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1
Meyer, Carrie A. "Public-Nonprofit Partnerships and North-South Green Finance." Journal of Environment & Development 6, no. 2 (June 1997): 123–46. http://dx.doi.org/10.1177/107049659700600203.
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Antonis, Antoniou, Katrakilidis Constantinos, and Tsaliki Persefoni. "Wagner’s law versus Keynesian hypothesis: Evidence from pre-WWII Greece." Panoeconomicus 60, no. 4 (2013): 457–72. http://dx.doi.org/10.2298/pan1304457a.
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With data of over a century, 1833-1938, this paper attempts, for the first time, to analyze the causal relationship between income and government spending in the Greek economy for such a long period; that is, to gain some insight into Wagner and Keynesian Hypotheses. The time period of the analysis represents a period of growth, industrialization and modernization of the economy, conditions which are conducive to Wagner?s Law but also to the Keynesian Hypothesis. The empirical analysis resorts to Autoregressive Distributed Lag (ARDL) Cointegration method and tests for the presence of possible structural breaks. The results reveal a positive and statistically significant long run causal effect running from economic performance towards the public size giving support to Wagner?s Law in Greece, whereas for the Keynesian hypothesis some doubts arise for specific time sub-periods.
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Richardson, Edana. "The UAE and Responsible Finance—Can Responsible Finance Ṣukūk Help the UAE in Fulfilling Its Sustainability Ambitions?" Arab Law Quarterly 34, no. 4 (July 2, 2020): 313–55. http://dx.doi.org/10.1163/15730255-bja10013.
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Abstract Responsible finance ṣukūk provide market participants with a capital markets instrument through which they can fulfil the dictates of Islamic law while also participating in green, social or sustainable economic activity. However, as centres for Islamic finance (such as Malaysia and Indonesia) become prominent markets for responsible finance ṣukūk, issuances of these instruments have been noticeably slower to develop in the United Arab Emirates (UAE). This has not been due to a lack of public enthusiasm for a sustainable economy from UAE authorities. However, the plethora of government sustainability initiatives, statements and targets has resulted in somewhat of a patchwork of policies, not all of which are publicly available or centrally curated. This article will aim to map the UAE’s sustainability agenda and consider where responsible finance ṣukūk fit within this agenda. Against this backdrop, it will analyse the contractual structure of the UAE’s first issuance of responsible finance ṣukūk.
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Kondylis, Dimitrios. "Greek libraries’ funding: a Greek tragedy with(out) euros and “katharsis”." Bottom Line 27, no. 2 (August 5, 2014): 74–84. http://dx.doi.org/10.1108/bl-07-2013-0021.
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Purpose – The purpose of the paper is to point out the importance, value and the economic status of the public information services (PIS), which are in danger and to propose alternative solutions that the Greek Governmental Officials and Public Sector’s Library Managers can employ to support and promote PIS, their staff value and work and to finance their existence/preservation, plans and activities. Another objective of the paper is to increase librarians’ and library staff morale and encourage their participation and play a more proactive role in finding and securing such financial resources that will benefit all (PIS and librarians). Design/methodology/approach – Considering the deep financial crisis in Greece, the paper presents and analyzes a thorough list of strategies, actions, practical recommendations and measures that public sector’s information professionals could apply in their attempt to promote PIS benefits to the society. Through these actions, they can also approach and convince stakeholders, governmental officials for (more) funding and other people to become sponsors and donors. Findings – The article highlights the bad economic status of PIS, the increasing need for financial support and the fact that PIS and their professional appointments are under serious threat. It provides a combination of not only traditional widely known and applied methods but also a number of new measures and practices “borrowed” from private sector to show ways of finding alternative financing solutions to fund the existence of libraries, the paying of their debts and the salaries of librarians and the library staff. Moreover, it is suggested to politicians and policy-makers that important legislative bills/changes should take place to promote the flexibility in operations of PIS and in financial transactions between PIS and private companies. Practical implications – The paper with the analyzed measures can set a paradigm of changing the organizational culture of PIS. Also, it points management practices to managers such as employee engagement, brainstorming and employee empowerment. Furthermore, it explores ways for librarians to find motivation, to engage more actively and even point to Ministers to give Public Servants the opportunity to accelerate their career development. In addition, it implies that changes in the law should take place to form a more flexible frame of operation for PIS. Finally, it provides a practical strategy to reverse attempted mergers of PIS with each other or other public organizations. Social implications – The paper presents such ideas and suggestions, which come against with certain stereotypes of Public Administration/Management and operation, “old school” and conservative ways of thinking and acting of Public Servants (many of whom have never worked in the private sector and have been working in the same position for over 20 years now), professional and trade unions. The role of politicians and policy-makers and the ethos of private companies toward Public Sector’s services in days of financial hardship in Greece are also discussed. Originality/value – There is significantly limited research in the literature on the identification of threats to the existence, job security and constantly diminishing funding of PIS, in general, and, in particular, in Greece and suggested ways to overcome this. The article recommends to Information Professionals and particularly to those who work in PIS in Greece and worldwide various ways to secure income in an environment of tight budgets and cutbacks. The goal is to provoke thinking along the lines of the function of the private sector and adoption of specific practices to find economic resources and secure continuity of PIS “operation and jobs” preservation, even increase their salaries.
