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China: Breaking the taboo

The enormous enthusiasm international investment bankers showed when China began floating state-owned companies in 1993 has cooled markedly. The poor market performance of the early issuers has slowed the flow of new ones. But signs are that the Chinese authorities are adopting a more realistic approach to attract back foreign investors. Sophie Röell reports.

February 01, 1996

Russia: Piling high to meet the quota

Russian privatization has been rapid and controversial. Transfers to banks of stakes in the country's largest businesses have sparked a furious debate about the terms of the deals and whether or not the banks are improving management. But instead of changing tack, the government has been pushing ahead before the political climate changes. Vindicating its quick approach has been the much quieter and more successful sell-off of thousands of smaller companies.

February 01, 1996

Pfandbriefe market: Can a jumbo give birth to a baby?

Optimists believe the new market in jumbo Pfandbriefe could become sophisticated, liquid and efficient enough to be regarded as a kind of baby Bund. Pessimists think overcoming image problems in the eyes of international investors will prove too difficult. Philip Moore reports.

January 01, 1996

Japan back on track

After five years of prolonged slump, 1996 may be the year when things in Japan get moving again.

January 01, 1996

Opinion

Front end

Banking's real climbers, CSFB's football field, Rich man, poor man, Australian elephant, The Euro-Euro

January 01, 1996

Let them drink champagne

Hôtel du Front Populaire (ci-devant Crillon), 10 Place de la Révolution (ci-devant Concorde), 75008 Paris, France.

January 01, 1996

Egypt: Reviving an old institution

Like many old bourses in emerging markets, the one in Cairo creaks a bit. Transforming it into a smooth-running, well-oiled machine will require changing attitudes as well as systems. But the need to attract foreign and domestic money to the corporate sector will probably ensure it comes right in the end. Nigel Ash reports.

January 01, 1996

Central Europe: the markets move on

No fast track but getting there. The success of central Europe's emergence depends on the region's ability to maintain coherent, long-term economic and social reforms. But the past five years have produced a mixed bag of results, as Jules Stewart reports.

Jules Stewart, January 01, 1996

Russia: Sitting out the Russian winter

Russian banks and brokers face a bleak winter. Equity business generated from buying and selling privatization vouchers has dried up, and Russian companies - in urgent need of capital - will not be ready to access the international capital markets for another two to three years. Peter Lee looks at brokers' efforts to bolster the value of Russian company shares and to keep the foreign investors biting.

January 01, 1996

Japan: A game of catch-up

After a disastrous few years, Japanese securities houses have begun to rediscover how to make money in international business. They are cutting costs, building up proprietary trading operations and taking advantage of the demand from Japanese retail investors for foreign bonds. But can they ever catch up with their US and European rivals? Garry Evans reports.

January 01, 1996

Portfolio theory: The human factor

Computers can do a lot to process today's explosion of information in financial markets - but they're only a tool. The ultimate processor and user of the information is man. Man is the subject and the object of financial analysis. Markets are a theatre of human behaviour. More and more quantitative analysts are redirecting their study of markets to the study of man. David Shirreff reports.

January 01, 1996

Market Monitor

Maastrickery, NYSE raps Nomura, Equity placements, EIB's yen handout, Switzerland's test of strength

January 01, 1996

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