Academic literature on the topic 'Capital market research (CMR)'

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Journal articles on the topic "Capital market research (CMR)"

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Sintha, Lis. "Bankruptcy Prediction Model of Banks in Indonesia Based on Capital Adequacy Ratio." Journal of Finance and Banking Review Vol. 4 (1) Jan-Mar 2019 4, no. 1 (March 19, 2019): 08–16. http://dx.doi.org/10.35609/jfbr.2019.4.1(2).

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Objective - The purpose of this study is to examine the influence of capital on bankruptcy banks. The hypothesis of this research is that capital has an effect on the bankruptcy of a bank. Methodology/Technique - This research examines financial reports between 2005-2014. An econometric model with a logistical regression analysis technique is used. In this study, capital is measured by CAR, taking into account credit risk; CAR by taking into account market risk; Ratio of Obligation to Provide Minimum Capital for Credit Risk and Operational Risk; Ratio of Minimum Capital Adequacy Ratio for Credit Risk, Operational Risk and Market Risk; Capital Adequacy Requirements (CAR). Findings - The results show that the capital adequacy ratio for market ratio and capital adequacy ratio for credit ratio and operational ratio support the research hypothesis and can form a logit model. The test results of CAR by taking into account credit risk, Minimum Capital Requirement Ratio for Credit Risk, Operational Risk and Market Risk and Minimum Capital Provision Obligations do not support the research hypothesis. Novelty – This paper contribute to bank bankruptcy prediction models based on time dimension and bank groups using financial ratios which are expected can influence bank in bankrupt condition. Type of Paper - Empirical. Keywords: Banking crisis, Cost of bankruptcy, Adequacy Ratio, Financial ratios, Prediction models JEL Classification: G32, G33, G39. DOI: https://doi.org/10.35609/jfbr.2019.4.1(2)
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Hafidz, Maulana Faizal, and Yuyun Isbanah. "Analisis Komparatif Abnormal Return dan Trading Volume Activity berdasarkan Political Event (Event Study pada Pengesahan RUU KPK 2019)." Jurnal Ilmu Manajemen 8, no. 3 (June 28, 2020): 829. http://dx.doi.org/10.26740/jim.v8n3.p829-838.

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This research aims to analyze the reaction of the Indonesia capital market with average abnormal return (AAR) and cumulative abnormal return (CAR) before-after the legality of KPK law revision in 2019. This research also using trading volume activity to describe the react of capital market before-after the legality of KPK law revision in 2019. This research use event study for analysis method with 5 days before and 5 days after the event with secondary data from the Indonesia capital market. The research testing by Paired Sample T-Test and Kolmogorov-Smirnov. The result of Kolmogorov-Smirnov shows that AAR, CAR, and TVA are normal distribution. The result of the paired sample t-test shows that no difference between average abnormal return and trading volume activity before-after the political event because investors already get bad news on before and after the legality of KPK law revision in 2019 which make investor wait and see. But, the paired sample t-test shows the difference between CAR before-after the legality of KPK law revision in 2019, because the investor gets a positive abnormal return on t-3 and t-4 which make a different cumulative abnormal return.
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Al Ani, Mawih. "Earnings Quality and Foreign Investors in Gulf Cooperation Council Countries." Contemporary Management Research 17, no. 3 (September 1, 2021): 223–70. http://dx.doi.org/10.7903/cmr.20575.

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This study aims to measure the earnings quality (EQ) in the Gulf Cooperation Council (GCC) countries using a sample of 1827 firm-year observations from 2008 to 2016 by using nine EQ measures. These measures are persistence, predictability, value relevance, earnings response coefficient (ERC), smoothness, earnings surprise, accrual quality, loss recognition timeliness and conservatism. The study also examines the effect of these nine EQ measures on attracting foreign investors. Data are collected from Capital IQ database, and some other data are calculated manually from the capital markets and firms in each country. In this quantitative research, the sample is analysed by using descriptive statistics, correlation, and generalized least squares (GLS) regression to verify the hypotheses and analyse the effect of EQ measures on attracting foreign investors. Findings show distinct effects on attracting foreign investors in different countries. Persistence, predictability, ERC, and accrual quality have a positive effect in Oman, whereas value relevance and ERC have a positive effect in Kuwait. Predictability, accrual quality, ERC, and conservatism negatively affect the Kingdom of Saudi Arabia. Finally, loss recognition timeliness, smoothness, and earnings surprise do not have any effect in all GCC countries.
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Gajdos, Artur. "Spatial Analysis Of Human Capital Structures." Comparative Economic Research. Central and Eastern Europe 17, no. 4 (December 30, 2014): 43–54. http://dx.doi.org/10.2478/cer-2014-0031.