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Afonso, José Roberto R. "FINANÇAS PÚBLICAS VERDE NO BRASIL: UMA REVISÃO BIBLIOGRÁFICA." Direito e Desenvolvimento 8, no. 2 (December 7, 2017): 143. http://dx.doi.org/10.25246/direitoedesenvolvimento.v8i2.554.
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O presente estudo tem por intuito complementar a literatura nacional acerca do tema economia verde e desenvolvimento sustentável, a partir de uma abordagem das finanças públicas e visando promover uma reflexão por parte dos analistas, autoridades e os responsáveis por formular e executar a políticas verde. Entende-se, aqui, que a necessidade de proteção ao meio ambiente também compreende o direito tributário e, a partir de normas eficientes às demandas ambientais, é possível promover maior desenvolvimento sustentável. Palavras-chave: Finanças públicas. Economia verde. Direito Tributário. Abstract: The purpose of this study is to complement the national literature on the green economy and sustainable development, based on a public finance approach and to promote reflection on the part of analysts, authorities and those responsible for formulating and implementing green policies. It is understood here that the need to protect the environment also includes tax law and, from efficient norms to environmental demands, it is possible to promote greater sustainable development. Keywords: Public finances. Green economy. Tax law.
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Ruble, Isabella. "Green Taxes in the European Union: The Illuminating Quality of Alternative Conceptual Frameworks." Journal of Public Finance and Public Choice 22, no. 1 (April 1, 2004): 73–90. http://dx.doi.org/10.1332/251569204x15668904587124.
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Abstract This paper examines observed environmental taxes and revenue structures in die European Union in light of the two major contrasting approaches to the study of public finance. The first orientation is theoretical and views public finance as an independent field of study drawing its inspirations not only from economics, but also from politics, law and other disciplines. In the second orientation public finance is viewed as one of the many branches of economics and the task of the scholar is reduced to advising the tax authority about revenue raising strategies. The aim of this paper is to highlight the explanatory power of these contrasting approaches with respect to the observed stylized facts concerning environmental taxes in the European Union.
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Zhang, Dongyang, Muhammad Mohsin, Abdul Khaliq Rasheed, Youngho Chang, and Farhad Taghizadeh-Hesary. "Public spending and green economic growth in BRI region: Mediating role of green finance." Energy Policy 153 (June 2021): 112256. http://dx.doi.org/10.1016/j.enpol.2021.112256.
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Hofmeister, Hannes. "To Bail Out Or Not to Bail Out?—Legal Aspects of the Greek Crisis." Cambridge Yearbook of European Legal Studies 13 (2011): 113–34. http://dx.doi.org/10.1017/s1528887000001993.
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Abstract Since the precarious state of Greece’s public finances was revealed last October, efforts to save the ‘cradle of Europe’ are in full swing. Hence a huge rescue package for Greece was agreed on in April 2010. This was followed by an even larger EU Stabilisation Fund worth €750 billion for States encountering financial problems. While the economic aspects of these rescue mechanisms have been debated intensively, their legality has escaped closer examination. Rushed through parliaments as an ‘economic emergency’, the peoples of Europe were more or less presented with a ‘fait accompli’. But are these measures really legal under EU law? What about the notorious ‘no bailout’ clause? And what about the alternatives to the rescue packages: Would it have been legal to withdraw from EMU? Or to expel a State from EMU? This chapter will shed some light on these important aspects of EU law.
