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I. CORPORATE SOURCES AND USES OF FUNDS

I. CORPORATE SOURCES AND USES OF FUNDS

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CORPORATE SOURCES AND

USES OF FUNDS



C.



Debt Instruments Used

1.

Commercial Bank Loans

2.

Bonds

a.

Publicly issued

b.

Privately issued



5



CORPORATE SOURCES AND

USES OF FUNDS

D.



Financial Markets v. Financial

Intermediaries

1.

Securitization

a. Definition:

replacing bank loans with

securities issued in public

markets.

6



CORPORATE SOURCES AND

USES OF FUNDS

b.



Reflects reduction in access

costs

due to

1.) Technological

improvements

2.) Globalization



7



CORPORATE SOURCES AND

USES OF FUNDS

E.



Corporate Governance

differences exist and fall into two

general categories:

1.

Anglo-Saxon (AS) Model

2.



Continental European and

Japanese (CEJ) Model

- example: keiretsus

8



CORPORATE SOURCES AND

USES OF FUNDS

F. Globalization of Financial Markets

-has led to

1.

Global center competition

2.

Regulatory arbitrage



9



II. NATIONAL CAPITAL MARKETS

AS INTERNATIONAL CENTERS



II.NATIONAL CAPITAL MARKET AS

INTERNATIONAL CENTERS

A. Principal Functions of Financial

Centers

-between savers and borrowers

1.

To transfer purchasing power

2.

To allocate funds

10



NATIONAL CAPITAL MARKETS

AS INTERNATIONAL CENTERS

B.



International Financial Market

1.

Development of most important:

a.

London

b.

New York

c.

Tokyo



11



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I. CORPORATE SOURCES AND USES OF FUNDS

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