stock Market Efficiency?
• The Relationship Between Insider Trading and Market Efficiency
• Market Efficiency in the Age of Social Media: An Analysis
• The Impact of Algorithmic Trading on Market Efficiency
• Stock Market Efficiency and Corporate Earnings Announcements
• Efficiency of Small-Cap vs. Large-Cap Stocks: A Comparative Study
• How Regulatory Changes Impact Market Efficiency
• The Role of Technology in Enhancing Market Efficiency
• Analyzing the Efficiency of Stock Markets During Financial Crises
• The Role of Corporate Governance in Stock Market Efficiency
• Do Political Events Affect Stock Market Efficiency?
• The Role of Economic Indicators in Stock Market Efficiency
• The Impact of Globalization on Stock Market Efficiency
• Comparing Market Efficiency in Developed vs. Emerging Markets

2. Bond Markets

• The Role of Government Bonds in Economic Stability
• Corporate Bonds vs. Government Bonds: A Risk and Return Analysis
• How Inflation Affects Bond Market Returns
• The Impact of Credit Ratings on Bond Prices
• Bond Yield Spreads as Predictors of Economic Recessions
• The Role of Bond Markets in Corporate Financing Strategies
• How Central Bank Policies Influence Bond Market Liquidity
• Analyzing the Performance of Junk Bonds in Volatile Markets
• The Effectiveness of Bond Market Reforms in Emerging Economies
• Sustainable Bonds: The Rise of Green Bonds in Global Markets
• The Role of Bonds in Portfolio Diversification
• Comparing the Risk Profiles of Investment-Grade vs. High-Yield Bonds
• The Impact of Monetary Policy on Bond Market Yields
• The Role of International Bond Markets in Global Capital Flows
• The Impact of Quantitative Easing on Bond Markets
• How Interest Rate Changes Affect Bond Market Performance
• The Role of Bond Markets in Financing Infrastructure Projects
• The Relationship Between Sovereign Debt and Bond Market Stability
• The Impact of Foreign Exchange Rates on Bond Market Performance
• Analyzing the Role of Bonds in Emerging Market Economies

3. Regulation in Capital Markets

• The Role of Regulatory Frameworks in Ensuring Market Transparency
• How Post-2008 Financial Reforms Shaped Global Capital Markets
• The Impact of Dodd-Frank on U.S. Capital Markets
• The Role of Financial Regulators in Maintaining Market Stability
• How Regulation Affects Liquidity in Capital Markets
• Regulatory Challenges in the Age of Digital and Cryptocurrencies
• The Role of Regulatory Sandboxes in Fintech Development
• Comparing Regulatory Frameworks for Capital Markets Across Economies
• The Role of Self-Regulatory Organizations in Capital Markets
• How Compliance with Anti-Money Laundering Laws Affects Capital Markets
• The Impact of the Basel III Accord on Global Capital Markets
• The Role of ESG (Environmental, Social, and Governance) Regulations in Capital Markets
• How Insider Trading Laws Influence Investor Confidence
• Analyzing the Role of Central Banks in Regulating Capital Markets
• How Market Surveillance Systems Improve Regulatory Compliance
• The Role of Corporate Disclosure Requirements in Ensuring Market Integrity
• Regulatory Implications of High-Frequency Trading
• How Regulatory Changes Impact Market Entry Barriers
• The Role of International Cooperation in Regulating Global Capital Markets
• The Impact of Financial Regulations on Market Efficiency

4. Market Liquidity and Risk

• The Role of Liquidity in Stock Market Stability
• How Market Liquidity Affects Asset Prices
• Liquidity Risk and Its Impact on Capital Markets
• Measuring Liquidity in Bond Markets: A Comparative Study
• The Role of Central Banks in Managing Liquidity Crises
• How High-Frequency Trading Affects Market Liquidity
• The Impact of Market Liquidity on Financial Crises
• Managing Liquidity Risk in Emerging Markets
• The Role of Market Makers in Ensuring Liquidity in Capital Markets
• How Market Liquidity Affects the Pricing of Derivatives
• The Role of Liquidity in the Functioning of ETFs
• The Relationship Between Market Volatility and Liquidity Risk
• How Liquidity Constraints Affect Corporate Financing
• The Impact of Capital Flows on Market Liquidity in Emerging Markets
• Liquidity Risk Management in the Banking Sector
• The Role of Market Liquidity in Portfolio Optimization
• How Liquidity Stress Tests Can Prevent Financial Crises
• The Impact of Technology on Enhancing Market Liquidity
• Market Liquidity in Times of Economic Uncertainty: A Case Study
• Comparing Liquidity Risk in Developed and Emerging Markets

5. Derivatives and Futures Markets

• The Role of Derivatives in Hedging Financial Risks
• How Futures Markets Influence Price Discovery in Capital Markets
• The Impact of Regulatory Changes on Derivatives Trading
• The Role of Derivatives in Portfolio Risk Management
• The Relationship Between Derivatives and Market Volatility
• The Impact of High-Frequency Trading on Futures Markets
• How Commodity Derivatives Influence Global Prices
• The Role of Credit Default Swaps in Capital Markets
• The Use of Financial Derivatives in Emerging Markets
• The Role of Derivatives in Enhancing Market Efficiency
• The Impact of Derivatives on Corporate Risk Management Strategies
• Comparing the Risk and Return of Derivatives vs. Equities
• The Role of Options in Volatility Trading Strategies
• The Role of Derivatives in Leveraged Financial Strategies
• How Financial Derivatives Contribute to Systemic Risk
• The Role of Futures Contracts in Agricultural Markets
• The Impact of Derivatives on Global Financial Stability
• How Currency Derivatives Hedge Against Foreign Exchange Risk
• The Role of Derivatives in Energy Markets
• The Future of Derivatives Trading in a Digitized Financial System

6. Emerging Capital Markets

• The Growth of Capital Markets in Emerging Economies
• The Role of Foreign Direct Investment in Emerging Capital Markets
• How Political Risk Affects Emerging Capital Markets
• The Role of International Aid in Developing Capital Markets
• The Impact of Market Liberalization on Emerging Capital Markets
• How Currency Fluctuations Influence Capital Markets in Developing Economies
• The Role of Multilateral Development Banks in Emerging Markets
• Comparing Capital Market Growth in BRICS Economies
• The Role of Pension Funds in Developing Capital Markets
• The Impact of Digital Finance on Emerging Capital Markets
• How Institutional Reforms Shape Emerging Capital Markets
• The Role of Sovereign Wealth Funds in Capital Market Development
• Comparing Regulatory Challenges in Emerging vs. Developed Markets
• The Impact of Globalization on Emerging Capital Markets
• How Technological Innovation Is Shaping Emerging Capital Markets
• The Role of Foreign Portfolio Investment in Developing Capital Markets
• The Impact of Financial Inclusion Initiatives on Capital Market Growth
• How Macroeconomic Stability Affects Emerging Capital Markets
• The Role of Venture Capital in Developing Financial Markets
• The Future of Capital Markets in Africa: Challenges and Opportunities

7. Sustainable Investing

• The Role of ESG (Environmental, Social, and Governance) Factors in Capital Markets
• How Green Bonds Are Shaping the Future of Capital Markets
• The Impact of Climate Change on Sustainable Investing Strategies
• Comparing the Performance of Sustainable vs. Traditional Investments
• The Role of Regulatory Policies in Promoting Sustainable Finance
• How Investor Preferences for Sustainability Influence Capital Markets
• The Impact of Sustainable Finance on Corporate Performance
• ESG Investing in Emerging Markets: Challenges and Opportunities
• The Role of Carbon Markets in Capital Market Development
• The Relationship Between Socially Responsible Investing (SRI) and Market Returns
• The Role of Pension Funds in Promoting Sustainable Investments
• How Impact Investing Is Changing the Capital Market Landscape
• The Future of ESG Disclosure Standards in Capital Markets
• Sustainable Investment Trends in the Asia-Pacific Region
• The Role of Private Equity in Driving Sustainable Business Practices
• How Corporate Governance Influences Sustainable Investing
• The Impact of Sustainability Ratings on Investor Behavior
• The Role of Financial Institutions in Promoting Green Finance
• Comparing the Risk Profiles of ESG vs. Non-ESG Investments
• How Sustainable Finance Is Driving Innovation in Capital Markets

8. Global Financial Crises and Capital Markets

• The Impact of the 2008 Global Financial Crisis on Capital Markets
• How Capital Markets Responded to the COVID-19 Pandemic
• The Role of Capital Markets in Mitigating Financial Crises
• Lessons Learned from the Asian Financial Crisis: Implications for Capital Markets
• The Role of Government Interventions in Stabilizing Capital Markets During Crises
• How Financial Crises Affect Market Liquidity
• The Impact of Sovereign Debt Crises on Capital Markets
• The Role of Credit Ratings in Global Financial Crises
• How Systemic Risk in Financial Institutions Affects Capital Markets
• The Role of Derivatives in Amplifying Financial Crises
• The Impact of Financial Crises on Investor Confidence in Capital Markets
• How Capital Markets Recovered Post-2008 Financial Crisis: A Comparative Study
• The Role of International Financial Institutions in Managing Financial Crises
• How Market Volatility Increases During Financial Crises
• The Role of Capital Markets in Financing Economic Recovery Post-Crisis
• The Effectiveness of Financial Regulations in Preventing Future Crises
• How Global Financial Crises Affect Emerging Capital Markets
• The Role of Capital Flows in Spreading Financial Crises Globally
• The Impact of Currency Crises on Capital Market Stability
• How Market Reforms Have Strengthened Capital Markets Post-Financial Crises