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Chiu, Wen-Hsiang, Wen Cheng Lin, and Chiung-Ju Liang. "The Role of Green Finance in Community Renewable Energy Projects of main Region and Taiwan." Lex localis - Journal of Local Self-Government 19, no. 3 (July 22, 2021): 503–19. http://dx.doi.org/10.4335/19.3.503-519(2021).
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In order to achieve the goal of "non-nuclear homeland and realize the policy target that renewable energy accounts for 20% of power generation, the Taiwan government has actively promoted the integration of energy generation. Many small and medium-sized enterprises or start-up companies are faced with the challenge of financing their business expansion. This paper adopted document analysis method to seek more diversified financing channels compared with traditional ways of financing and lending from financial institutions, the combination of fintech and the power of the masses, such as crowdfunding, has become one of the emerging financial instruments for the development of green energy industry. Finally, the empirical result is compared main region about the community renewable energy projects and realized how to obtain renewable energy resources through new financing source. The study will be providing related reference to decision-making of country which plan to develop renewable energy projects.
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Hofmeister, Hannes. "To Bail Out Or Not to Bail Out?—Legal Aspects of the Greek Crisis." Cambridge Yearbook of European Legal Studies 13 (2011): 113–34. http://dx.doi.org/10.5235/152888712801752951.
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AbstractSince the precarious state of Greece’s public finances was revealed last October, efforts to save the ‘cradle of Europe’ are in full swing. Hence a huge rescue package for Greece was agreed on in April 2010. This was followed by an even larger EU Stabilisation Fund worth €750 billion for States encountering financial problems. While the economic aspects of these rescue mechanisms have been debated intensively, their legality has escaped closer examination. Rushed through parliaments as an ‘economic emergency’, the peoples of Europe were more or less presented with a ‘fait accompli’. But are these measures really legal under EU law? What about the notorious ‘no bailout’ clause? And what about the alternatives to the rescue packages: Would it have been legal to withdraw from EMU? Or to expel a State from EMU? This chapter will shed some light on these important aspects of EU law.
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Fieldman, Glenn. "Finance Unchained: The Political Economy of Unsustainability." Sustainability 12, no. 6 (March 24, 2020): 2545. http://dx.doi.org/10.3390/su12062545.
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This article explains how the liberation of finance from the Bretton Woods constraints imposed after World War II has shaped the resulting “neoliberal” political economy into a political economy that is inhospitable, if not hostile, to the kind of regulation and public investment necessary to address the climate emergency and other environmental problems, and has contributed to levels of inequality that constitute a social crisis in their own right. Using the United States as an example, the author explains how mobile finance and the accompanying neoliberal ideology impose “checks” on a range of governmental policies, and moreover, have led to inadequate levels of public and private investment, both generally and in areas crucial to reduce carbon emissions. The article concludes with a discussion of how a new set of international monetary and financial arrangements along the lines that Keynes originally envisioned could support a “Green New Deal” sustainability strategy or, absent such an international agreement, how capital controls imposed nationally could constitute a temporary solution to the problems of insufficient regulation and investment.
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Repousis, Spyridon. "Is the third Greek Memoranda of Understanding and Loan Agreement of August 2015 odious?" Journal of Money Laundering Control 20, no. 3 (July 3, 2017): 220–30. http://dx.doi.org/10.1108/jmlc-11-2015-0051.
