THE FINANCING OF PRIVATE ENTERPRISE IN CHINA
Neil Gregory and stoyan tenev.
“A 1999 survey of more than 600 private Chinese enterprises revealed that they relied primarily on self-financing. For china’s private sector to thrive, firm will need increased access to external loan ad equity financing”
INTRODUCTION
Ø Enterprises play a strong ruleà in 1998 had grown about 27% of GDP à end 1999 the private sector accounted only 1% of bank lendingà only 1% listed in SSX
FINANCING PATTERN
Ø Survey by International Finance corporation (IFC )1999: Beijing, Chengd, Shunde (Guangdong), and wengzhou (Zhengjang)
o 80% lack of access to financeà seriously constrainàrelied o self financing for both start-up and expansion
o 90% their initial capital came from their principal owners, the start-up team and the families
o 62% of financing coming from the principal owners or out of retained earning
o External source for the smallest firm are mainly informal channels
o On average, Chinese bank tend to play a relatively small role in financing private firmà only 29% of surveyed fir had secured loans I the previous five years
FACTOR AFFECTING ACCESS TO FINANCING
“Basically there two difficulty, partly to factors within the financial system, and partly to the nature of Chinese private enterprises”
Factors:
Ø Bank Incentive
“Local government continue to encourage bank lending to state-owned enterprise by extending explicit or implicit guarantees or through other meansà bank will discriminate against private sector firm”
Ø Bank procedure
“the procedure, both formal and non-formal, rely on collateral and personal relationship rather than on the project appraisal”
Still debatable, because we know that china today still exist become a dragon in Asia, even though they still use method like thatà look at behavioral finance.
Ø Collateral requirement
Inability to meet collateral requirements
Ø Information problem
POLICY AGENDA FOR FINANCING SECTOR
Ø Strengthen bank’s incentive to lend to private enterprises
Ø Further liberalized interest rates
Ø Allows bank to charge transaction fees
Ø Develop alternatives to bank lending, such as leasing and factoring
Ø Create a framework for the development of private equity
Ø Improve access to public equity
CONCLUSSION
Improving financing accessàneed changes in enterprises themselvesàwith the greater access to external finance, China’s private enterprises will continue to play a larger role in the growth and transformation on the Chinese economy
Selasa, 01 April 2008
PECKING ORDER or TRADE OFF HYPOTHESIS? EVIDENCE ON THE CAPITAL STUCTURE OF CINESE COMPANIES
PECKING ORDER or TRADE OFF HYPOTHESIS? EVIDENCE ON THE CAPITAL STUCTURE OF CINESE COMPANIES
INTRODUCTION
Ø How capital structure determine? There are two broad competing model:
àTrade-off theory: state value maximizing fir will pursue an optimal capital structure by consider marginal cost and benefit of each additional unit of financing and then choosing form of financing that equates these marginal cost and benefit
à Pecking order theory: based on the argument that asymmetric information creates a hierarchy of cost in the use of external financing which is broadly common to all firm.
“There is no unique optimal capital structure to which a firm, gravitates n the long run”
Ø There is conceptual differences between two theory and distinguish between two in practice is not easy.;
Fama and Frech (2002)à trade-off did better in one case, pecking order in the other.
Graham and Harvey (2001)à there was a little evidence that a asymmetric information was a factor in financial decision.
Prasad et al (2001a)à the evidence remain inconclusive
Ø Singh and Hamid (1992) and Singh (1995), determine that firm in developing economies rely more heavily on equity than on debt to finance growth than do their counterpart in the industrial economies
“It is difficult to distinguish between trade-off and pecking order models because many determining variables are relevant in both models.
Ø This paperà sample listed Chinese company àlimited to a cross section of China’s top 50 listed companies in 2002 à using data for 2002 and then for 2003 (although a small sample may attenuate the generality of the result compare with the finding of Huan and Song (2002) with their larger but earlier dataset)
Ø Reason why Chinese company:
o Almost unique position being both a developing and transition economy
o Most listed companies were formerly owned by the state.
HYPOTHESES
Fama and French (2002)à Many variables held to determine leverage are common to both theoryà difficult to ‘horse race’ between two regression to distinguish adequately between two theory à have very different implication for corporate behavior.