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The main purpose of this paper is to analyse the interdependence between labour productivity and the occupational structure of human capital in a spatial cross-section. Research indicates (see Fischer 2009) the possibility to assess the impact of the quality of human capital (measured by means of the level of education) on labour productivity in a spatial cross-section. This study attempts to thoroughly analyse the issue, assuming that apart from the level of education, the course of education (occupation) can also be a significant factor determining labour productivity in a spatial cross-section. The data used in this paper concerning labour force structure in major occupational groups in a regional cross-section comes from a Labour Force Survey. The data source specificity enables the assessment of labour force occupational specialisation at the regional level and the estimation of this specialisation at the subregional or county level. An in-depth analysis of the occupational structure of the labour market in a spatial cross-section is an important theoretical and practical area of study necessary for the development of effective labour market policies and the education system.
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Mateev, Miroslav, Syed Moudud-Ul-Huq, and Ahmad Sahyouni. "Regulation, banking competition and risk-taking behavior in the MENA region: policy implications for Islamic banks." Journal of Islamic Accounting and Business Research 13, no. 2 (December 14, 2021): 297–337. http://dx.doi.org/10.1108/jiabr-01-2021-0009.

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Purpose This paper aims to investigate the impact of regulation and market competition on the risk-taking Behaviour of financial institutions in the Middle East and North Africa (MENA) region. Design/methodology/approach The empirical framework is based on panel fixed effects/random effects specification. For robustness purpose, this study also uses the generalized method of moments estimation technique. This study tests the hypothesis that regulatory capital requirements have a significant effect on financial stability of Islamic and conventional banks (CBs) in the MENA region. This study also investigates the moderating effect of market power and concentration on the relationship between capital regulation and bank risk. Findings The estimation results support the view that capital adequacy ratio (CAR) has no significant impact on credit risk of Islamic banks (IBs), whereas market competition does play a significant role in shaping the risk behavior of these institutions. This study report opposite results for CBs – an increase in the minimum capital requirements is followed by an increase in a bank’s risk level, which has a negative impact on their financial stability. Furthermore, the results support the notion of a non-linear relationship between banking concentration and bank risk. The findings inform the regulatory authorities concerned with improving the financial stability of banking sector in the MENA region to set their policy differently depending on the level of concentration in the banking market. Research limitations/implications This study contributes to the literature on the effectiveness of regulatory reforms (in this case, capital requirements) and market competition for bank performance and risk-taking. In regard to IBs, capital requirements are less effective in requiring IBs to adjust their risk level according to the Basel III methodology. This study finds that IBs’ risk behavior is strongly associated with market competition, and therefore, the interest rates. Moreover, banks operating in markets with high banking concentration (but not necessarily, low competition), will decrease their credit risk level in response to an increase in the minimum capital requirements. As a result, these banks will be more stable compared to their conventional peers. Thus, regulators and policymakers in the MENA region should restrict the risk-taking behavior of IBs through stringent capital requirements and more intense banking supervision. Practical implications The practical implications of these findings are that the regulatory authorities concerned with improving banking sector stability in the MENA region should proceed differently, depending on the level of banking market concentration. The findings inform regulators and policymakers to set capital requirements at levels that would restrict banks from taking more risk to increase their returns. They are also important for bank managers who should avoid risky strategies in response to increased regulatory pressure (e.g. increase in the minimum required capital level of 8%), as they may lead to an increase in the level of non-performing loans, and therefore, a greater probability of bank default. A future extension of this study will focus on testing the effect of bank risk-taking and market competition on the capitalization levels of banks in the MENA countries. More specifically, this study will investigates if banks raise their capitalization levels during the COVID-19 pandemic. Originality/value The analysis of previous research indicates that there is no unambiguous answer to the question of whether IBs perform differently than CBs under different competitive conditions. To fill this gap, this study examines the influence of capital regulation and market competition (both individually and interactively) on bank risk-taking behavior using a large sample of banking institutions in 18 MENA countries over 14 years (2005–2018). For the first time in this line of research, this study shows that the level of market power is positively associated with the level of a bank’ insolvency risk. In others words, IBs operating in highly competitive markets are more inclined to take a higher risk than their conventional peers. Regarding the IBs credit risk behavior, this study finds that market power has a limited impact on the relationship between CAR and risk level. This means that IBs are still applying in their operations the theoretical models based on the prohibition of interest.
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Hisan, Ulis Fajar Choirotun, and Dina Fitrisia Septiarini. "PENGARUH FAKTOR FUNDAMENTAL DAN VARIABEL MAKROEKONOMI TERHADAP CAPITAL BUFFER BANK SYARIAH." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 2 (June 13, 2020): 356. http://dx.doi.org/10.20473/vol7iss20202pp356-371.