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Purpose The purpose of this study is to examine the odious debt concept in Greece. In Greece, the odious debt concept received high attention during recent financial crisis and Greek or Hellenic Parliament decided to establish a Special Committee. Design/methodology/approach The Greek Parliament Truth Committee on Public Debt investigated the public debt in Greece, and the main findings are: increase of debt was related to the growth in interest payments, high public spending in defence expenditures associated with corruption scandals, falsification of public deficit and debt statistical data and illicit capital outflows and adopting the euro led to a drastic increase in private debt. Findings Based on above the third Memoranda of Understanding (MoU) and the August 2015 loan agreement, according to Greek Parliament Truth Committee on Public Debt are illegal, illegitimate and odious because they fail to recognize the odious character of Greece’s existing debt, and the nature of the instruments by which this debt was financed from 2010 until early 2015. The Third MoU and the August 2015 loan agreement violate the fundamental human rights of the Greek people (both civil and political as well as socio-economic rights) as set out in the Greek Constitution and under international law (treaty-based and customary). Research limitations/implications On the other side of results, Greece was a democratic regime during the time it contracted the vast majority of its loans and membership into the Eurozone, which benefitted country by gaining the highly low interest rates that euro currency involved. Also, substantial borrowing for Greece spent directly on the people via social welfare and public sector wages and infrastructure development. Practical implications Therefore, Greece, instead of the odious debt doctrine, should resort to other debt solutions such as simple debt repayment, restructuring or “haircut” of the debt (principal and interest) or declare bankruptcy without invoking the odious debt doctrine. Although this recourse avoids the dangerous precedent-setting risks of the odious debt doctrine, it also involves numerous other complexities and policy problems because with default, the banking system would collapse. Originality/value It is the first study examining the topic of odious public debt in Greece.
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Cohen, Sandra, and Sotirios Karatzimas. "The role of the Troika on the Greek central government accounting reforms." International Journal of Public Sector Management 31, no. 3 (April 9, 2018): 316–30. http://dx.doi.org/10.1108/ijpsm-06-2016-0101.
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Purpose The purpose of this paper is to explore the role of the Troika’s advent played in the progress of the budgeting and the financial reporting systems reform at the Greek central government level. Design/methodology/approach The approach of an extreme country case study is adopted. The data used in the paper have been identified through document analysis performed on the relevant documents produced by the Troika, the Greek Ministry of Finance, and other relevant sources. The reform process is seen through the lens of the neo-institutional theory and the resource dependency theory. Findings Although both reforms targeted the introduction of best international practices – particularly useful in periods of financial distress and scarce resources – the advent of the Troika affected their progress and changed the priorities. As a result, the reform was redirected toward strengthening the cash budgeting system. Research limitations/implications The study is subject to the limitations of an extreme case study research. Practical implications This is a case where resource dependency changes political priorities and directions and affects the evolvement of state budget and accounting reforms under way. Originality/value The role of external fund providers in public sector financial management reform priority-setting, in the case of a developed Eurozone country, is analyzed. The study contributes to the research agenda on accounting practices in times of austerity.
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Sanchez-Graells, A. "The UK’s Green Paper on Post-Brexit Public Procurement Reform:." European Procurement & Public Private Partnership Law Review 16, no. 1 (2021): 4–18. http://dx.doi.org/10.21552/epppl/2021/1/4.
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Kusumadewi, Anitalia, and Paripurna Paripurna. "The Identification of Green Banking Concept and Bank Liability (A Study of Act Number 10 of 1998 with Extensive Interpretation and Progressive Legal Approach)." Journal of Private and Commercial Law 2, no. 1 (June 28, 2018): 1–16. http://dx.doi.org/10.15294/jpcl.v2i1.13930.
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The purposes of this research are to analyze the identification of Green Banking concept in the Act Number 10 of 1998 with extensive interpretation and progressive legal approach and to analyze how banks should be held liable for based on applicable law in view of the extensive interpretation and progressive legal approach. This research is a normative legal research that has analyzed Green Banking concept using Act Number 10 of 1998 concerning Banking, Bank Indonesia Regulation Number 14/15/PBI/2012 concerning Asset Quality of Commercial Banks, Act Number 32 of 2009 concerning Environmental Protection and Management and the Financial Services Authority Regulation Number 51/POJK.03/2017 concerning the Application of Sustainable Finance for Financial Services Institutions, Issuer Companies and Public Companies, and then presented as prescriptive research. The result of this study is that banks are reluctant to further examine the AMDAL of financed projects and do not oversee such projects until the termination of the contract. Extensive interpretation and progressive legal approach can be used to provide bank a deep insight regarding the concept of green banking contained in the banking law and the extent to which banks (creditors) are subject to the terms of the lender liability.
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Alonso-Conde, Ana-Belén, and Javier Rojo-Suárez. "On the Effect of Green Bonds on the Profitability and Credit Quality of Project Financing." Sustainability 12, no. 16 (August 18, 2020): 6695. http://dx.doi.org/10.3390/su12166695.