9. Capital Markets and Technology

• The Impact of Fintech on Capital Market Efficiency
• The Role of Blockchain Technology in Capital Market Transactions
• How Algorithmic Trading Is Reshaping Global Capital Markets
• The Future of Cryptocurrencies in Capital Markets
• How AI (Artificial Intelligence) Is Transforming Investment Strategies in Capital Markets
• The Role of Big Data in Enhancing Market Analysis
• How Digital Platforms Are Revolutionizing Capital Market Access
• The Impact of High-Frequency Trading on Market Stability
• The Role of Robo-Advisors in Capital Markets
• How Machine Learning Models Are Changing Capital Market Forecasting
• The Impact of RegTech (Regulatory Technology) on Market Compliance
• How Cybersecurity Concerns Are Affecting Capital Market Transactions
• The Role of Distributed Ledger Technology in Capital Market Infrastructure
• How Data Analytics Enhances Decision-Making in Capital Markets
• The Future of Automated Market Making in Global Capital Markets
• How Digital Currencies Are Influencing Traditional Capital Markets
• The Role of Cloud Computing in Capital Market Operations
• How Technology Is Enhancing Transparency in Capital Markets
• The Impact of Fintech on Equity Crowdfunding and Capital Markets
• How Technological Advancements Are Reducing Trading Costs in Capital Markets

10. Foreign Exchange Markets and Capital Markets

• The Role of Currency Hedging in Capital Market Risk Management
• How Foreign Exchange Markets Affect Global Capital Flows
• The Impact of Exchange Rate Fluctuations on Bond Market Returns
• The Relationship Between Interest Rates and Foreign Exchange Markets
• How Central Bank Policies Influence Foreign Exchange Markets
• The Role of Currency Derivatives in Managing Exchange Rate Risk
• How Emerging Markets Are Affected by Foreign Exchange Volatility
• The Impact of Globalization on Foreign Exchange and Capital Markets
• The Role of Carry Trades in Foreign Exchange and Capital Market Interactions
• How Currency Pegs Influence Foreign Investment in Capital Markets
• The Impact of Exchange Rate Regimes on Capital Market Stability
• How Foreign Exchange Market Interventions Affect Capital Market Efficiency
• The Role of Speculation in Foreign Exchange Markets and Its Impact on Capital Markets
• The Influence of Currency Swaps on Capital Market Transactions
• How Geopolitical Events Affect Foreign Exchange and Capital Markets
• The Role of Digital Currencies in Foreign Exchange and Capital Markets
• How Foreign Exchange Risk Affects Cross-Border Investment Strategies
• The Impact of Brexit on Foreign Exchange and European Capital Markets
• How Foreign Exchange Volatility Affects Commodity-Linked Capital Markets
• The Role of FX Reserves in Supporting Capital Market Stability

This comprehensive list of 200 capital markets thesis topics provides students with a broad range of subjects to explore within the field of finance. Covering key areas such as stock market efficiency, bond markets, technology in capital markets, and global financial crises, this list ensures that students can find a topic that aligns with both their academic interests and career aspirations. By selecting a relevant and timely topic, students can contribute valuable research to the constantly evolving world of capital markets.

The Range of Capital Markets Thesis Topics

Capital markets are a cornerstone of the global financial system, providing the platform where capital is raised, allocated, and traded. They facilitate the flow of funds from savers and investors to institutions and organizations that require capital to grow and innovate. The study of capital markets encompasses a broad range of issues, from stock market efficiency and bond market dynamics to regulatory impacts and technological innovations. With the rapid pace of globalization, technological advancements, and changing economic conditions, capital markets continue to evolve, presenting an array of intriguing topics for academic exploration. This article outlines the range of capital markets thesis topics, covering current issues, recent trends, and future directions that students can explore to contribute to this critical field of finance.

Current Issues in Capital Markets

One of the central themes in capital markets today is market efficiency . The Efficient Market Hypothesis (EMH) argues that asset prices fully reflect all available information, making it impossible to consistently achieve higher returns without assuming additional risk. However, the rise of behavioral finance has called this hypothesis into question, highlighting how cognitive biases and irrational investor behavior can lead to market inefficiencies. Topics such as “The Role of Behavioral Finance in Challenging the Efficient Market Hypothesis” or “The Impact of Investor Sentiment on Stock Market Efficiency” offer students the opportunity to explore the validity and limitations of market efficiency in today’s financial landscape.

Another critical issue is market liquidity . Liquidity refers to the ease with which assets can be bought or sold without causing significant price fluctuations. It plays a vital role in the smooth functioning of capital markets, as liquidity crises can lead to market instability and amplify the effects of financial shocks. A thesis topic like “The Role of Liquidity in Stock Market Stability” could explore how liquidity affects asset prices, market volatility, and overall market health. Alternatively, “Liquidity Risk Management in Emerging Markets” could examine how developing economies address liquidity challenges and maintain market stability.

Regulatory challenges are also a pressing concern in capital markets. In the aftermath of the 2008 financial crisis, significant regulatory reforms, such as the Dodd-Frank Act and Basel III, were implemented to ensure market transparency, reduce systemic risk, and protect investors. However, these regulations have also raised concerns about their impact on market liquidity and efficiency. Topics like “The Impact of Post-2008 Financial Regulations on Capital Markets” or “Balancing Regulation and Market Efficiency: A Case Study of Dodd-Frank” provide students with an opportunity to evaluate the effectiveness of these regulatory measures and their unintended consequences on market performance.

Recent Trends in Capital Markets

One of the most significant trends in recent years is the rise of Fintech and technological innovations in capital markets. Fintech innovations, including algorithmic trading, robo-advisors, and blockchain technology, have fundamentally changed how capital markets operate. Algorithmic trading and high-frequency trading have increased the speed and efficiency of markets but have also raised concerns about market stability and fairness. Students could explore topics such as “The Impact of Algorithmic Trading on Market Liquidity and Stability” or “How Fintech Is Revolutionizing Capital Market Operations.”

Blockchain technology is another groundbreaking innovation that has the potential to transform capital markets. By creating a decentralized and transparent ledger system, blockchain can reduce the reliance on intermediaries, streamline settlement processes, and enhance the security of financial transactions. Thesis topics like “The Role of Blockchain in Enhancing Transparency in Capital Markets” or “How Blockchain Technology Is Transforming Cross-Border Transactions in Capital Markets” would allow students to investigate the future of blockchain in finance and its potential to disrupt traditional capital market structures.

Another notable trend is the growing prominence of sustainable investing . With increasing awareness of climate change and social responsibility, investors are increasingly incorporating Environmental, Social, and Governance (ESG) criteria into their investment decisions. Sustainable investing has gained momentum, as companies with strong ESG performance are believed to be better positioned for long-term success. Topics such as “The Role of ESG Factors in Shaping Capital Markets” or “Comparing the Performance of Sustainable vs. Traditional Investments in Global Capital Markets” would enable students to analyze the impact of sustainability on market behavior and financial performance.

Cryptocurrencies and digital assets are also increasingly influencing capital markets. While still relatively new, cryptocurrencies such as Bitcoin and Ethereum have grown in prominence, attracting institutional investors and prompting discussions about their role in traditional financial systems. A thesis on “The Future of Cryptocurrencies in Global Capital Markets” or “How Cryptocurrencies Are Challenging Traditional Capital Market Frameworks” would allow students to delve into this emerging area and explore the risks and opportunities associated with digital currencies.

Future Directions in Capital Markets

As the global economy continues to evolve, several future directions in capital markets present exciting areas for academic research. One such area is the role of artificial intelligence (AI) and machine learning in capital markets. AI has the potential to revolutionize everything from investment strategies to market analysis and risk management. AI-powered tools can process vast amounts of data to identify patterns and trends that human analysts may miss, leading to more informed investment decisions. Topics like “The Role of AI in Shaping Investment Strategies in Capital Markets” or “How Machine Learning Is Transforming Market Forecasting” would offer students an opportunity to explore the intersection of technology and finance in the future of capital markets.

Another future direction is the increasing focus on climate change and its impact on capital markets. As the world faces growing environmental challenges, investors and financial institutions are beginning to factor in climate risk when making investment decisions. “The Impact of Climate Change on Capital Markets” or “How Capital Markets Are Adapting to the Risks and Opportunities of Climate Change” would allow students to explore how environmental risks are reshaping global capital markets and influencing corporate behavior.

Finally, the globalization of capital markets continues to present new opportunities and challenges for investors and policymakers alike. As capital flows more freely across borders, the integration of emerging markets into the global financial system has gained importance. Topics like “The Role of Globalization in Emerging Capital Markets” or “How Global Capital Flows Influence Financial Stability in Developing Economies” would allow students to explore how the interconnectedness of global markets affects financial stability, risk management, and economic growth.