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Banks are trust institutions. The tools that are appropriate to support this trust are the capital adequacy of the bank (capital buffer), related to the ability of banks to detect the risks faced. This study discusses the effects of financing risk (NPF), operational risk (BOPO), market risk (NI), profitability (ROA), bank size (SIZE), Gross Domestic Product (GDP), and money exchange (M2) on buffer capital (M2) CAR) BUS in Indonesia during the period 2010-2018, both partially and simultaneously. The data used are quantitative data with panel data regression methods using statistical tools stata13. This research uses secondary data while the study population is 14 Islamic commercial banks which then obtained a sample of 11 BUS based on the purposive sampling method. NPF, NI, SIZE, GDP, and M2 have a significant effect on CAR, where NI and M2 have a positive effect, and NPF, SIZE, GDP affect negatively. Related to expenditure risk variables, market risk, bank size, GDP, and money that can be issued as determined by the BUS capital buffer in Indonesia in the period 2010-2018. Operational Risk (BOPO) and profitability (ROA) have no significant effect on BUS capital buffers (CAR) in the study period. Regarding implementation of Basel III, funding risk and market risk are significant determinants of capital buffers, and capital buffers are found to be procyclical to Indonesia's finances. Keywords: capital buffer, risk profile, macroeconomic conditions, basel III.
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Juniarti and Agus Arianto Toly. "Does the Market React to the Reputation of Capital Expenditure?" Asian Economic and Financial Review 11, no. 10 (October 14, 2021): 781–93. http://dx.doi.org/10.18488/journal.aefr.2021.1110.781.793.

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A phenomenon found in several case studies shows that investors are more interested in the projection of firm value than in periodic financial performance. Therefore, this study aims to determine whether the reputation of capital expenditure is an indication of a promising future for a company, so that it responds positively to the market. The research samples used were companies that had the highest increase in shares in their sectors during the Q1 2017 to Q2 2019 period. We used Tobin's Q (TQ) and cumulative abnormal return (CAR) as proxies for market response. The findings of this study are, first, that the market responded positively to the reputation of corporate capital expenditure, as seen from asset growth. Second, in the sample group with positive asset growth trends in the last five years, the reputation of capital expenditure, proxied by total assets and total fixed assets, consistently received positive responses from investors. Third, the market responded negatively, or had no response, to capital expenditure made by companies that had a negative growth trend. The results of this study invalidate the findings of previous studies that good financial performance responds positively. This study proves that the capital expenditure of a company is more of a concern to investors than its current performance.
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Nadi, Luh. "Analisis Pengaruh Kecukupan Modal, Risiko Pasar dan Efisiensi Operasional terhadap Risiko Kredit Perbankan." Jurnal Accounting Information System (AIMS) 4, no. 1 (March 31, 2021): 55–72. http://dx.doi.org/10.32627/aims.v4i1.273.

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This study aims to examine The Effect Of Capital Adequacy, Market Risk, And Operational Efficiency On Bank Credit Risk. The Research Sample is 10 Conventional Commercial Banks Listed On The Indonesia Stock Exchange. The research variables were proxied by CAR, NIM, and BOPO for the independent variable and NPL for the dependent variable. This study uses quantitative data sourced from banking financial reports on the website of the financial services authority (OJK). The analysis technique uses panel data regression and testing using the software program Eviews (econometric Views) version 9. The results show that capital adequacy proxied by CAR and Operational Efficiency Proxied by BOPO have a significant positive effect on the variable risk of credit or non performing loan proxied by NPL, while market risk proxied by NIM has no effect on NPL.
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Noor Rohman, Sani, and Karsinah Karsinah. "Analisis Determinan Pangsa Pasar Bank Syariah dengan Kinerja Bank Syariah di Indonesia Periode 2011-2016." Economics Development Analysis Journal 5, no. 2 (March 8, 2018): 135–42. http://dx.doi.org/10.15294/edaj.v5i2.22026.