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The relatively recent green bond market is increasingly attracting interest at the technical, regulatory, and academic research levels. Although a considerable body of research on green bonds focuses on the investor’s perspective, this study takes the perspective of a project finance sponsor to analyze whether there is a direct financial incentive for issuing green bonds in contrast to other types of financing. In order to measure the impact of green bond financing on the profitability and solvency of environmentally friendly investments, we study the sensitivity of the financial performance of a well-established project finance investment—the Sagunto regasification plant—to shifts in its financial structure. In particular, we develop a base case that allows us to study the impact of green financing compared to other financial structures typically used in project finance, under different scenarios. Our results show that in all cases, the internal rate of return (IRR) for shareholders is higher when green bonds instead of bank loans are issued to finance investments. Additionally, in the vast majority of the scenarios, green bond financing results in higher average debt service coverage ratios. Consequently, our results suggest that green bond financing constitutes a strong financial incentive for sponsors, which can help align their objectives with those of public authorities.
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IACOB, Dr Andreea Iluzia. "Message from Editor." Global Journal of Business, Economics and Management: Current Issues 6, no. 2 (November 4, 2016): 52. http://dx.doi.org/10.18844/gjbem.v6i2.1638.
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Dear Readers,It is the great honor for us to publish sixth volume, second issue of Global Journal of Business, Economics and Management: Current Issues.Global Journal of Business, Economics and Management: Current Issues is an international, multi-disciplinary, peer-refereed journal which aims to provide a global platform for professionals working in the field of business, economics, management, accounting, marketing, banking and finance and scholars and researchers to share their theoretical, empirical and practical knowledge on current issues in the area of business, economics and management.The journal welcomes original empirical investigations and comprehensive literature review articles. The scope of the journal includes, but is not limited to; Accounting, Advertising Management, Business and Economics, Business Ethics, Business Law, International Finance, Labor Economics, Labor Relations and Human Resource Managemen, Law and Economics, Management Information Systems, Business Law, Corporate Finance and Governance, Management Science, Market Structure and Pricing, Marketing Research and Strategy, Marketing Theory and Applications, Operations Research, Organizational Behavior and Theory, Organizational Communication, Prices, Business Fluctuations, and Cycles, Product Management, Decision Sciences, Development Planning and Policy, Economic Development, Economic Methodology, Economic Policy, Production and Organizations, Production/Operations Management, Public Administration and Small Business Entrepreneurship, Public Choice, Public Economics and Finance, Public Relations, Resource Management, Strategic Management, Strategic Management Policy, Stress Management, Supply Change Management, E-Bussiness and Industrial and Manufacturing Engineering.Many authors from different countries have contributed and current and comprehensive issues from the fields of business, economics and management are included in this issue. Job satisfaction, green marketing, human resource management and security are some examples of the topics. The topics of the next issue will be different. You can make sure that we will be trying to serve you with our journal with a rich knowledge in which different kinds of topics are discussed in 2016 Volume.A total number of forty-nine (49) manuscripts were submitted for this issue and each paper has been subjected to double-blind peer review process by the reviewers specialized in the related field. At the end of the review process, a total number of twenty-four (24) high quality research papers were selected and accepted for publication.We present many thanks to all the contributors who helped us to publish this issue.Best regards,Prof. Dr. Andreea Iluzia Iacob Editor – in Chief
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Kania, Michał. "Mikro, mali i średni przedsiębiorcy w zamówieniach publicznych. Kilka propozycji de lege ferenda." Przegląd Prawa i Administracji 114 (August 10, 2018): 511–32. http://dx.doi.org/10.19195/0137-1134.114.33.
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MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES IN PUBLIC PROCUREMENTS. SOME PROPOSALS DE LEGE FERENDAPublic procurements are one of the main methods of the state’s influence on the economy. The aims of the procurement should be the implementation of the Value for Public Money as the eff ectiveness rule, which means the exponential growth of the strategic procurements: innovative, green and social; concerning National Purchase Policy, particularly the fast growth of innovative procurements. The Polish Ministry of Development and Finance is preparing a new Public Procurement Act. This Act should replace the Act of 29 January 2004 — Public Procurement Law Journal of Laws of 2017, item 1579. The overall objective is to obtain better Value for Public Money, to deliver better outcomes for societal and other public policy objectives while increasing the efficiency of public spending. This is the very good moment for some proposals connected with the improvement of SME’s situation in public procurement.