The study of capital markets offers a wealth of opportunities for academic research, given the range of current challenges, technological advancements, and future possibilities within the field. Whether students are interested in traditional market dynamics, regulatory impacts, or emerging trends like Fintech and sustainable investing, the potential thesis topics in capital markets are diverse and impactful. By choosing a topic that aligns with their interests and reflects the evolving nature of global financial systems, students can make meaningful contributions to the field of finance and gain valuable insights into the complexities of capital markets. Whether addressing stock market efficiency, regulatory reform, or the role of technology in reshaping market behavior, capital markets research continues to be a critical area of exploration for finance students.

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90 Finance Research Proposal Topics

Research papers are an academic type of writing that requires the ability to find the results of a subject and analyse those results to make conclusions and recommendations. In the realm of finance, there are numerous things one could investigate. The management of risk Corporate and organizational governance, investment and many more are just the beginning of the things this field of study covers. Before we dive into the most common topics of finance research papers, it is essential to know about the basics of finance.

What is Finance?

Simply put financial management is the administration of money. However, this type of management encompasses activities like forecasting, savings and lending, borrowing and investing. Finance is a leading area to a swath of different activities related to investing, money credit, capital markets leverage or debit, and banking. Finance-related careers have for quite a while been rewarding because it gives you an advantage over virtually all other courses available. However, in this vast array of subjects, where do students in finance have resources available for writing research papers on finance ? There are several websites that concentrate on topics for finance research papers online.

Select the most appropriate research topic for the Finance Research Proposal

It is critical to choose your subject carefully and remove any irrelevant information. When selecting a research topic, consider its relevance to the current application, its relationship to previous research , the type of issue, and other factors. Additionally, you must ensure that the subject is focused on a specific issue that you will address during your research analysis.

• When you are deciding on your research paper, it is crucial to choose the subject you are fascinated by.
• Find a question with no answer within the area of your research and conduct additional study to discover a feasible solution.
• Before you begin writing your essay, be sure you've completed some preliminary research to make sure you have enough research materials to write about your topic .
• Conduct a search online and discover which topics could be an issue that you must tackle.
• Be sure you're taking a look at current, up-to-date and current information so that you can ensure your report is current.
• Check out a variety of financial theses and papers to get a concept of your chosen subject;
• Find a general view on your topic of financial research and then use the information to focus on one specific aspect.
• Discuss your subject with your friends or others who have written essays. It is also possible to consult with your professors as well.

List of New Finance-Related Topics to Write About in 2024

We have compiled an array of interesting topics for writing about. They are divided into groups. This will allow you to select the most relevant topic for your audience and be sure to write it down completely. Enjoy doing your research.

Innovative Finance Research Topics

Perhaps you're planning to write a fascinating business essay. You'll have to pick some of the most popular topics for finance papers and then create a persuasive essay. This is our list of 10 topics we think are the fascinating.

• A comparative study of the benefits and setbacks of mergers and acquisitions
• Potential solutions Possible solutions Capital Asset Pricing Model
• The future of commerce as well as the consequences of manipulating commodities
• Behavioral Finance for Public Budgeting: Understanding How Biases  Influence  Policy  Decisions
• Stability for retail investors by implementing the Systematic Investment Strategy
• US economic growth and taxation of income
• How will the American economy function in conjunction with the current banking system?
• Analysis of financial statements and ratio analysis are they a real element?
• Blockchain Technology for Public Financial Management: Enhancing Transparency, Efficiency, and Auditability
• Multilevel Marketing and it's application across different economies around the world
• The similarities and differences between traditional finance and behavioral
• Customer satisfaction with e-banking
• The most effective risk management strategies for manufacturing - thorough analysis
• Impact Investing and Public-Private Partnerships (PPPs): Blending Financial Returns with Social Impact in Public Projects
• Risks that could be posed to the banking sector, and how to mitigate them?
• The latest technology that is behind commercial banking

Research Topics on Finance for MBA

The following list of research subjects in finance will inspire your professors and view finance from a different view.

• An analysis of the investment potential of your selected company
• Capital management - a detailed report
• Considerations for saving taxes and financial strategies
• Life insurance investment and the participation of investors in these investments
• An analysis of the comparison between the traditional product and UIL
• The Future of Central Bank Digital Currencies (CBDCs)
• The Growing Influence of Social Media on Financial Markets
• The Role of Behavioral Finance in Mitigating Investment Biases
• The Future of Work and its Implications for Retirement Planning
• The Impact of Fintech on Financial Inclusion in Developing Economies

New Topics Related to Public Finance 

Topics in public finance are financial research topics that cover the tax system, borrowing by the government as well as other aspects.

• Budgeting for government and accounting
• The economic austerity is a result of finance and education in the government
• The concept and practice of the taxation by the government
• How can the government get money by borrowing?
• The revenue collection plan of the government
• Accounting and budgeting for the government
• The Impact of Tax Policy on Income Inequality: Evaluating Distributional Effects
• Public-Private Partnerships (PPPs) for Infrastructure Development: A Comparative Analysis
• The Role of Financial Literacy in Promoting Public Financial Wellness
• The Rise of Social Impact Bonds: Innovative Financing for Social Programs

Research Topics for International Research in Finance

Because business transactions are taking place globally, and local commerce is no longer the only alternative, it is essential to study international business.

• The Rise of Fintech in Emerging Markets
• Blockchain Technology for Cross-Border Payments
• The Impact of Central Bank Digital Currencies (CBDCs) on International Monetary Cooperation
• The Role of Sovereign Wealth Funds (SWFs) in International Investment Strategies
• How can we help prevent the onset of global economic crisis?
• Does the banking industry have the ability to lessen the consequences of the financial crisis?
• Can a country get the goal of providing healthcare to homeless people?
• Which areas of healthcare require more money?
• The issues with the high cost of medications in the US
• Sustainable  Investment  Strategies  in  Developing  Countries

Topics in Research on Healthcare Finance

Here are a few of the most important issues in the field of healthcare finance:

• Which is better, free or paid healthcare?
• Big Data Analytics for Healthcare Cost Management: Identifying Fraud, Waste, and Abuse
• Financial Modeling for Emerging Health Technologies
• Precision Medicine and Personalized Healthcare Financing
• Social Impact Bonds (SIBs) for Public Health Initiatives
• Wearable Technologies and Health Data Collection: Monetizing Health Data for Improved Risk Assessment and Personalized Insurance Products
• Is financing healthcare a privilege or a right?
• Health policies throughout America U.S. through history
• What can countries in the first world do to enhance healthcare?
• What impact has the government had on health care?
• Are we able to achieve universal healthcare for all?

Topics in Corporate Finance

Corporate finance is the process of the organization of capital, financing, and making choices on every investment. Following is a list of finance research topics that will help you avoid errors in this field.

• ESG Factors into Corporate Investment and Financing Decisions
• Alternative Funding Sources for Startups and SMEs: Beyond Traditional Venture Capital and Bank Loans
• Mergers & Acquisitions (M&A) with Cryptocurrencies and Blockchain Assets
• Social Impact Investing within Corporate Strategies: Balancing Financial Returns with Social Responsibility
• The Future of Corporate Debt Structuring: The Impact of Sustainable Bonds, Green Finance, and ESG-Linked Loans
• Human Capital Management as an Investment: Optimizing Workforce Engagement and Skills Development for Long-Term Value Creation
• Potential solutions to ethical issues in the field of corporate finance
• Understanding the investment trends of small and medium-sized firms
• Mutual funds and investment A thorough analysis of its various streams
• How can equity investors deal with the potential risk
• What are the possible advantages and disadvantages of SWIFT and how will it function?

Topics in Business Finance

Every decision we make in the business world has financial consequences. We must therefore be aware of the basics of writing finance-related topics that need analysis, management valuation, management, etc.

• The establishment of business entities and the use of business finance
• Modernization of business and the role of finance in business
• Selling our life insurance Do we have a tax incentive that is effective in this case?
• Who are the people who mutual funds affect in the private and public sectors?
• Diverse investment options for various types of financials - Do you have an investment option you prefer?
• The preferences and choices of investors - A thorough analysis
• The investor's perspective regarding taking a stake in private insurers
• Corporate entities and raising their accountability
• Business finance and ethical issues
• Taxes on small and medium-sized business payment

Personal Financial Topics

Personal finances are a vulnerable field because we all want to attend to our finances in a way that is appropriate. Below are some fascinating problems in this area:

• Strategies for saving money while in a financial bind - A assessment
• The impact of inflation and the rise in the rate of interest on personal finances
• Employers and employees working at home - what are the advantages?
• Is health insurance that is free or affordable healthcare a right that everyone should have?
• What are the most effective ways to save money if you're in a pinch?
• Credit scored - a comprehensive analysis
• The importance of car and credit loans
• How do taxes affect financial decisions?
• What are the most effective ways to effectively manage credit?
• The mobile banking industry and its problems

New Research Topics For Indian Students

• Microfinance Beyond Microloans: Expanding Financial Services for Women Entrepreneurs in India
• The Impact of Aadhaar on Financial Inclusion and Credit Scoring in India
• The Future of Pension Systems in India
• Financial Planning for Millennials in India
• The Growth of Impact Investing in India
• The Role of Social Media Influencers on Investment Decisions of Indian Youth
• Financial Literacy for Small Businesses in India:  Developing Culturally Relevant Educational Programs
• The Impact of Behavioral Finance on Individual Investment Choices in India
• Green Bonds and Sustainable Infrastructure Development in India
• The Future of Cashless Transactions in India