Ø Determinant of leverage: profitability, size and growth
Trade-off theory predict a positive relationship between leverage and profitability
Suggest a positive relationship between leverage and fir size
Suggest a negative relationship between leverage and growth rate
Pecking order, there will be a negative relationship between leverage and profitability
Suggest a negative relationship between leverage and firm size
Suggest a positive relationship between leverage and growth rate
Ø Leverage and dividend
Trade-off theory implying a negative or significant relationship between dividend and leverage
Pecking order concludes that a significant positive relationship between the past dividend rate and current leverage
Ø Corporate investment and financing
Trade-off theoryà investment negative relationship to dividend rateà profitability, size and past leverage in the model
Pecking orderànegative relation between investment and sizeà leverage should be negatively related to investment
DATA AND METHODOLOGY
Ø Why china??
o Transition from planned economy to market economy
o Continues to be characteristic by: fragmented capital market, fragile banking system, poorly specified property right and institutional uncertainly
o Relatively short operating history
o Have not accumulate much reputation
o Most listed companies were originally state-owned enterprises, and privatization
o Well-functioning and fully enforced accounting and auditing system has developed only gradually in China.
Ø Data + Methodology:
o China’s top 50 companies for the period 2001-2003
o Data were extracted from published account of non-financial companies listed on the Shanghai and Shenzen stock exchange
o 44 non-financial companies, 15 companies is manufacturing, and the rest in non-manufacturing
o Use two dataset: for 2002 and 2001 using 2002 annual report, for 2003 and 2002 using 2003 annual report à Cross-section regression for 2002 and 2003 were estimated separately.
o Variables used in the regressionà look at the table.1***
Other variables in the model mostly defined in the standard model, there two components:
à Measuring profitability (ROA)
à Dividend (DIVEQ)
o Descriptive statistic are shown in table 2
RESULT
**all state in article is a result**
CONCLUSSION
There are four main finding:
significant negative correlation between leverage and profitability
Significant positive correlation between current leverage and past dividend, although at a lower significant level
the investment model is found between the growth of investment and the rate of past dividend
there is some degree of stability in the parameter values as between 2002 and 2003, notwithstanding the accounting changes which took place between these two years
ACKNOWLEDGE
INTRODUCTION
Ø How capital structure determine? There are two broad competing model:
àTrade-off theory: state value maximizing fir will pursue an optimal capital structure by consider marginal cost and benefit of each additional unit of financing and then choosing form of financing that equates these marginal cost and benefit
à Pecking order theory: based on the argument that asymmetric information creates a hierarchy of cost in the use of external financing which is broadly common to all firm.
“There is no unique optimal capital structure to which a firm, gravitates n the long run”
Ø There is conceptual differences between two theory and distinguish between two in practice is not easy.;
Fama and Frech (2002)à trade-off did better in one case, pecking order in the other.
Graham and Harvey (2001)à there was a little evidence that a asymmetric information was a factor in financial decision.
Prasad et al (2001a)à the evidence remain inconclusive
Ø Singh and Hamid (1992) and Singh (1995), determine that firm in developing economies rely more heavily on equity than on debt to finance growth than do their counterpart in the industrial economies
“It is difficult to distinguish between trade-off and pecking order models because many determining variables are relevant in both models.
Ø This paperà sample listed Chinese company àlimited to a cross section of China’s top 50 listed companies in 2002 à using data for 2002 and then for 2003 (although a small sample may attenuate the generality of the result compare with the finding of Huan and Song (2002) with their larger but earlier dataset)
Ø Reason why Chinese company:
o Almost unique position being both a developing and transition economy
o Most listed companies were formerly owned by the state.
HYPOTHESES
Fama and French (2002)à Many variables held to determine leverage are common to both theoryà difficult to ‘horse race’ between two regression to distinguish adequately between two theory à have very different implication for corporate behavior.
Ø Determinant of leverage: profitability, size and growth
Trade-off theory predict a positive relationship between leverage and profitability
Suggest a positive relationship between leverage and fir size
Suggest a negative relationship between leverage and growth rate
Pecking order, there will be a negative relationship between leverage and profitability
Suggest a negative relationship between leverage and firm size
Suggest a positive relationship between leverage and growth rate
Ø Leverage and dividend
Trade-off theory implying a negative or significant relationship between dividend and leverage
Pecking order concludes that a significant positive relationship between the past dividend rate and current leverage
Ø Corporate investment and financing
Trade-off theoryà investment negative relationship to dividend rateà profitability, size and past leverage in the model
Pecking orderànegative relation between investment and sizeà leverage should be negatively related to investment
DATA AND METHODOLOGY
Ø Why china??
o Transition from planned economy to market economy
o Continues to be characteristic by: fragmented capital market, fragile banking system, poorly specified property right and institutional uncertainly
o Relatively short operating history
o Have not accumulate much reputation
o Most listed companies were originally state-owned enterprises, and privatization
o Well-functioning and fully enforced accounting and auditing system has developed only gradually in China.