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Agus Salim, Muhammad. "KESIAPAN PEMERINTAH MENERAPKAN GREEN BANKING MELALUI POJK DALAM MEWUJUDKAN PEMBANGUNAN BERKELANJUTAN BERDASARKAN HUKUM POSITIF DI INDONESIA." Yustitia 4, no. 2 (October 22, 2018): 119–41. http://dx.doi.org/10.31943/yustitia.v4i2.40.
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The world of banking in Indonesia began to show its concern for environmental problems through various banking activities known as Green banking. Green banking is a program for a financial institution that makes sustainability a top priority in its business. Currently banks that have pledged green banking are required in OJK Regulation Number 51 / POJK.03 of 2017 concerning the Implementation of Sustainable Finance for Financial Service Institutions, Issuers and Public Companies to report on the results of implementing green banking. This writing discusses how the legal consequences of the implementation of green banking for banking business activities in Indonesia after the enactment of POJK Number 51 / POJK.03 in 2017 concerning the Implementation of Sustainable Finance for Financial Services Institutions, Issuers and Public Companies and how OJK conducts supervision.
This study is a legal research using a normative juridical approach and descriptive analytical research specifications. The data used in this study are secondary data consisting of primary, secondary and tertiary legal materials. Data obtained through library studies and field research in the form of legislation, books, journals, and electronic media.
The findings of this study are 2 (two) explanations namely First, the legal consequences of the implementation of green banking in banking business activities in Indonesia in realizing sustainable development have not been able to be carried out due to banks and financial services institutions both banks and non-banks do not yet have specific guidelines or references governing this green banking. Second, the obligation for banks that have pledged green banking is to provide insurance for the environment, considering that banking business activities also include insurance referring to Article 7 of the Banking Law. OJK has actually launched environmental insurance, but the Indonesian government has not responded to anything that has been conveyed by the OJK. The reason for the government according to the OJK informants is that the development of a little more would certainly damage the environment, so that environmental insurance is impossible in Indonesia.
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Islamoglu, Huri. "New politics of governing global capitalism: Sovereign governments and living law." Society and Economy 38, no. 4 (December 2016): 497–512. http://dx.doi.org/10.1556/204.2016.38.4.4.
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Since the crisis of 2007–2009, sovereignty, government and politics are on the agenda of social sciences and of international policy platforms, most recently in Davos. This is a departure from anti-statist, free-tradist visions of global market development in the 1980s and 1990s when sovereignty was simply associated with freedom of action of economic actors (most significantly, global corporations and banks) and governance simply referred to technical rules serving the ends of these actors posed in terms of dictates of the market. This paper points to societal dislocations (e.g. income discrepancies, unemployment) incumbent on global market development and to a time lag in which these made themselves felt in the developed and developing world. It argues that the developing world experienced the disillusionment with markets in the latter part of 1990s and early 2000s and sought solutions in effective governments, putting them in the service of reaping the benefits of global market expansion for individual regions. It meant non-liberal ways of governing markets, distancing from abstract formulations of individual rights, turning the ‘rule of law’ into living law deeply rooted in societal concerns not limited to commercial actors but including those of both blue-collar and white collar workers, of migrant populations, and women. At issue is an introduction of politics, of political agency and initiatives. The developed world rejected what is labeled as an ‘autocratic turn’; and is lost for a solution to market woes, except for further measures to maximize gains by major commercial actors, as in the case of the Greek crisis.
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Taghizadeh-Hesary, Farhad, Naoyuki Yoshino, and Han Phoumin. "Analyzing the Characteristics of Green Bond Markets to Facilitate Green Finance in the Post-COVID-19 World." Sustainability 13, no. 10 (May 20, 2021): 5719. http://dx.doi.org/10.3390/su13105719.