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Tujuan penelitian ini adalah melihat respon guncangan, dan kontribusi kinerja bank syariah dengan pangsa pasar. Program Akselerasi Pengembangan Perbankan Syariah (PAPBS) Indonesia menargetkan pangsa pasar bank syariah pada tahun 2008 adalah sebesar 5 %. Sedangkan pada tahun 2015 mencapai pangsa pasar perbankan syariah sebesar 15 %. Namun pada akhir tahun 2016 pangsa pasar masih berada pada 5,29%. Variabel penelitianya adalah Market Share (Pangsa Pasar) dengan Biaya Operasional dan Pembiayaan Operasional (BOPO), Capital Adequacy Ratio (CAR), Return Of Asset (ROA), Finance To Deposte Ratio (FDR), Non Performing Finance (NPF). Hasil analisis penelitian ini, Kinerja bank syariah menunjukkan Pangsa pasar bank syariah merespon positif terhadap varaiabel BOPO, CAR, ROA dan FDR, sedangkan variabel NPF merespon negatif, sedangkan uji Variance Decomposition variabel ROA memiliki kontribusi lebih besar dibandngkan Variabel BOPO, CAR, FDR,dan NPF. The purpose of this research is to see the relationship, shock response, and contribution of syariah bank performance with market share. The Indonesia Islamic Banking Development Acceleration Program (PAPBS) targets the market share of shariah banks in 2008 amounted to 5%. While in the year 2015 is to achieve sharia banking market share of 15%. But by the end of 2016 the market share is still at 5.29%. The research variables are Market Share with Operational Cost and Operational Financing (BOPO), Capital Adiquacy Ratio (CAR), Return Of Assets (ROA), Finance To Deposte Ratio (FDR), Non Performing Finance (NPF). The method used VAR (Vector Auto Regretion) which theoretically does not occur relationship between variables with VAR In Difference model.. Result of research is The performance of shariah banks shows that the market share of shariah banks responds positively to BOPO, CAR, ROA and FDR variables, whereas NPF variable responds negatively, while the Variance Decomposition variable of ROA has bigger contribution than BOPO, CAR, FDR, and NPF variables
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Marisya, Fitria. "ANALISIS PENGARUH STRUKTUR MODAL (CAR) DANDANA PIHAK KETIGA (FDR) TERHADAP PROFITABILITAS (ROA) DENGAN KREDIT BERMASALAH (NPF) SEBAGAI VARIBEL INTERVENING PADA PERBANKAN UMUM SYARIAH DI INDONESIA." JAZ:Jurnal Akuntansi Unihaz 2, no. 2 (November 16, 2019): 1. http://dx.doi.org/10.32663/jaz.v2i2.987.

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This research focuses on the analysis of the influence of capital structure (Capital Adequacy Ratio/ CAR) and third-party Funds (Financing to Deposit Ratio/ FDR) towards Profitability (Return on Asset/ ROA) with Troubled Financing (Non Performing Financing/ NPF), as the Intervening Variables in the Public Sharia Banking In Indonesia. The data was obtained from the Indonesian Capital Market Directory (ICMD)and analyzed using Path Analysis with the help of AMOS programs22.The test results show some impact as follows: 1. The CAR has a positive and significant to FDR. 2. The NPF is not positive and significant to FDR. 3. The CAR is positive and significant to ROA. 4. The NPF is negative and significant to ROA. 5.The FDR is positive and significant to ROA. 6.The FDR is a significant intervening intervening variable between CAR and ROA in the form of partial mediation. 7.The FDRisasignificantandinfluential variable intervening between the NPF and ROA in the form of partial mediation. This research isexpected to be beneficial to investors, among others, and this research can be used as a consideration in making investment decisions. Also, the researchers can use this as a reference for any research related to capital structure (CAR), third-party Funds (FDR), profitability (ROA), and was the troubled Financing(NPF).
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Dissertations / Theses on the topic "Capital market research (CMR)"

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Corrado, Charles J. "Nonparametric statistical methods in financial market research." Diss., The University of Arizona, 1988. http://hdl.handle.net/10150/184608.