Ø Data + Methodology:
o China’s top 50 companies for the period 2001-2003
o Data were extracted from published account of non-financial companies listed on the Shanghai and Shenzen stock exchange
o 44 non-financial companies, 15 companies is manufacturing, and the rest in non-manufacturing
o Use two dataset: for 2002 and 2001 using 2002 annual report, for 2003 and 2002 using 2003 annual report à Cross-section regression for 2002 and 2003 were estimated separately.
o Variables used in the regressionà look at the table.1***
Other variables in the model mostly defined in the standard model, there two components:
à Measuring profitability (ROA)
à Dividend (DIVEQ)
o Descriptive statistic are shown in table 2
RESULT
**all state in article is a result**
CONCLUSSION
There are four main finding:
significant negative correlation between leverage and profitability
Significant positive correlation between current leverage and past dividend, although at a lower significant level
the investment model is found between the growth of investment and the rate of past dividend
there is some degree of stability in the parameter values as between 2002 and 2003, notwithstanding the accounting changes which took place between these two years
ACKNOWLEDGE
Education in Regulation (article)
Education in Regulation
Cory Levine. Wall Street & Technology. New York: Apr 2006. pg. 21, 2 pgs
Abstract (Summary)
In partnership with the NASD, the University of Reading will offer what is believed to be a first-of-its-kind Master's in Capital Markets, Regulation and Compliance beginning in October. The program will be taught at the ICMA Centre, the University's business school, in Reading, England. The master's program will be a 10-month curriculum designed to provide students with a basis of the conceptual knowledge and principles to face the challenges of both creating regulation and ensuring compliance for the capital markets. Students will learn the ins and outs of market structure, investment products and asset classes, risk assessment, theory of regulation and compliance, practical application, management, and law. For a profession that has been an unstructured conglomerate of law and finance, formal training in the form of an accredited master's degree may bring a sense of legitimacy to a discipline that until recently has gone largely overlooked.
» Jump to indexing (document details)
Full Text (1335 words)
Copyright CMP Media LLC Apr 2006
[Headnote]
A new master's degree program seeks to ease regulatory burdens with an influx of highly educated compliance professionals. By Cory Levine
HAVE YOU EVER seen a child spend a Saturday afternoon practicing filing audit reports or cataloging archived e-mails? While no child ever says he wants to be a market regulator or a compliance officer when he grows up, a new master's degree program from the University of Reading (U.K.) aims to make that option available and bring an influx of trained compliance professionals into the securities industry.
In partnership with the National Association of securities Dealers (NASD), the University of Reading will offer what is believed to be a first-of-its-kind Master's in Capital Markets, Regulation and Compliance beginning in October. The program will be taught at the ICMA Centre, the University's business school, in Reading, England.
Increasingly complex investment products and market strategies have led to numerous equally complex regulations designed to protect investors and maintain market integrity. Faced with sweeping market reform mandates from regulatory bodies across the globe, maintaining a compliance staff with the ability and training to facilitate mandated changes without sacrificing margins is top of mind for financial institutions. Consequently, this has created a demand for human capital in the fields of regulation and compliance.
Traditionally, people in the compliance profession have come from varied backgrounds, often some combination of finance and law. But there has never before been a program designed specifically to provide a degree in compliance and regulation in the capital markets as its own discipline, according to the NASD and the University of Reading.
Enlarge 200%
Enlarge 400%
[Photograph]
The NASD and the University of Reading hope the new program will facilitate an industrywide strengthening of compliance efforts by training professionals with a robust understanding of the markets and the principles of applicable mandates. "We think that this program will really focus people on these issues, not only because they have to as a practical matter, but because there is a rigor and a discipline around it now that's never been there before," says Paul Andrews, VP and deputy managing director of international affairs and services for the NASD.