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The COVID-19 pandemic and the global recessions have reduced the investments in green projects globally that would endanger the achievement of the climate-related goals. Therefore, the post-COVID-19 world needs to adopt the green financial system by introducing new financial instruments. In this regard, green bonds—a type of debt instrument aiming to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This study analyzes the green bond markets in different regions with a focus on Asia and the Pacific. It aims to fill the gap in the literature by conducting a comparative study of the characteristics, risks, and returns of green bonds based on the region. The study is based on theoretical background and empirical analysis using the data retrieved from Bloomberg New Energy Finance and the Climate Bonds Initiative. The empirical results are based on several econometrics tests using panel data analysis estimation methods, namely pooled ordinary least squares and generalized least squares random effects estimator. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. In the era of post-COVID-19, diversification of issuers, with higher participation from the public sector and de-risking policies, could also be considered.
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Ermakova, Elena P. "THE DEVELOPMENT OF THE LEGAL FRAMEWORK FOR “GREEN” FINANCE IN RUSSIA, THE EU AND CHINA: A COMPARATIVE LEGAL ANALYSIS." RUDN Journal of Law 24, no. 2 (December 15, 2020): 335–52. http://dx.doi.org/10.22363/2313-2337-2020-24-2-335-352.
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The article is devoted to the analysis of the legal regulation of green financing in the European Union, China and Russia. It has been substantiated that a harmonious and completed system of regulatory regulation of green financing has not yet developed either in the PRC or the EU. In this regard, a comparative analysis of the above issues is of particular importance. The purpose of this article is to form an understanding of the legal framework for green finance in the European Union, China and Russia based on an analysis of regulatory acts and scientific sources. The following methods have been applied: empirical methods of comparison, description, interpretation; theoretical methods of formal and dialectical logic. Private scientific methods employed in the work are legal-dogmatic and the method of interpretation of legal norms. Results: the study showed that green financing refers to financial transactions that support the transition to an economy with low carbon emissions and the fight against climate change. In recent years, China has been the leader in green financing, accounting for 28%, or $ 32 billion, of green bonds issued in 2018. Conclusions: In the PRC, the concept and foundations of the legal regulation of green finance are enshrined in the 2016 Guide to Creating a Green Financial System. The main elements included in the concept comprise: 1) pilot areas of green financing, 2) green loans, 3) green funds and public-private partnerships; 4) green securities; 5) green insurance; 6) environmental credit trading; 7) environ-mental risks. The European Union also strives to be a global leader in the fight against climate change. A number of EU regulations and directives regulate various aspects of green financing. On December 11, 2019, the European Commission introduced the European Green Deal, a new concept for economic growth aimed at making Europe the first climate neutral continent. The most ambitious draft of this program is the development of a pan-European climate law (climate code), a draft of which is due in March 2020. Russia is still lagging behind world leaders on the regulatory regulation of green financing, but the first steps in this direction have already been taken. The study was prepared with the financial support of the Russian Federal Property Fund in the framework of the scientific project No. 20-011-00270 "а" (Scientific adviser - E.E. Frolova).
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Yang, Chia-Chen, Shang-Ling Ou, and Li-Chang Hsu. "A Hybrid Multi-Criteria Decision-Making Model for Evaluating Companies’ Green Credit Rating." Sustainability 11, no. 6 (March 13, 2019): 1506. http://dx.doi.org/10.3390/su11061506.
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Along with economic development and social progress, environmental issues are increasingly becoming the subject of public concern. Through green credit, banks intentionally direct money into resource-conserving technology development and environmental protection industries, thus, encouraging enterprises to focus on green products. Therefore, establishing a reasonable green credit evaluation mechanism for banks is an important issue. Based on this, this study combines grey relational analysis (GRA), the Decision-Making Trial and Evaluation Laboratory technique (DEMATEL), analytic network process (ANP) and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to develop a hybrid multi-criteria decision-making (MCDM) model for quantifying data and, thereby, to establish a green credit rating mechanism. In order to verify the model, this study combines credit risk and economic, environmental and social performance evaluation criteria as green credit evaluation criteria. There are 55 high-tech listed companies in Taiwan in 2014 taken as the evaluation objects and conducted for a performance ranking. The empirical results can serve as a reference for financial authorities promoting green finance policies and for investors making investment decisions.
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Jackman, R. "Paying for Local Government: An Appraisal of the British Government's Proposals for Nondomestic Rates." Environment and Planning C: Government and Policy 5, no. 1 (March 1987): 89–98. http://dx.doi.org/10.1068/c050089.