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This dissertation presents an exploration of the use of nonparametric statistical methods based on ranks for use in financial market research. Applications to event study methodology and the estimation of security systematic risk are analyzed using a simulation methodology with actual daily security return data. The results indicate that procedures based on ranks are more efficient than normal theory procedures currently in common use.
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Vernon, John A. "The economics of pharmaceutical research development : investment models, capital market imperfections and policy considerations." Thesis, City University London, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.367264.

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Suwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market." Thesis, Queensland University of Technology, 2004. https://eprints.qut.edu.au/15986/1/Eko_Suwardi_Thesis.pdf.

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Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets. Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003). The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and method, the study also provides valuable information about the emerging financial markets of Indonesia. The results of this thesis show that cointegration and the accompanying equilibrium correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the relative importance of financial statements as a source of information on the JSX.
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Suwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market." Queensland University of Technology, 2004. http://eprints.qut.edu.au/15986/.

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Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets. Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003). The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and method, the study also provides valuable information about the emerging financial markets of Indonesia. The results of this thesis show that cointegration and the accompanying equilibrium correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the relative importance of financial statements as a source of information on the JSX.
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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies." Thesis, Queensland University of Technology, 2007. https://eprints.qut.edu.au/16515/1/Victoria_Jane_Clout_Thesis.pdf.

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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.
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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies." Queensland University of Technology, 2007. http://eprints.qut.edu.au/16515/.

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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.
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Babl, Christian Stephan [Verfasser]. "E-Mobility and Related Clean Technologies from an Empirical Corporate Finance Perspective : State of Economic Research, Sourcing Risks, and Capital Market Perception / Christian Stephan Babl." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2015. http://d-nb.info/1080458212/34.

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Horndahl, Hampus, David Petersson, and Gerhard sköldeholt. "Nedskrivning av Goodwill : Finns det skäl för företag att vara oroliga?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96905.

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The purpose of this thesis is to determine if impairment of goodwill is a value relevant factor to the investors in the companies listed on the Stockholm Large Cap stock exchange. This paper focuses on the annual reports from the 100 largest companies listed on the exchange.   The empirical model used is Capital Market Research and Market Based Accounting Research which is derived from Positive Accounting Theory. Capital Market Research and Market Based Accounting Research are based on critical assumptions made in the Efficient Market Hypothesis which is why it has its own section in the theoretical chapter. The theoretical chapter contains extensive information regarding the components of goodwill, its uses in accounting and how it is meant to be dealt with.  The analysis connects our empirical findings with our empirical model in order to draw conclusions from the output gathered in Minitab. Our analysis shows that only small proportions of the large quantities of goodwill on the Swedish stock exchange are impaired on a yearly basis. We also find that impairment of goodwill does not have a significant impact on market value, however goodwill itself does.  Investors either do not view impairment of goodwill as value relevant, or the impairment was known beforehand and was therefore reflected in the price of the stock. Goodwill is considered value relevant most likely due to investors viewing the preeminence of goodwill as a sign that the company will draw benefit from the underlying assets for years to come.    We conclude that impairment of goodwill is not a value relevant factor to the investors in the Swedish stock exchange, but that goodwill, and increasing goodwill is. The paper ends with suggestions for further research.
Syftet med denna avhandling är att fastställa om nedskrivning av goodwill är en värderelevant faktor för investerarna på den svenska Large Cap-börsen. Denna avhandling fokuserar på årsredovisningarna från de 100 största bolagen som är noterade på denna börs.  De empiriska modeller som används är kapitalmarknadsforskning och marknadsbaserad redovisningsforskning, vilka båda härstammar från positiv redovisningsteori. Kapitalmarknadsforskning och marknadsbaserad redovisningsforskning baseras på viktiga antagande gjorda i den effektiva marknadshypotesen, som har sitt egna avsnitt under teorikapitlet. Teorikapitlet innehåller omfattande information gällande komponenterna i goodwill, dess användning inom redovisning samt hanteringen av goodwill.  Analysen kopplar samman våra empiriska fynd med vår empiriska modell i syfte att dra slutsatser kring resultaten som sammanställts från programmet  Minitab. Vår analys visar att förhållandevis små mängder av de enorma goodwillposterna på den svenska Large cap-börsen skrivs ner på årlig basis. Vi finner också att nedskrivning av goodwill inte har någon väsentlig påverkan på bolagets marknadsvärde, vilket däremot goodwillposten i sig har. Antingen så ser inte investerarna nedskrivning av goodwill som värderelevant eller så var nedskrivningarna kända i förväg och således redan inräknade i aktiens pris. Att goodwill i sig är betraktat som värderelevant beror troligen på att investerarna ser innehavet av goodwill som ett tecken på att bolaget kommer dra nytta av dessa underliggande tillgångar under de kommande åren.    Vi drar slutsatsen att nedskrivning av goodwill inte är en värderelevant faktor för investerarna på den svenska börsen, men däremot att goodwill och en ökning av goodwillposten är värderelevant. Uppsatsen avslutas med förslag till ytterligare forskning
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Dahlberg, Ida. ""...i en macho-stämpel så ingår det väl inte att plugga.." : En studie om betydelsen av genus och klass i en arbetsökningsprocess." Thesis, Linköping University, Department of Social and Welfare Studies, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-12310.