Meeting Industry Demand
The need for more physical bodies to meet the demands of market regulations is obvious. Stateside, Regulation National Market Structure (Reg NMS) is keeping executives awake at night, while in the European Union, implementation of the Markets in Financial Instruments Directive (MiFID) is a top priority for financial institutions.
According to the 2006 Market Report in compliance from Barclay Simpson, a London-based recruitment firm, new job vacancies in U.K.-based compliance offices more than doubled during 2005. In the first quarter of 2005, London-based Barclay Simpson reported 27 new openings in the compliance field listed with the firm, a number that grew steadily throughout the year to 60 open positions by the fourth quarter.
"This has come about through some meetings that we were conducting in London with major investment banks ... about education and training needs," says Andrews. "Compliance issues have risen to the top of the barrel."
These businesses' concerns over market regulation certainly are warranted, since even the most seemingly insignificant mandate can have a considerable impact on operations and processes. The complexity of financial markets and financial institutions, particularly those operating globally, makes implementing even minor changes a major undertaking. Bring into play the industry-altering changes required by initiatives such as Reg NMS, and compliance becomes perhaps the most daunting of all business challenges.
Sources of advanced training and education in compliance such as the University of Reading's master's degree program are imperative, according to Lauren Bender, a senior analyst in Celent's securities and investments practice who is based in Paris. "It can't be learned on the job anymore" she asserts. And, "It can't be learned at one company." The changing face of global industry has made domestic and international compliance an integral aspect of running a business in the securities industry, and it is now beginning to be treated as such. "Compliance has a big impact on costs and on margin," Bender continues. "So I think this program is recognition of a new reality."
Setting the Course
The master's program will be a 10-month curriculum designed to provide students with a basis of the conceptual knowledge and principles to face the challenges of both creating regulation and ensuring compliance for the capital markets. Students will learn the ins and outs of market structure, investment products and asset classes, risk assessment, theory of regulation and compliance, practical application, management, and law, according to John Board, professor of finance and director of the ICMA Centre.
The training, however, is not meant to replace on-the-job experience, stresses Board. "We're not trying to create fully formed compliance officers," he says. Rather, the focus of the program will be to provide a broad background in preparation for a career, "not minutiae of individual regulations," Board adds.
The investment banking community is supporting the NASD and the University of Reading in the effort. The academic curriculum will be developed in conference with major banks, including Deutsche Bank, HSBC, JPMorgan Chase and Merrill Lynch. Representatives from these firms will act as a "steering committee," Board relates. The firms will ensure that the curriculum will meet the future demands of the global regulatory and compliance environment, he explains. Additionally, several of these organizations will volunteer internship programs to students pursuing the master's degree, affording the scholars practical experience and giving the businesses a chance to evaluate the program's products, Board notes.
Celent's Bender argues that the most important skill a student can learn from the degree program is to understand the subtleties of creating and maintaining an effective compliance office within an organization. "It's really going to require [a familiarity] with technology and systems, with strategy and with marketing," she says. "Internally, in order to comply, you touch a lot of people's worlds. You step across people's turf in different ways."
Understanding and managing the complex relationships among a business' compliance office and the rest of the organization is what separates the highly qualified from the merely mediocre, Bender asserts. It will be that principle that is most important to the success of the program's graduates, she believes.
For a profession that has been an unstructured conglomerate of law and finance, formal training in the form of an accredited master's degree may bring a sense of legitimacy to a discipline that until recently has gone largely overlooked. The demand for the University of Reading's program, and the securities community's participation, indicates that firms are looking to their compliance offices as an organizational entity with a competitive impact.
'A Strategic Differentiator'
"Compliance can actually be a strategic differentiator," says Bender. If you can do it better, cheaper and faster, "There's a strategic advantage to using compliance, even though you have to anyway," she adds.
The University of Reading's board agrees that people will be looking to the compliance office for a competitive leg up, and will recruit and staff accordingly. "The sense that everybody in London has is that in five years' time, compliance will be a functional profession," Board says. Businesses will look for talented compliance officers, rather than skilled lawyers who just so happen to practice financial law, he suggests.
The NASD already is looking to partner with universities in other regions for similar programs, according to the organization's Andrews. In the short term, programs in Latin America and East Asia are under consideration, with the Indian subcontinent also being contemplated, he relates.
But it will be some time before the industry and academic institutions can judge the impact of the University of Reading's master's program accurately, Celent's Bender points out. "The success of this type of degree is really dependent on the graduates - so it's important who they attract and how they do when they get out. The success of the graduates will drive the importance of the degrees."