Totally New Topics for Research Proposals in Finance in 2024

• The Rise of Fintech in Unbanked Populations: Financial Inclusion Strategies in Fragile States
• The difference between traditional and behavioral finance.
• The impact of budget management on organizational performance
• The Impact of Resource Nationalism on Foreign Investment Flows
• The  Geopolitical  Risks  of  Digital  Currencies
• The  Financialization  of  Water  Resources
• The  Financialization  of  Cybersecurity
• An analysis of the use of financial state in evaluating a company's performance.
• Ethics concerns in corporate finance and how they can be addressed
• Transparency and clarity are improving in corporate organizations.
• Investment management: pros and cons management
• Sustainability and green governance in industries that could pollute the earth.
• How do corporate governance and institutional ownership affect green patent Generation?
• The implementation of risk-management strategies.
• Microfinancing and the alleviation of poverty
• The transformation of the banking industry due to information technology (IT)
• The management of massive credit at commercial banks in both developed and developing countries
• Mobile banking in both developed and developing countries
• A review of credit management practices and bank lending practices in both developed and developing countries.
• Electronic banking is a relationship that influences the satisfaction of customers
• Examining the effects of loan defaults and loan defaults on the financial viability of banks
• Internal controls in accounting firms
• Corporate Social Responsibility is a key issue in the banking systems of today
• The combination of cryptocurrency and banks in a demonetized global
• Security concerns with online banking and transactions online
• Examine the differences between traditional finance and behavioral finance.
• Study of the effect of budgetary control on the effectiveness of an organization.
• A critical analysis of the usage of financial statements to evaluate the efficiency of an organization.
• What are the ethical issues associated with finance in corporations, and how can they be addressed easily?
• Audit independence: improving transparency and accountability within corporate companies
• Credit management and issues related to bad debts at commercial banks of [Country Name].[Country Name].
• Opportunities and challenges of mobile bank banking within [Country NameProspects and challenges of mobile banking in [Country Name].
• Evaluation of lending practices at banks and credit management in [Country Name].The evaluation of credit management practices and lending practices in [Country Name].
• The impact of electronic banking on the satisfaction of customers.
• An analysis of loan defaults and the impact it has on the bank profitability.

How to Write a Perfect Finance Research Paper

Gathering and utilizing the correct financial information is vital in the production of clear financial reports and research papers on finance for academic and corporate goals. These data can range from the financial history of a business, the trends of an asset's performance on its market, or shifts in the market for investment. But, before collecting and analyzing the data it is essential to choose a subject to avoid wasting time by focusing on a faulty subject. How can you be sure the finance research essay you write is done to perfection? Here are some steps to make sure that you adhere to when writing an essay or research paper on finance: an essay on finance:

Pick a relevant Research Paper Area

This article is designed to provide most popular topics for finance research papers. When choosing a successful study paper subject, it's crucial to know the subject you're dealing with. If you don't know the subject you're writing about can result in you taking many dead-end routes and wasting valuable time. Once you have a clear understanding of the topic you must determine the relevancy of the topic and the subject you're writing your research paper on. Also, you can brainstorm ideas for subjects that could be suitable to research for your financial paper and based on these ideas you'll end with a suitable topic.

Plan your writing

It is commonly advised that if you are planning to chop off a branch, invest longer sharpening the axe. Writing effectively requires the steps you take to plan the actions for your research paper prior to you actually begin writing. This will ensure that you're more productive and will ensure that as you write, you are spending less time. In writing a research paper, you'll employ a variety of approaches to writing. It could involve observation, summarizing, or analyzing, arguing, and analyzing. Being mindful of the purpose of your paper is vital during this stage. This is where you will collect ideas for your finance essay.

Editing and writing

The process of writing the finance research paper  is at the heart of the procedure. It is not much to be said regarding the writing process if you have prepared well and settled on a topic that is suitable in the study paper. But, every writer is bound to make mistakes. When writing, there will be mistakes made on paper. Additionally, ideas can change, or new ideas may pop out. The reason for the process of editing your financial research document is to polish your paper into the most polished version possible. Here are some tips to follow during how to edit and proofread your work.

• Don't edit your essay immediately after writing. It is best to let it for a few days or for a long period of time prior to beginning your editing and proofreading.
• If you can, ask someone to assist you with proofreading and editing your work. This could be from a friend or family member or even a colleague from class.
• When editing, make sure to edits, do it on chapters that are based on chapter. This will help you lessen the burden as your finance research papers may be quite a lengthy document.
• Use different methods in your editing. Examining for grammatical errors and checking for a flow of logic, ensuring the correct reference usage and many more.
• After editing, read the entire document to ensure that there wasn't anything that was overlooked.

In the final draft of this paper, you will not just exhume data, but also confidence.

Frequently asked questions

What is finance .

Financial management is simply the management of funds. However, this form of management also includes borrowing, investing, and operations like predicting and lending. A wide range of distinct activities relating to investment, money credit, capital markets leverage or debit, and banking fall under the umbrella of finance.

What is the best topic for finance project ?

role of retail credit in bank credit's long-term expansion. Retail bank credit's contribution to the economy's sustained expansion. The role of ECGC guarantees in export credit. An analysis of corporate banking and project finance, including credit for infrastructure.

What are the current research topics in finance ?

Finance-related research topics for students.

• the variations and parallels between conventional finance and behavioral finance.
• e-banking customer satisfaction.
• A thorough review of the best risk management strategies for the manufacturing sector.
• Identification and evaluation of the financial risks associated with a derivatives market.

What are the topics for finance internship ?

General Financial

• Studies on capital budgeting.
• Economic Analysis.
• Ratio evaluation
• Risk assessment.
• Inventory Control.
• Analysis of financial performance.
• studies on venture capital finance.
• Tax preparation.

Which project is best for MBA finance ?

Beginner MBA Finance Projects

• The value of capital budgeting.
• corporate investment analysis.
• portfolio management, including techniques.
• an examination of a company's cost modeling.
• the mechanism for controlling the budget and inventory.
• Public understanding and familiarity with wealth management.

What can be the topics for mba Finance summer internship project in a CA firm ?

corporate finance, international taxation, mergers, and acquisitions, etc

How do I prepare for a finance internship ?

Refresh your knowledge of technical financial topics and abilities. Refresh your memory of typical finance issues or procedures that you could be asked to use on the day of your interview. Candidates seeking internships at Wall Street institutions are frequently required to verbally describe financial practices.

What are the articles related to finance ?

According to Article 280 of the Constitution, the President appoints the Finance Commission, which has as its primary responsibility to make suggestions on how to tax income should be divided between the Union and the States and among the States themselves.

What are some research proposal topics in accounting and finance ?

Five Interesting Topics for Accounting Research Papers

• Software for accounting is required.
• newest accounting software innovations.
• Accounting ethics dilemmas.
• Best accounting techniques' historical prospects.
• Benefits of quick information for contemporary accountants.

What is the best topic for internship ?

Topics for Internship.

• Any State's e-governance.
• Analyze any given service across all States.
• Internet adoption and methods to boost it.
• Internet safety.
• Social media: good or bad?
• Social media's impact on Indian culture
• Social media is eroding our culture's foundation.

What is the best topic in finance ?

Accounting businesses' internal controls. Concerns about corporate social responsibility in contemporary banking systems. combining banks and cryptocurrencies in a demonetized environment. Cybersecurity concerns have an impact on online transactions and banking.

What is the objective of a finance internship ?

Learn everything you can about the company's cash management procedures. Learn everything you can about the company's treasury operations. Learn about the company's corporate budgeting procedure. Discover the company's internal and external financial reporting practices.

What is research proposal with example ?

A research proposal is essentially a formal, organized document that outlines your intended research subject, your reason for choosing it as a topic for study, and your methodology (i.e. your practical approach).

How long is a research proposal ?

2,500 words 

How do you start a research proposal example ?

A succinct description of your desired research, no more than 100 words, should be included in the proposal. This might be a few phrases outlining the issue you want to look at or the main issue you want to tackle. Explain the general context in which your study will be conducted.

Generic Conventions: Assignment Help Services

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Research Topics & Ideas: Finance

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

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Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

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How To Choose A Research Topic: 5 Key Criteria

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thank you for suggest those topic, I want to ask you about the subjects related to the fintech, can i measure it and how?

Please guide me on selecting research titles

I am doing financial engineering. , can you please help me choose a dissertation topic?

I’m studying Banking and finance (MBA) please guide me on to choose a good research topic.

I am studying finance (MBA) please guide me to choose a good research topic.

I’m studying Master in Islamic Banking and Finance.

Can you suggest a good research topic. Please

I’m doing Masters in Islamic Banking and Finance. Would you kindly suggest a good research topic. Please

Hi Amen doing MBA in accounting and finance. Could you please subject a good research topic for me. Thanks

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• Essay on Business

Capital Markets: Corporate Companies Under Stock Exchange Research Proposals Example

Type of paper: Research Proposal

Topic: Business , Finance , Investment , Stock Market , Marketing , Company , Market , Commerce

Words: 3250

Published: 02/20/2020

ORDER PAPER LIKE THIS

Factors that Determine Stock Market of Corporations

Abstract In this paper, I look into capital markets in general describing them as markets in which financial securities are traded. The capital market instruments differ from money markets in that they take longer to mature, a year or more, as opposed to money markets (Martin, 2013). They are also a source of income for the investors who earn when the stocks rise in values. I will also look into services offered by capital (krani, 2010). Most importantly however will be a cross-sectional study on financial market trends in the stock markets and the capital market of corporate companies. Under this also will be a study on the main means of disposing stock exchanges and its importance to the governance of a corporate company. This involves what challenges these methods face and the result of the massive competition that has come up in the sector as well as how alternative trading platforms, which are on the rise, affect stock exchange and corporate governance (Trivedi, 2008).