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The aim of this thesis is to study a job-searching process and elements that affects it. The elements I have focused on are gender, class and social network. The study is based on interviews and a survey study with students from the educational program of Social work (Socialomsorgsutbildningen), that graduated 3 years ago. Through the survey I have examined their social-background and their job-searching process. The interviews are the main focus in the study. Several of the informants came from working-class homes, and that could be one of the reasons why the informants chose an educational program that has low academic status. The majority of the students on the education program were female. In the employment process the male informants felt that their gender/sex gave them an advantage entering the labour-market. The social network, especially the informal network, was the most important part of their job-seeking process.

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Günther, Jens. "Three accounting research essays in a historical setting." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17246.

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Die vorliegende kumulative Dissertation analysiert Determinanten und Konsequenzen der Berichterstattung von Unternehmen im deutschen Kaiserreich. Das erste Papier analysiert den Zusammenhang zwischen der freiwilligen Publizität und dem Produktmarktwettbewerb. Auf der Grundlage einer Stichprobe von 570 Unternehmensjahren lässt sich ein negativer Zusammenhang zwischen der freiwilligen Publizität und dem potentiellen Wettbewerb zeigen. Darüber hinaus finde ich einen negativen Zusammenhang zwischen der freiwilligen Publizität und der Branchenprofitabilität. Schließlich finde ich einen positiven Zusammenhang zwischen der freiwilligen Publizität und dem existierenden Wettbewerb. Dieser Zusammenhang ist jedoch nur für Branchenfolger statistisch signifikant. Im zweiten Papier analysiere ich den Einfluss von (überraschenden) Dividendenankündigungen auf die Berliner Börse im Jahr 1895. Auf der Grundlage einer Stichprobe von 166 Unternehmen finde ich positive (negative) kumulierte abnormale Renditen als Reaktion auf eine positive (negative) Dividendenüberraschung. Querschnittsanalysen zeigen, dass diese Effekte mit der Signaling Theorie vereinbar sind. Darüber hinaus lässt sich zeigen, dass der Handel auf dem Kapitalmarkt um die Dividendenankündigungen herum erhöht ist. Dies ist vereinbar mit der differentiellen Erwartungsrevision. Das dritte Papier analysiert schließlich den Zusammenhang zwischen der Zusammensetzung des Aufsichtsrats und dem bilanzpolitischen Verhalten von Unternehmen zu Beginn des 20. Jahrhunderts. Bei diesen Unternehmen lässt sich der von Burgstahler/Dichev (1997) dargestellte „earnings kink“ nachweisen. Darüber hinaus lässt sich zeigen, dass dieser „earnings kink“ nicht mehr präsent ist, sobald die Gewinne um Abschreibungen korrigiert werden. Es lässt sich allerdings nicht zeigen, dass die Präsenz von Bankdirektoren im Aufsichtsrat mit dem „earnings kink“ oder der Höhe der abnormalen Abschreibungen verbunden ist.
This cumulative Ph.D. thesis analyzes determinants and consequences of financial accounting practices in Imperial Germany. The first paper analyzes the relationship between product market competition and voluntary disclosure. Based on a balanced panel of 570 firm-years, I find a negative association between voluntary disclosure and potential competition. I also find a negative association between industry profitability and voluntary disclosure. Finally, I find a positive association between existing competition and voluntary disclosure for industry followers. The second paper analyzes share price and trading effects around dividend announcements of firms listed on the Berlin Stock Exchange in 1895. Based on a sample of 166 firms, I find a statistically and economically significant positive (negative) cumulative average abnormal return following a positive (negative) dividend surprise. Cross-sectional analyses show that these effects are consistent with the dividend signaling hypothesis. I furthermore find that trading is increased around the announcements. This is consistent with a differential belief revision among individual investors. The third paper analyzes the earnings of 50 public and 50 private German firms for the fiscal years 1903-1907. I find the earnings kinks reported by Burgstahler and Dichev (1997). I also find that these kinks disappear once I adjust earnings for depreciations. However, my analyses do not support a divergent probability to avoid small losses and earnings decreases when firms are monitored by bank directors. Based on a propensity score matching I do also not find systematic differences in discretionary depreciations between firms monitored by bank directors and firms without such bank attachments in general.
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Books on the topic "Capital market research (CMR)"

