Information on the thesis

The dissertation covers the peculiarities and functions of the international securities
market  and  its  segments.  It  explores  and  broadens  the  essence  of  institutional  analysis,
institutes and institutions, as well as the differences between these categories.
The research reveals the concept of institutional analysis levels by Oliver Williamson
applied to the international securities market. Based on the concept the main institutes and
institutions of the market has been defined.  The evolution of theoretical notions about the
role  and  place  of  securities  market  in  economic  system  has  been  traced.    The  work
systematizes  and  summarizes  the  main  securities  market  price  movement  theories,  their
main weaknesses and strengths are determined.
The  thesis  defines  international  securities  market  infrastructure  to  be  the  main
institutes of the market. Therefore, the analyses of the three market segments infrastructure
has  been  performed,  their  main  functions  highlighted.  The  author  performs  linear
correlation  analysis  in  order  to  determine  the  influence  of  the  macroeconomic  and
institutional  factors  on  the  internal  determinants  of  securities  market.  Based  on  the
developed models, it is concluded that, as the rule, the less developed country, the more
important for its securities market is the development of the institutional environment. The
research proves that for development of emerging economies’ securities market the role of
institutional  environment  is  much  more  important  than  macroeconomic  indicators,
whereas for developed countries good performance of both is mostly equally essential. The
author  stresses  that  securities  market  regulation  is,  in  fact,  the  only  measure  of  market
institutional  environment  control.  Thus,  comparative  analysis  of  securities  market
regulation systems across groups of countries has been performed, their main weaknesses
and strengths revealed.
The author believes that the only way to improve the institutional environment of the
securities  market  is  to  enhance  the  efficiency  of  the  regulation  system.  Therefore,  the
research  indicates  methodological  approaches  to  identification  of  the  «securities  market
efficiency» category, as well as implies potential ways of upgrading the existing methods
by  introducing  the  self-regulation  index. The  work  highlights  the  main  problems  of  the
Ukrainian securities market development, suggests potential ways of its improvement in
the context of the national regulation enhancement as well as the foreign securities market
segment development stimulation. The research also highlights the main peculiarities and
tendencies  of  developing  countries  securities  market  integration  into  the  international
market as an essential part of securities market institutional development.
Key  words:  institute,  institution,  institutionalism,  institutional  environment,
international  securities  market,  stock  market,  securities,  institutional  determinants,
macroeconomic determinants, securities market regulation.