Problem Statement

Under this will be a study to answer the question, “What Factors are affecting the Stock markets” and “What is the role of stock exchange in corporate governance?” Under which will be a discussion on principles that govern corporate governance. This research will also seek to answer what stock markets are and how capital markets differ between corporations and private companies. Another issue under scrutiny will be “How do corporations raise capital?”

Literature Review

In this document I will focus on stock markets as defined by (Frank J. Fabozzi, 2009), (krani, 2010)(Horne, 2004) and (Silber, 2009). Included will also be The Instruments of Capital Markets according to (Joaquim Ayuso-i-Casals, 2009), (Moorad Choudhry, 2002), (Stoica, 2006), (mapsoftheworld.com, 2013) and how they affect the capital market and the economy as recorded by (Lewellen, 1971), (Song, 2013)(Prezas, Effects of debt on the degrees of operating and financial leveragt, 1987) (Stoica, 2006) and (mapsoftheworld.com, 2013). A brief review on the U. S capital market according to (Peristiani, 2007), (al L. D., 2012), (Andrew Banks, 2013), (Driscoll, 2012) and (al D. C., 2013) and the necessary reforms as per (Singh, 1999), (Lewellen, 1971) and (Prezas, Interactions of the firm’s real and financial decisions, 1988) is available. A case study of general motors’ according to (Moore, 2009) is briefly looked into as factors to consider before trading n the stock market as recorded by (Spaulding, The Primary Bond Market, 2011), (Stein, 2013)(O'neil, 2010) and (Lewellen, 1971).

Introduction

Companies use capital markets also known as securities market to make major investments whose capital required the company cannot raise solely such as the purchase of new manufacturing plants or the construction of new buildings (White, 2013).This is through debt or equity Long term investments therefore prove useful for such purposes. Literature has it that capital markets are divisible into Primary markets and secondary markets where by under primary markets we have stocks (new shares) sold to investors through a process known as underwriting (Anat Admati, 2013). Usually, entities involved in the primary markets are governments, which favor the sales of bonds only, and companies, which offer both bonds and equities. Secondary markets involve the trading of these previously bought shares among investors, a factor that allows investors to cash out any of their investments at will (Watson, 1986). Capital markets could also be divided into stock markets also called shares which give such an investor co-ownership of the company, and bond markets which make such investors creditors of the company involved (krani, 2010) and (Rogoff, 2010).

Capital Market and Capital Market Instruments

As I stated earlier, capital markets are financial markets through which corporations raise long-term funds. These securities could be debt or equity backed (Spaulding, Investment Banking—Issuing and Selling New Securities, 2011). Debt backed meaning the investors are the creditors to the company involved or equity backed which makes investors co-owners of such a company. I have also mentioned the two basic Capital markets are divided into primary markets in which new stock issues are sold to willing investors and secondary markets as grouped by (Sullivan & Sheffrin, 2003)which involve the trade of already existing stock and bond issues. Capital market instruments include stocks, bonds, debentures, treasury bills, foreign exchange and fixed deposits among others. As I mentioned earlier, stocks and bonds are the most commonly used instruments of stock exchange in the capital market (mapsoftheworld.com, 2013). Stocks are used as the capital market instruments in the physical, virtual and auction markets. Bonds on the other hand are traded in a debt or credit also referred to as a fixed income market. It is in this market that debt securities are traded, and they include T-bills and debentures (Peristiani, 2007). They are the most secure but with the least returns among the other capital market instruments. Governments tend to offer exclusively bonds whereas companies offer both bonds and equities. Every capital market instrument has its benefits and risks and investors should make informed choices on where to invest, a reason as to why financial regulators check on capital markets in their jurisdictions to ensure investor protection from fraud (Frank J. Fabozzi, 2009). The capital markets are the financial markets that buy and sell long term debts or the equity backed securities. Furthermore, the markets are used to channel savers wealth to the ones who are able to put it into a long term productive use. Such governments or companies make long term investments. Regulators of finance such as the SEC (U.S security and exchange commission) and UK bank in England will oversee capital markets in using their jurisdiction in protecting the investors against the fraud and also other duties. The modern capital markets are therefore hosted invariably on the computer based systems on electronic trading. Mainly, they are accessed by the entities which are within financial sector or governments and the corporation’s treasury department. However, the public can access some directly. Such systems exist in thousands, majority of them operating or serving as small parts of overall capital markets. The entities are hosted by the systems such as the investment banks, stock exchanges, and the departments in the government. The systems are hosted physically all over the world; nevertheless, they are seen to be concentrating on the financial centre’s e.g. Hong Kong, New York, London. There is a key division within capital markets. The divisions are between secondary and primary markets. Under the primary markets, new bond or stock issues are always sold to the investors often through a mechanism that is known as the underwriting. The major entities that seek to raise the long term funds on primary capital markets and the governments that might be local, municipal or national and the business enterprises companies. The governments will tend to give only bonds, whereas the companies will often have an issue either bonds or equity. The major purchasing stock and bonds entities include hedge, pension, and sovereign wealth funds. Furthermore, the less commonly rich individuals and the investment banks will always trade on their behalf. On the other hand, the secondary markets, and the existing securities which are sold and then bought amongst the investors or the traders, generally over counter, exchange, or elsewhere. The secondary markets existence will increase willingness of the investors of primary markets, these is because they are able to cash out their investments when need arises. The second vital division is placed between stock markets for the equity securities known as the shares, whereby investors acquiring the company’s ownership, also the bond markets and investors becoming creditors.

Stock Exchange

Stock exchange is the most critical component in the entire field of stock exchange. It provides an avenue for stockbrokers to trade securities, which include shares, derivatives, unit trusts, bonds, and derivatives among others (Frank J. Fabozzi, 2009). They offer facilities that allow issue and redemption of these shares when they see fit and in case they sense the possible fall of stock markets (O'neil, 2010) According to (Stine, 2007) trade of stocks has increased rapidly as the electronic markets have overtaken the avenue of trade over the past decade. They are much easier to conduct and are preferred for their increased speed and minimal transaction costs. Just like all other markets, the supply and demand of stocks is affected by various factors, factors, which affect the supply and demand of these, stocks as well (Patterson, 2011). The many different owners of corporations allow for much better management standards and efficiency in offering services to the satisfaction of the shareholders and the rules set for public corporations by the government (Joaquim Ayuso-i-Casals, 2009). Literature proves that public companies hold better records concerning management as compared to privately owned companies (Silber, 2009).

Role of Stock Exchange in the Economy

The two main roles of stock exchange include raising capital for businesses and the mobilization of savings. - Raising Capital for businesses It is through stock exchanges that companies raise capital for various investments for it involves putting the savings of the public into productive use. This capital is raised by selling shares to willing investors. This is especially important for new hi-tech companies, which usually need large capital in their initial stages (Samuelson, 2001). One of the requirements of such companies to succeed in the stock exchange market is going public to form corporations so as to be able to sell shares to the public(Horne, 2004). Forming partnerships is also an option, though not for the hi-tech companies for these partnerships raise a limited amount of capital from the partners, nothing like that which corporations raise (Wray, 2012). Venture capitals are also an option of raising capital, but one that is too risky considering the financial risk assigned to one partnership. Corporate partners have been successful in providing capital for smaller and especially private companies. The corporate partner is usually an established multinational company such as the Coca-Cola Company. - Mobilization of Savings This involves making use of idle savings for the development of the economy. These savings are put in proper investments instead. These corporations do by issuance of shares (Prezas, Interactions of the firm’s real and financial decisions, 1988). This availability of funds promotes business activities and therefore contributes largely to a country’s economy (Singh, 1999). An example of a country whose economy greatly depends on the Capital Markets is the United States whose economy faces a threat as a result of new successful listings in the stock market which have been affecting the strength of the U. S. capital market (Peristiani, 2007). Other functions of stock exchange include continuous availability of funds, and proper regulation of funds. They provide an avenue for investments and speed up economic growth and development of a state or country by meeting financial requirements of business houses.

Problems that Face Capital Markets

Capital markets are viewed as a very efficient form of trade, and a safe way of earning by investors through dividends. However, certain problems face capital markets leading to great losses by investors as a result of the fall of the stock prices (Stoica, 2006). As much as corporations are seen to have much better governance as compared to privately run companies, corporate mismanagement is not ruled out and companies such as General Motors (2009) and Satyam Computer Services are among many, which have been under scrutiny for mismanagement and failure as a result. General Motors failed for its management had failed to adapt to the new circumstances that surrounded them and preferred the traditional ways of conducting business and an additional unmanageable car portfolio, which decreased its value instead. By doing this, they ignored competition from companies such as Toyota and failed to upgrade. The result was a collapse of the entire company (Moore, 2009). All this was as a result of ineffective management practices. In such instances, shareholders also suffer a great deal for they also get to share in such losses. This is because the company’s stock value declines as the company loses value. Public capital markets in the United States for instance have been observed to be losing market as a result of competitors from overseas, a factor that is further facilitated by the online stock exchange markets. This has serious implications on the country’s economy considering that the public capital markets of the United States contribute towards the government’s revenue a great deal. One, which is very profound, is the U. S corporate bond market, which is especially facing competition from the Eurobond market (Peristiani, 2007). The United States equity markets popularity has fallen among foreign IPO firms. However, IPO fluctuation varies from year to year and determining whether this decline is permanent may require more time as now is too early to deem it failed permanently. However, it is important to note that this decline is not absolute for it is mostly as a result of an upgrade in the other markets coming to parity with the U. S capital market enabling many equity issuers who were in the U. S market shift to their developed home markets (Peristiani, 2007).