1

Epstein, T. Scarlett. A manual for culturally-adapted market research(CMR) in the development process. Bexhill-On-Sea: RWAL Publications, 1988.

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New Zealand. Capital Market Development Taskforce. Capital markets matter: Research reports. Wellington, N.Z.]: CMD Taskforce, 2009.

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1950-, Schwert G. William, and Smith Clifford W, eds. Empirical research in capital markets. New York: McGraw-Hill, 1992.

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Bühler, Wolfgang, Herbert Hax, and Reinhart Schmidt, eds. Empirical Research on the German Capital Market. Heidelberg: Physica-Verlag HD, 1999. http://dx.doi.org/10.1007/978-3-642-58664-4.

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Barua, S. K. Research on the Indian capital market: A review. [Ahmedabad]: Indian Institute of Management, Ahmedabad, 1994.

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Wo guo zi ben shi chang yan jiu: Capital market research in China. Beijing Shi: JIng ji guan li chu ban she, 2011.

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Kliger, Doron. Event studies for financial research: A comprehensive guide. New York City, NY: Palgrave Macmillan, 2014.

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Dailami, Mansoor. Stock markets in developing countries: Key issues and a research agenda. Washington, DC: Country Economics Dept., World Bank, 1990.

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Yang, Shenggang. Taiwan jin rong zhi du bian qian yu fa zhan yan jiu. Beijing: Zhongguo jin rong chu ban she, 2001.

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Zhongguo zi ben shi chang yan jiu: Dui yi ge xian shi jin rong wen ti de li lun si kao = The research of China's capital market. Beijing: Jing ji guan li chu ban she, 2004.

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Book chapters on the topic "Capital market research (CMR)"

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Wan, Muchun. "Research Methods." In CSR Image Discursive Construction of Banks and the Effects on Capital Markets, 69–86. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-6012-3_4.

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Bühler, Wolfgang. "Capital Market Equilibrium and Parametric Optimization." In Operations Research, 279–98. Berlin, Heidelberg: Springer Berlin Heidelberg, 1991. http://dx.doi.org/10.1007/978-3-642-76537-7_19.

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Schroiff, Hans-Willi. "Creating Competitive Intellectual Capital: The Henkel Case." In Market Research Best Practice, 213–28. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119208815.ch10.

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Bessler, Wolfgang, and Reinhard H. Schmidt. "Empirical Capital Market Research in Germany." In Ideengeschichte der BWL II, 271–306. Wiesbaden: Springer Fachmedien Wiesbaden, 2022. http://dx.doi.org/10.1007/978-3-658-35155-7_11.

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Rizvi, Syed Aun R., and Nafis Alam. "Islamic Capital Market Research: Past Trends and Future Considerations." In Islamic Capital Markets, 1–13. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-33991-7_1.

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Cakranegara, Pandu Adi, and Bastanta Prawira Tarigan. "Indonesia Capital Market Recovery: An Analysis." In Proceedings of the 4th Asia Pacific Management Research Conference (APMRC 2022), 129–39. Dordrecht: Atlantis Press International BV, 2023. http://dx.doi.org/10.2991/978-94-6463-076-3_9.

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Mestel, Roland, Henryk Gurgul, and Christoph Schleicher. "Capital Market Efficiency — An Empirical Analysis of the Dividend Announcement Effect for the Austrian Stock Market." In Operations Research Proceedings 2002, 315–20. Berlin, Heidelberg: Springer Berlin Heidelberg, 2003. http://dx.doi.org/10.1007/978-3-642-55537-4_51.

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Ndagijimana, Innocent B., and Jonas Barayandema. "International Financial Reporting Standards and the Capital Market in Rwanda." In Frontiers in African Business Research, 129–47. Singapore: Springer Singapore, 2017. http://dx.doi.org/10.1007/978-981-10-4536-3_8.

