Part of the revival has come from a surge in the number of share repurchases by listed companies.
According to Simon Samuels of Barclays Capital, lending by listed European banks exceeds their deposits by $1.3 trillion.
The ever-inflating "carbon bubble" is only part of the bigger picture, because most of the world's fuel – around three-quarters in total and almost all the oil and gas – is owned not by listed companies but by governments.
Asian firms were responsible for 33% of last year's R&D expenditure by listed firms globally, but almost all of that was by Japanese companies, which accounted for 16 of Asia's 20 biggest spenders.
New rules are needed to define the role and nature of an outside director, for example, to ensure equal treatment of all shareholders during a takeover bid or merger, to regulate the use of stock splits, and to make stricter demands about financial reporting by listed companies.
China's existing laws only allow the public offering of shares by listed companies.