Conditions Necessary for the Perfect Capital Market

A perfect capital market is one, which satisfies its shareholders, and at the same time gains reasonable profits from the funds it obtains from the public. A perfect capital market should therefore have certain attributes. Tax and information asymmetries are necessary for a perfect market. As said by (Prezas, Effects of debt on the degrees of operating and financial leveragt, 1987), the right tax incentives should be those that bring forth tax asymmetries, which yield great profits. Having unique ideas is also an added advantage in increasing stock demand. Elimination of entry barriers gives a chance for all kinds of investors to be involved and with a great variety of investors; a capital market becomes attractive for other investors are certain to find exactly what they are looking for. This brings us to the other quality of the perfect capital market, which is existence of a large number of stock traders, a quality that also fosters the perfect competition (Lewellen, 1971). A good capital market should also be one whose financial assets are divisible to ensure affordability by any willing investors. The most popular markets are those with no transaction costs and tax differences, which refer to distortion of taxes favoring some investors above others. Free trading without government restrictions, especially on corporations is also an added advantage (Ronen, 1991).

Capital markets are necessary in every state’s economy for it encourages entrepreneurship and lifts up the economy as well. This is because people prefer to start businesses in places where capital is available, liquid assets readily available and rights to access certain capital markets not too restrictive (Korten, 2001). This is especially important with corporations, which are the main traders of stocks and the most governed by rules set by the government to prevent exploitation of investors (Bakan, 2005). The conditions that govern a capital market also have a great effect on its popularity and government support is therefore necessary. Also clear is the necessity to address problems facing a capital market such as the US capital market if the economy of a country is to be preserved (Valdez, 2009).

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• Regulatory arbitrage in trading across markets and jurisdictions 
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• Liquidity and efficiency of stock markets
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I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests of market efficiency with respect to accounting information, fundamental analysis, and value relevance of financial reporting. Evidence from research on these topics is likely to be helpful in capital market investment decisions, accounting standard setting, and corporate financial disclosure decisions. r (S.P. Kothari). 0165-4101/01/$-see front matter r 2001 Elsevier Science B.V. All rights reserved. PII: S 0 1 6 5-4 1 0 1 (0 1) 0 0 0 3 0-1

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The Fourth Industrial Revolution has generated many business transformations in technology, creating new opportunities as well as posing several challenges to several industries. Market participants highly demand an increase in the reliability and relevance of Accounting Information in such an inefficient market. However, several academics and practitioners have blamed that Accounting Information is no longer reliable and relevant because it is manipulated excessively and intentionally, leading to a series of global accounting scandals such as WorldCom in 2002. The market value of Worldcom’s common stock plunged from about $150 billion in January 2000 to less than $150 million as of July 1, 2002. Vietnamese capital market is unexceptional since it witnessed numerous serious frauds resulted from earnings management, such as Bach Tuyet Cotton in 2007 and Petrovietnam in 2018. Consequently, this phenomenon encouraged us to raise a simple but crucial research question: What do people think about Accounting in the capital market? This review article looks at empirical and theoretical evidence and discusses the importance of Accounting in functioning the capital market. Based on the arguments related to the value relevance of Accounting Information of the most well-known scholars such as Beaver (1968), Ball and Brown (1968), and Nobel-prize winner Akerlof (1970), this paper confirmed the fundamental role of Accounting Information in avoiding information asymmetry and moral hazrd

Asian Social Science, 2020

Despite extensive literature and numerous published work on the area of value relevance of accounting information, a major part of the studies have been conducted on large and developed capital markets. While there are a number of published articles in the area of value relevance of accounting information in developing markets, there is still a need to investigate more developing markets to see if there are similarities or different attributes of each market that could shed more light on the importance and usefulness of accounting relevance in developing markets. To study further the gap of accounting relevance in developing markets, this study investigates the relationship between the accounting information – represented in the financial ratios, F-Score, M-Score, in addition to market-related measures – and stock price represented in the ratio of Price to Book Value (PBV) per share and Price-Earnings (PE) Ratio. In order to shed light on the significant variables that affect the st...

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International Journal of Managerial and Financial Accounting, 2019

Accounting and Finance, 1998

Asia Pacific Journal of Management and Technology

The literature review provides an integrative (and occasionally critical) review and evaluation of relevant literature. This is mostly done by putting this study in the context of relevant research in capital markets accounting and asset pricing, such as arbitrage pricing and the empirical evidence on return anomalies.

Accounting and Business Research, 2007

ABSTRACT Issues concerning children may be the most intense and emotive areas of divorce and can lead to spectacular legal battles. Social work practice revealed that it is often the father who leaves the court, stripped of his fatherhood by a court order that only grants him limited access to his own children. Some divorced fathers disengage from their children’s lives but there is documented evidence of South African fathers who desire continuity in their relationships with their children after divorce. An interest in these fathers prompted this study. Fathers who challenged maternal custody were selected since it was assumed that their lived experiences would include non-custodial as well as custodial fatherhood. The study was approached from a constructivist position and was further informed by a family systems theory. South African and international literature was perused followed by an exploratory study in the relatively uncharted terrain of paternal custody. A qualitative method was used and one unstructured interview with a schedule was conducted with each of the five respondents who were selected according to non-probability purposive sampling methods. Interviews were recorded and transcribed verbatim. Data was analysed cross-sectionally around certain themes and categories which were extracted from the data. The most significant findings of the study which appear to resemble some earlier national and international findings, are summarised as follows: • Some fathers appear to have sound motives for pursuing custody of their children. These fathers, if afforded the opportunity, find fulfilment in parenting their children whom they perceive to be happy and prosperous in their care. • There are fathers in whom divorce causes clear and profound signs of distress which appear to be related to the loss of the pre-divorce father / child relationship. The feeling of powerlessness to effectuate the well-being of their children as they see it was emphasised. Recommendations generated from these findings relate to elimination of gender bias from custody decisions, including fathers in therapeutic interventions with divorced families and the provision of family courts and mediation services as suggested in the White Paper for Social Welfare. Recommendations for future research are also presented.

Ken Trotman Publishing, 2024

Volume 3: 1761-1762 – 31 colour contemporary maps and 12 orders of battle. I came across the original copy of this book by Sir Charles Hotham (published in 1764) many years ago. At that time it cost a fortune and is undoubtedly even more valuable now. My desire to purchase it was two-fold. Firstly a fascination to have a monstrously rare early account of this vital phase of the Seven Years War that included of course the great battle of Minden, and secondly, the sheer beauty of the volume with its spectacular hand-coloured maps. This was one of the most intricate reconstructions that I have had the pleasure to create. Clearly the volume demanded a large format facsimile reprint. This is not just a simple crude scan like so many such volumes these days, but one that reflects the beauty of the original volume and addresses its major problem. To the rescue, as so often happens, came my very dear friend Stephen Summerfield. I know of no other person who can feel the shape of book’s narrative and who has a genius for breaking text into understandable sections to clarify the progress of events. This is hugely important, for the original volume was one vast body of unbroken text, without even chapters, contents page or index although full of valuable information. The book now reads like the campaign diary for the Army of Frederick of Brunswick, separated into three volumes. The chapters refer to months or battles with immensely detailed dated section headings. Each volume can be referred to and read with ease. Stephen is also a rather skilful scanner, although he will tell you between gritted teeth that it took him several goes through the book to get it to the state it is in this facsimile (that also included at least one page made largely illegible by an original ink stain – I challenge you to discover which page it is!). And what we know from previous works, Stephen is a genius at maps. This superb facsimile contains 106 contemporary hand-coloured maps and 63 orders of battle to make your journey through the story easier to follow, whilst retaining the joyousness of so many delightful coloured originals from the volume. This is just the stuff we want to do with our facsimiles. The price is not cheap because we wanted to provide you with a highest quality we could, to add ever greater value to the original. Stephen, fascinated with the story of the Hessen Cassell and Hanoverian troops’ progress in England, has added even more by setting the scene of the action. We do hope you are as delighted with all of this as we are.