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Shao, Haihong, Xiaofeng Ju, and Yukun Li. "Review of Research on the Accrual Anomaly in Capital Market." In Advances in Intelligent and Soft Computing, 375–82. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-25538-0_55.

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Eibel, Julian. "The Role of REIT Joint Ventures to Market Timing and Capital Structure Considerations." In Essays in Real Estate Research, 121–47. Wiesbaden: Springer Fachmedien Wiesbaden, 2020. http://dx.doi.org/10.1007/978-3-658-31977-9_5.

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Conference papers on the topic "Capital market research (CMR)"

1

Zhujun, Xu, Yin Sijia, Shen Jia, and Zheng Xingchen. "A Chaos Forecast Research on Capital Market Model." In 2008 International Conference on Computer Science and Software Engineering. IEEE, 2008. http://dx.doi.org/10.1109/csse.2008.1275.

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Zhai Huayun. "Research on capital market supporting efficiency of technology innovation." In 2011 International Conference on Computer Science and Service System (CSSS). IEEE, 2011. http://dx.doi.org/10.1109/csss.2011.5975030.

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Shaojun, Chen. "Research on Auditing Rent-seeking Activities in Capital Market." In 2010 International Conference on E-Business and E-Government (ICEE). IEEE, 2010. http://dx.doi.org/10.1109/icee.2010.1088.

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Xu, An, and Zhi-wen Gong. "Business group internal capital market excess value measure research." In 2016 2nd International Conference on Economics, Management Engineering and Education Technology (ICEMEET 2016). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/icemeet-16.2017.123.

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Liu, Wei, and Hao Hu. "Research on the Fractal Properties of China's Capital Market." In 2007 International Conference on Wireless Communications, Networking and Mobile Computing. IEEE, 2007. http://dx.doi.org/10.1109/wicom.2007.1046.

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He, Nanxi, and Ruoyi Zhao. "Research on the Coordination Development of Money Market and Capital Market in China." In 2015 3rd International Conference on Education, Management, Arts, Economics and Social Science. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/icemaess-15.2016.153.

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Zhai, Dongsheng, Lancui Liu, and Shiqing Wang. "Research of Modeling for Trading Process Agent-Based Capital Market." In 2008 4th International Conference on Wireless Communications, Networking and Mobile Computing (WiCOM). IEEE, 2008. http://dx.doi.org/10.1109/wicom.2008.2726.

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Duan, Peiheng, Minghui Yan, Dianning Wu, and Na Zhou. "Research on unbalanced capital settlement system in foreign power market." In 2022 China International Conference on Electricity Distribution (CICED). IEEE, 2022. http://dx.doi.org/10.1109/ciced56215.2022.9928985.

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Gamkrelidze, David. "Capital Market as a Critical Source for Attracting Funding and Its Interrelationship with Money Market." In 3rd International Conference on Advanced Research in Business, Management and Economics. globalks, 2020. http://dx.doi.org/10.33422/3rd.icabme.2020.10.18.

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Chen, Meixi, and Yitong Xin. "Research on the Impact of COVID-19 on China’s Capital Market." In 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI2020). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.201128.045.

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Reports on the topic "Capital market research (CMR)"

1

Strachan, Anna Louise. Potential Private Sector Involvement in Supporting Refugee Livelihoods and Self-reliance in Uganda: Annotated Bibliography. Institute of Development Studies (IDS), March 2021. http://dx.doi.org/10.19088/k4d.2021.072.

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There is some evidence of the private sector playing a role in supporting refugee livelihoods and self-reliance in Uganda during the period 2016-2020. However, a number of evaluations and research reports highlight the potential for greater private sector involvement, if existing constraints are addressed. Key lessons identified in the literature include the need for more research, especially on market potential, to address the existing knowledge gaps on the role the private sector can play in supporting refugee livelihoods and self-reliance in Uganda. The literature notes that limited access to capital, as well as appropriate financing schemes, are key constraints to the growth of the agribusiness sector. Furthermore, access to natural resources required for agri-business, such as land and water needs to receive more attention from NGOs and donors. The evidence also shows that there is a need for guidelines on the monitoring and evaluation of humanitarian adaptations of market systems development programming. The literature also notes that local actors should be involved in the design and assessment of investment opportunities and risk of interventions to increase project impact.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.

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Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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