[Sidebar]
Compliance oversight "can't be learned on the job anymore, [and] it can't be learned at one company."
- LAUREN BENDER, Celent
Cory Levine. Wall Street & Technology. New York: Apr 2006. pg. 21, 2 pgs
Abstract (Summary)
In partnership with the NASD, the University of Reading will offer what is believed to be a first-of-its-kind Master's in Capital Markets, Regulation and Compliance beginning in October. The program will be taught at the ICMA Centre, the University's business school, in Reading, England. The master's program will be a 10-month curriculum designed to provide students with a basis of the conceptual knowledge and principles to face the challenges of both creating regulation and ensuring compliance for the capital markets. Students will learn the ins and outs of market structure, investment products and asset classes, risk assessment, theory of regulation and compliance, practical application, management, and law. For a profession that has been an unstructured conglomerate of law and finance, formal training in the form of an accredited master's degree may bring a sense of legitimacy to a discipline that until recently has gone largely overlooked.
» Jump to indexing (document details)
Full Text (1335 words)
Copyright CMP Media LLC Apr 2006
[Headnote]
A new master's degree program seeks to ease regulatory burdens with an influx of highly educated compliance professionals. By Cory Levine
HAVE YOU EVER seen a child spend a Saturday afternoon practicing filing audit reports or cataloging archived e-mails? While no child ever says he wants to be a market regulator or a compliance officer when he grows up, a new master's degree program from the University of Reading (U.K.) aims to make that option available and bring an influx of trained compliance professionals into the securities industry.
In partnership with the National Association of securities Dealers (NASD), the University of Reading will offer what is believed to be a first-of-its-kind Master's in Capital Markets, Regulation and Compliance beginning in October. The program will be taught at the ICMA Centre, the University's business school, in Reading, England.
Increasingly complex investment products and market strategies have led to numerous equally complex regulations designed to protect investors and maintain market integrity. Faced with sweeping market reform mandates from regulatory bodies across the globe, maintaining a compliance staff with the ability and training to facilitate mandated changes without sacrificing margins is top of mind for financial institutions. Consequently, this has created a demand for human capital in the fields of regulation and compliance.
Traditionally, people in the compliance profession have come from varied backgrounds, often some combination of finance and law. But there has never before been a program designed specifically to provide a degree in compliance and regulation in the capital markets as its own discipline, according to the NASD and the University of Reading.
Enlarge 200%
Enlarge 400%
[Photograph]
The NASD and the University of Reading hope the new program will facilitate an industrywide strengthening of compliance efforts by training professionals with a robust understanding of the markets and the principles of applicable mandates. "We think that this program will really focus people on these issues, not only because they have to as a practical matter, but because there is a rigor and a discipline around it now that's never been there before," says Paul Andrews, VP and deputy managing director of international affairs and services for the NASD.
Meeting Industry Demand
The need for more physical bodies to meet the demands of market regulations is obvious. Stateside, Regulation National Market Structure (Reg NMS) is keeping executives awake at night, while in the European Union, implementation of the Markets in Financial Instruments Directive (MiFID) is a top priority for financial institutions.
According to the 2006 Market Report in compliance from Barclay Simpson, a London-based recruitment firm, new job vacancies in U.K.-based compliance offices more than doubled during 2005. In the first quarter of 2005, London-based Barclay Simpson reported 27 new openings in the compliance field listed with the firm, a number that grew steadily throughout the year to 60 open positions by the fourth quarter.
"This has come about through some meetings that we were conducting in London with major investment banks ... about education and training needs," says Andrews. "Compliance issues have risen to the top of the barrel."
These businesses' concerns over market regulation certainly are warranted, since even the most seemingly insignificant mandate can have a considerable impact on operations and processes. The complexity of financial markets and financial institutions, particularly those operating globally, makes implementing even minor changes a major undertaking. Bring into play the industry-altering changes required by initiatives such as Reg NMS, and compliance becomes perhaps the most daunting of all business challenges.
Sources of advanced training and education in compliance such as the University of Reading's master's degree program are imperative, according to Lauren Bender, a senior analyst in Celent's securities and investments practice who is based in Paris. "It can't be learned on the job anymore" she asserts. And, "It can't be learned at one company." The changing face of global industry has made domestic and international compliance an integral aspect of running a business in the securities industry, and it is now beginning to be treated as such. "Compliance has a big impact on costs and on margin," Bender continues. "So I think this program is recognition of a new reality."