2015 17th European Conference on Power Electronics and Applications (EPE'15 ECCE-Europe), 2015

Orientations, 2021

Nuntius Antiquus, 2023

International Journal of Multidisciplinary Educational Research, 2019

Nexo: Revista de …, 2005

Desarrollo Local para la Gestión Local del Turismo, 2023

Zeitschrift für französische Sprache und Literatur, 2020

Rome, IAI, July 2018, 20 p. (IAI Papers ; 18|14), ISBN 978-88-9368-081-3, 2018

In: Leal FW, Mifsud M, Pace P. (eds). Handbook of lifelong learning for sustainable development. World Sustainability Series. Springer, Cham. , 2018

Journal of African Law, 2019

PAIAN, 2021

Rivista di Storia del diritto italiano, 2022

Medical Acupuncture, 2017

Journal of Economic Theory, 2020

International Journal of Hygiene and Environmental Health, 2002

Journal of Learning Disabilities, 2013

Gastroenterology Clinics of North America, 2015

Lymphatics, 2024

Indonesian Journal of Pharmaceutical Science and Technology

Journal of Occupational and Organizational Psychology, 2019

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Ensuring economic growth and development is a primary objective of all countries. According to the World Bank, an estimated USD 4.0 trillion in annual investment is required for developing countries to achieve the Sustainable Development Goals (SDGs) by 2030. In light of the investment requirement, there is a greater need to develop and strengthen capital markets in order to mobilize commercial financing. The role that capital markets have in financing infrastructure development, large enterprises, and Small and Medium Enterprises (SMEs), and the links with economic growth, are increasingly being highlighted.

Economists traditionally have looked to factors such as capital, labor and technology as the major factors affecting economic growth. The recent financial crisis has shown that there are substantial economic effects when there is lack of confidence in the financial systems. Therefore, the functioning of financial systems has received special attention in academic literature in recent years. A well-functioning financial system permits an economy to fully exploit its growth potential, as it ensures that the best investment opportunities receive the necessary funding, while the inferior opportunities are denied capital; in this regard, we endeavor to investigate the role that capital markets play in economic development. This focus addresses the topic as follows:

• Introduction to Capital Markets, where we highlight the capital market framework, key players and products,
• How Capital Markets Facilitate Economic Development, where we look at the fundamental channels through which capital markets are connected to economic growth and development,
• Challenges of Developing Capital Markets, where we highlight the effects on the economy when capital markets don’t work as they are supposed to,
• Case Study - Capital Markets in South Africa, & Learnings for Kenya, and,
• Steps Kenya Should Take to Expand its Capital Markets as Complementary to Bank Funding

Section I: Introduction to Capital Markets

Capital markets are a general category of markets that facilitate the buying and selling of securities with medium-term and long-term maturity, of one year or more. Capital markets channel savings and investment between suppliers of capital and users of capital through intermediaries. Examples of these key players in the capital market’s process are:

• Suppliers of Capital: Also known as surplus units, suppliers receive more money than they spend or have immediate use for. They can be termed as investors. They provide their net savings to the financial markets for a return on the capital provided. Examples include retail investors and institutional investors,
• Financial Intermediaries: A financial intermediary is an institution or individual that serves as a middleman among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, fund managers, and stock exchanges,
• Users of Capital: Also known as deficit units, users of capital spend more money than they receive or need funds for investments or development. They are also termed as borrowers. They access funds from the capital markets. Examples include businesses, the government and individuals.

Products in the capital markets are also referred to as capital market securities. These are debt securities, with a maturity of more than one year, and equity securities. Funds received from these products are mostly used to purchase capital assets, such as buildings, equipment, or machinery. The key capital markets securities are as follows:

• Bonds: These are medium to long-term debt securities issued by firms and governments to raise large amounts of funds. Bonds are differentiated by the issuer and can be classified as Treasury bonds, municipal bonds, or corporate bonds,
• Equity Securities: An equity security represents ownership interest held by shareholders in an entity realized in the form of shares of capital stock, which includes shares of both common and preferred stock. They are classified as capital market securities because they have no maturity and therefore serve as a long-term source of funds.

Section II: How Capital Markets Facilitate Economic Development

The capital markets are a network of specialized financial institutions, series of mechanism, processes and infrastructure that in various ways facilitate the bringing together of suppliers and users of medium to long-term capital. Capital markets connect the monetary sector with the real sector, which is the sector of the economy concerned with the production of goods and services. Considering this role in the economy, the capital markets play an important role in economic development as they facilitate growth in the real sector by giving producers of goods and services, and entities tasked with infrastructure development. access to long-term financing.

The fundamental channels through which capital markets are connected to the economy, economic growth and development can be outlined as follows:

• Creating a Bridge Between Suppliers of Capital and Users: The contact between agents with a monetary deficit and the ones with monetary surplus can take place directly through direct financing, but also through a financial intermediary in form of indirect financing, which is a situation whereby specific operators facilitate the connection between the real economy and the financial market. In this case, the financial intermediaries could be banks, investment funds, pension funds, insurance companies, or other non-bank financial institutions,
• Promoting Saving and Investments: The capital markets increase the proportion of long-term savings (pensions, life covers, etc.) that is channeled to long-term investment. Capital markets enable the contractual savings industry (pension and provident funds, insurance companies, medical aid schemes, collective investment schemes, etc.) to mobilize long-term savings from small individual household and channel them into long-term investments. It fulfills the transfer function of current purchasing power, in monetary form, from surplus sectors to deficit sectors, in exchange for reimbursing a greater purchasing power in future. In this way, the capital markets enable corporations to raise funds to finance their investment in real assets. The implication will be an increase in productivity within the economy leading to more employment, increase in aggregate consumption and hence growth and development. It also helps in diffusing stress on the banking system by matching long-term investments with long-term capital. It encourages broader ownership of productive assets by small savers. It enables them to benefit from economic growth and wealth distribution, and provides avenues for investment opportunities that encourage a thrift culture critical in increasing domestic savings and investments that translate to economic growth,
• Facilitating Efficient Allocation of Scarce Financial Resources: The capital markets facilitate the efficient allocation of scarce financial resources by offering a large variety of financial instruments with different risk and return characteristics. This competitive pricing of securities and large range of financial instruments allows investors to better allocate their funds according to their respective risk and return appetites, thereby supporting economic growth,
• Financing Utility and Infrastructure Development: The capital markets also provide equity capital, debt capital and infrastructure development capital that have strong socio-economic benefits through development of essential utilities such as roads, water and sewer systems, housing, energy, telecommunications, public transport, etc. These projects are ideal for financing through the capital markets via long dated bonds and asset backed securities. Infrastructure development is a necessary condition for long-term sustainable growth and development. In addition, capital markets increase the efficiency of capital allocation by ensuring that only projects that are deemed profitable can successfully attract funds. This will, in turn, improve competitiveness of domestic industries and enhance ability of domestic industries to compete globally, given the current momentum towards global integration. The result will be an increase in domestic productivity which may spill over into an increase in exports and, therefore, economic growth and development,
• Financing Private Public Partnerships, “PPPs”: Capital markets promote PPPs, thereby encouraging participation of private sector in productive investments. The need to shift economic development from public to private sector to enhance economic productivity has become inevitable as resources continue to diminish. It assists the public sector to close the resource gap, and complement its effort in financing essential socio-economic development, through raising long-term project-based capital. It also attracts foreign portfolio investors who are critical in supplementing the domestic savings levels and who facilitate inflows of foreign financial resources into the domestic economy, thereby supporting economic growth.

Section III: Challenges of Developing Capital Markets

Economic growth in a modern economy hinges on an efficient and effective financial sector that pools domestic savings and mobilizes capital for productive projects. The absence of effective capital markets could leave most productive projects that carry developmental agendas unexploited. However, there are challenges in developing capital markets as they are to a large extent dependent on the level of economic and structural development of a country. Factors affecting the development of capital markets include;

• Country Fundamentals : The size of the economy in terms of aggregate gross domestic product and per capita income affect the development of capital markets. This explains in large part why, in general, capital markets are at an embryonic stage in smaller and low-income countries, while more developed countries have more robust capital markets. This can be explained as more developed economies have greater institutional development, a larger institutional investor base, higher levels of contractual savings such as pension funds, political stability and macroeconomic stability.
• Macroeconomic Policies Framework : An essential condition for well-functioning capital markets is the existence of sound macroeconomic policy frameworks. Capital markets depend on investor confidence. Strong institutions thrive in stable macroeconomic conditions and investors can also be confident that their capital will not be eroded by factors such as hyper-inflation and exchange rate risks when there is a strong macroeconomic framework in place.
• Access to Information : Access to information is a major factor that affects the development of capital markets. Access to information gives investors’ confidence in the functioning of the capital markets. Access to information and transparency allows for the monitoring of users of funds, which increases investor confidence.
• Regulatory Framework : To reliably extract the benefits of well-functioning markets, adequate regulation of users of funds, investors, and intermediaries in addition to robust supervisory arrangements to protect investors, promote deep and liquid markets, and manage systemic risk are critical.
• Efficient Market Infrastructure : Lack of adequate and efficient market infrastructure for issuing, trading, clearing and settlement is a major issue for capital market development as it pushes away potential investors to an economy.
• Knowledge of Retail Investors : The lack of investor education for retail investors is another factor affecting the development of capital markets. It is important to educate retail investors on investment products and the benefits of saving, in order to channel savings to the capital markets.

Section IV: Case Study - Capital Markets in South Africa, & Learnings for Kenya

According to the Africa Financial Markets Index 2018, by Absa Group, while most capital markets in African countries are relatively underdeveloped, those countries which introduced reforms that are geared towards development of capital markets have been able to grow at relatively higher and sustainable rates. The Africa Financial Markets Index tracks progress on financial market developments of selected African countries annually across a range of indicators. These indicators are; (i) market depth, (ii) access to foreign exchange, (iii) tax and regulatory environment, (iv) market transparency, (v) capacity of local investors, (vi) macroeconomic opportunity, and (vii) legality and enforceability of standard financial markets master agreements. According to the first report published in 2017 and the subsequent report in 2018, South Africa ranked first in both occasions as the most developed financial market in Africa, hence the reason we have picked it as a case study.