Setting the Course
The master's program will be a 10-month curriculum designed to provide students with a basis of the conceptual knowledge and principles to face the challenges of both creating regulation and ensuring compliance for the capital markets. Students will learn the ins and outs of market structure, investment products and asset classes, risk assessment, theory of regulation and compliance, practical application, management, and law, according to John Board, professor of finance and director of the ICMA Centre.
The training, however, is not meant to replace on-the-job experience, stresses Board. "We're not trying to create fully formed compliance officers," he says. Rather, the focus of the program will be to provide a broad background in preparation for a career, "not minutiae of individual regulations," Board adds.
The investment banking community is supporting the NASD and the University of Reading in the effort. The academic curriculum will be developed in conference with major banks, including Deutsche Bank, HSBC, JPMorgan Chase and Merrill Lynch. Representatives from these firms will act as a "steering committee," Board relates. The firms will ensure that the curriculum will meet the future demands of the global regulatory and compliance environment, he explains. Additionally, several of these organizations will volunteer internship programs to students pursuing the master's degree, affording the scholars practical experience and giving the businesses a chance to evaluate the program's products, Board notes.
Celent's Bender argues that the most important skill a student can learn from the degree program is to understand the subtleties of creating and maintaining an effective compliance office within an organization. "It's really going to require [a familiarity] with technology and systems, with strategy and with marketing," she says. "Internally, in order to comply, you touch a lot of people's worlds. You step across people's turf in different ways."
Understanding and managing the complex relationships among a business' compliance office and the rest of the organization is what separates the highly qualified from the merely mediocre, Bender asserts. It will be that principle that is most important to the success of the program's graduates, she believes.
For a profession that has been an unstructured conglomerate of law and finance, formal training in the form of an accredited master's degree may bring a sense of legitimacy to a discipline that until recently has gone largely overlooked. The demand for the University of Reading's program, and the securities community's participation, indicates that firms are looking to their compliance offices as an organizational entity with a competitive impact.
'A Strategic Differentiator'
"Compliance can actually be a strategic differentiator," says Bender. If you can do it better, cheaper and faster, "There's a strategic advantage to using compliance, even though you have to anyway," she adds.
The University of Reading's board agrees that people will be looking to the compliance office for a competitive leg up, and will recruit and staff accordingly. "The sense that everybody in London has is that in five years' time, compliance will be a functional profession," Board says. Businesses will look for talented compliance officers, rather than skilled lawyers who just so happen to practice financial law, he suggests.
The NASD already is looking to partner with universities in other regions for similar programs, according to the organization's Andrews. In the short term, programs in Latin America and East Asia are under consideration, with the Indian subcontinent also being contemplated, he relates.
But it will be some time before the industry and academic institutions can judge the impact of the University of Reading's master's program accurately, Celent's Bender points out. "The success of this type of degree is really dependent on the graduates - so it's important who they attract and how they do when they get out. The success of the graduates will drive the importance of the degrees."
[Sidebar]
Compliance oversight "can't be learned on the job anymore, [and] it can't be learned at one company."
- LAUREN BENDER, Celent
EDUCATION IN REGULATION (job article)
à the University of Reading will offer what is believed to be a first-of-its-kind Master's in Capital Markets:
ins and outs of market structure,
investment products and asset classes,
risk assessment,
theory of regulation and compliance,
Practical application, management, and law.
à Increasingly complex investment products and market strategies have led to numerous equally complex regulations designed to protect investors and maintain market integrity consequently, this has created a demand for human capital in the fields of regulation and compliance.
Setting the Course
· 10-month curriculum
· The investment banking community is supporting the NASD and the University of Reading in the effort.
'A Strategic Differentiator'
· Compliance can actually be a strategic differentiator WITH faster and cheaper
ins and outs of market structure,
investment products and asset classes,
risk assessment,
theory of regulation and compliance,
Practical application, management, and law.
à Increasingly complex investment products and market strategies have led to numerous equally complex regulations designed to protect investors and maintain market integrity consequently, this has created a demand for human capital in the fields of regulation and compliance.
Setting the Course
· 10-month curriculum
· The investment banking community is supporting the NASD and the University of Reading in the effort.
'A Strategic Differentiator'
· Compliance can actually be a strategic differentiator WITH faster and cheaper
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