A summary of rankings from the report is highlighted in the table below, where the higher the score the more developed the capital markets are based on the indicators above:

According to the African Capital Markets Watch 2018 report by PWC, South Africa again ranks as the most active capital market on the continent. This is supported by a strong financial markets infrastructure and robust legal and regulatory frameworks. The South African capital markets consists of:

• Equities: The Johannesburg Stock Exchange (JSE) is the largest exchange in Africa with over 400 listed firms and a market capitalization of USD 13.7 tn,
• Bonds: The South African-listed bond market is estimated to be ZAR 2.7 tn (USD 186.4 bn). It is largely dominated by bonds issued by National Treasury, which account for 68.4% of the outstanding debt, followed by bonds issued by the financial sector (16.0%) and state-owned entities [parastatals] (11.2%). In terms of turnover, the monthly average amount traded on the JSE is ZAR 2.3 tn (USD 158.8 bn),
• Derivatives: Derivatives are traded in exchanges under the umbrella of the JSE, and over-the-counter (OTC). Exchange-traded products are standardized, and free of counterparty risk. The JSE permits trading in equity, commodity (mainly agricultural), currency, and interest rate derivatives,
• Real Estate: South Africa has the largest and most established REITs market in Africa. The South African listed property sector has a market capitalization of approximately ZAR 380.0 bn (USD 26.2 bn) at the end of 2016, which is 6.4% of GDP.

South Africa continues to lead capital markets in Africa, supported by a strong financial markets infrastructure and a robust legal framework. South Africa has developed its capital markets by;

• Establishing Progressive Policies : South Africa has established progressive policies that support the development of financial markets such as the ‘twin peaks’ strategy for improving financial regulation, which separates regulatory functions between a regulator that performs prudential supervision and one that performs market conduct supervision. This separation clearly defines the objectives and mandates of the respective agencies and also separates the role of regulator and promoter.
• Promoting Investor Education and Financial Inclusion : South Africa has also introduced frameworks to increase financial literacy with South Africa’s newly-created Financial Sector Conduct Authority established to supervise financial markets and promote financial education. Its consumer education department holds workshops on financial literacy and investor education, particularly in rural areas and among groups that have been excluded from financial services.
• Adopting Standardized International Markets Framework : South Africa also uses international markets and standardized frameworks to develop its capital markets such as the Master Agreement of the International Swaps and Derivatives Association, the Global Master Repurchase Agreement and the Global Master Securities Lending Agreement, which helps the country to be more prepared to drive product innovation and growth in the derivatives market and open up its capital markets to international investors.
• Using Technological Innovation : South Africa also makes use of technological innovation to make its capital markets more efficient. For example, the South African Reserve Bank has set up an electronic trading platform for primary dealers in an effort to improve liquidity and transparency in the government bond market. There are plans to expand this to other market participants and for other securities, including corporate bonds.

Due to the efficiency of the South African capital markets, businesses have credible alternative sources of funding and they do not have to over-rely on banks in South Africa to have access to capital markets funding. This makes South Africa an attractive destination for businesses, including multinationals to set up operations.

Section V: Steps Kenya Should Take to Expand its Capital Markets as Complementary to Bank Funding

We look at what Kenya can learn from South Africa as South Africa has the most robust capital markets in Africa. In our view, Kenya should adopt the following recommendations that will address the existing bank dominance, reduce the funding reliance we have on banks, and support the expansion of capital markets as an alternative to banks:

• Focus Legislation and Policies to Stimulating the Capital Markets and Alternative Products, as Opposed to Focusing Mainly on Banks:  A lot of legislative action has focused on the banks, yet we also need legislation to promote competing products that will diversify funding sources, which will enable borrowers to tap into alternative avenues of funding that are more flexible and pocket-friendly. This can be done through the promotion of initiatives for competing and alternative products and channels. In developed economies, 40% of business funding comes from the banking sector, with 60% coming from non-bank institutional funding such as capital markets and alternative sources. However, in Kenya, 95% of all funding is bank funding, and only 5% from non-bank institutional funding, showing that the economy is highly dominated by the banking sector and should have more capital market products for funding businesses. Not to mention that cost of bank funding is too high. To try and address cost of funding and access to funding, the legislation has focused on the wrong issues such as legislating cost of borrowing and trying to allocate a certain amount of loans to SMEs. Our view is that legislation ought to be more focused on creating a more supportive environment to capital markets and alternative funding,
• Support Product Development and Innovation: The capital markets regulators and participants need to look at how to enhance non-bank funding, by encouraging product development and innovation. The Total Assets Under Management (AUM) held by Unit Trust Fund Managers declined slightly, by 0.7%, to Kshs 56.1 bn in 2017, from Kshs 55.5 bn recorded in 2016, while commercial banks AUM grew by 8.3% over the same period, to Kshs 4.0 tn in 2017 from Kshs 3.7 tn in 2016. The capital markets regulators are already doing a lot, such as establishing REIT regimes, derivatives and exchange traded funds, but more needs to be done to encourage product development and innovation,
• Consumer Education and Protection: The implementation of a strong consumer protection, education agency and framework, to include robust disclosures on cost of credit, free and accessible consumer education, enforcement of disclosures on borrowings and interest rates, while also handling issues of contention and concerns from consumers,
• Promote an Efficient Capital Markets Infrastructure: Efficient capital markets infrastructure is crucial to developing deep and vibrant capital markets. The Capital Markets Authority (CMA) could improve market efficiency by (i) making it easier for new and structurally unique products to be introduced in the capital and financial markets. The market remains largely a plain vanilla products market with equities and fixed income products, (ii) instituting predictable and transparent timelines for processing submissions from market applicants and expedite processing of applications. For example, an online portal showing when applications come in and how long they take to be processed be helpful, and (iii) pushing for a one stop shop for applicants such that an approval from the authority on products such as REITs would suffice, as opposed to current structure where applicants have to chase other approvals from other agencies such as KRA,
• Addressing the Tax Advantages that Banks Enjoy: Level the playing field by making tax incentives available to banks to be also available to non-bank funding entities and private investment funds. For example, providing alternative and capital markets funding organizations with the same withholding tax incentives that banking deposits enjoy, of a 15% final withholding tax, so that depositors don’t feel that they have to go to a bank to enjoy the 15% withholding tax; alternatively, normalize the tax on interest for all players to 30% to level the playing field,
• In South Africa, Section 69 of the Collective Investment Scheme Control Act, 2002, a Trustee may be: (a) a public company under the Companies Act; (b) a company or institution incorporated under a special Act, excluding a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984); (c) an institution or branch of a foreign institution, which is entitled to carry on the business of a bank under the Banks Act, 1990 (Act No. 94 of 1990); or (d) an institution which is registered as an insurer under the Long-term Insurance Act, 1998 (Act No. 52 of 1998). The companies or institutions listed above must also: (a) maintain capital and reserves together amounting to not less than ZAR 10.0 mn (USD 0.7 mn); and (b) be registered by the registrar as a trustee or custodian
• In the UK, Section 55A, Part 4A of the Financial Services Act, 2012, Section 243, and the GCA Collection Investment Scheme Information Guide 2019, a Trustee may be (a) an individual; (b) a body corporate; (c) a partnership; or (d) an unincorporated association, that has received permission from the Financial Conduct Authority to act as a Trustee, and must be independent of the manager of the fund.

Looking at the above case studies, there is a compelling case to consider expanding our current closed framework where Trusteeship is only open to banks, and in fact only 4 banks currently offer Trustee services to the 18 currently registered Unit Trust Funds. It is arguably that banks may not support capital markets products that are threatening to their own core banking business, thereby curtailing the development of capital markets products that offer alternatives to banking products. 

• Increased Transparency: This can be achieved through a reduction of the opacity in debt pricing. This will spur competitiveness in the banking sector and bring a halt to excessive fees and costs. Recent initiatives by the CBK and Kenya Bankers Association (KBA), such as the stringent new laws and cost of credit website being commendable initiatives,

In conclusion, a well-developed capital markets creates a sustainable, low-cost distribution mechanism for multiple financial products and services across the country. This in turn helps the business community to raise long-term funds that are used to purchase capital goods, thereby propelling their growth and supporting the country’s economic growth. Capital markets also enhance efficient financial intermediation. It increases mobilization of savings and therefore improves efficiency and volume of investments, economic growth and development. Capital markets can create greater financial inclusion by introducing new products and services tailored to suit investors’ preference for risk and return, as well as borrowers’ project needs and risk appetite. One of the key missing pillars of the President's Big Four Agenda is how to bring in private sector funding, we believe that the 7 points outlined above can play a big role in mobilizing private sector funding of the Big Four Agenda.

Disclaimer:  The views expressed in this publication are those of the writers where particulars are not warranted. This publication, which is in compliance with Section 2 of the Capital Markets Authority Act Cap 485A, is meant for general information only and is not a warranty, representation, advice or solicitation of any nature. Readers are advised in all circumstances to seek the advice of a registered investment advisor.

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