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In its recent Green Paper on local government finance, the British Government has proposed that the existing system of nondomestic rates be replaced by a uniform and centrally determined rate poundage. This idea has merit in principle in that it could improve the accountability of local authorities to local residents. But it is argued that the particular proposals in the Green Paper are deficient in ignoring the need for accountability in services provided to local businesses, and in failing to examine the rationale for retaining business rates within a reformed system.
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Mavroidis, Petros C., and Damien J. Neven. "Greening the WTO Environmental Goods Agreement, Tariff Concessions, and Policy Likeness." Journal of International Economic Law 22, no. 3 (August 2, 2019): 373–88. http://dx.doi.org/10.1093/jiel/jgz018.
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Abstract This paper considers the Asian Pacific Economic Cooperation (APEC) and Environmental Goods Agreement agreements, which grant tariff concession through Harmonized System classifications beyond the six-digit level (‘ex outs’) in favour of ‘green’ goods and discuss how these initiatives fit into the WTO legal regime. Even if the practical significance of the APEC agreement should not be overestimated as it involves modest tariff concessions over a subset of goods, which are not heavily traded, these agreements involve a paradigm shift to the extent that they use tariff concessions negotiated on a plurilateral basis as a policy instrument to meet public policy concern, instead of making market access conditional on meeting national regulations. We find that there is a tension between the current definition of likeness for the enforcement of most favoured nation provisions and the use of ex outs and a risk that improved market access for ex outs could be seen a de facto discrimination. One way out of this conundrum is to define likeness in terms of policy rationales.
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Zuberi, Omari, and Siasa Issa Mzenzi. "Analysis of employee and management fraud in Tanzania." Journal of Financial Crime 26, no. 2 (April 1, 2019): 412–31. http://dx.doi.org/10.1108/jfc-01-2018-0012.
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Purpose The study aims to explore specific motivations, rationalizations and opportunities that are involved in the occurrences of both employee and management fraud in the context of an emerging African country, Tanzania. It builds and extends from the fraud triangle theory. Design/methodology/approach A survey was developed and administered to 114 participants who had witnessed, had examined or had been involved in fraud resolutions. The participants included fraud examiners, business managers and owners, victims, auditors, lawyers, and law enforcement agents. The data collected were analysed using descriptive analysis, principal component analysis and correlation analysis. Findings The results revealed six motivation factors that incentivize employees and managers to engage in fraudulent behaviours. These are business financial strain, social incentives and pressure, greed, operating problems, internal pressures and malevolent work environment. In addition, fraudsters rationalized their behaviour through five significant neutralization techniques identified as social weighting, transferring of blame, denial of injury, attitude and prior fraud history. Lastly, victim organisations were identified to have three main fraud opportunities: poor control environment, inadequate control activities and circumstances that allowed collusive behaviour among fraudsters. Research limitations/implications While the study attempted to explore the motivations, opportunities and rationalizations from the perspectives of the fraud-fighting professionals and witnesses, their views and suggestions might be different from the actual known fraudsters or incarcerated individuals. Practical implications Business organisations, fraud-fighting professionals and general community must understand the factors behind fraud occurrences, so proper measures may be taken to limit the frequency and amount of fraud losses. Social implications Creation of public awareness and dialogue necessary for the prevention, fighting and deterrence against all forms of fraud. Originality/value Despite the occurrences of many scams in both public and private sectors, limited studies exist as to the triggers behind fraud occurrences in the context of the developing countries and whether these triggers are the same as in other contexts. This study is an attempt to fill this gap.
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Zhou, Yalin, Jing Cao, and Yujia Feng. "Stock Market Reactions to Pollution Information Disclosure: New Evidence from the Pollution Blacklist Program in China." Sustainability 13, no. 4 (February 19, 2021): 2262. http://dx.doi.org/10.3390/su13042262.
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Public disclosure of environmental information has been widely used as an important instrument in green finance. In this paper, we examine a blacklist program of polluting firms and conduct an event study to evaluate how the stock market responds to the pollution news. Our results show that the pollution disclosure indeed had a significant negative effect on the stock market performance of listed companies on the blacklists, but only when the overall market was under downward shocks, suggesting that the shareholders were more sensitive to the pollution news in bad times. When the stock market performed well or was relatively stable, the blacklist effects were not evident. Our heterogeneity analyses further revealed that the magnitude of the cumulative abnormal returns depended on the firm size. That is, the larger the firms are, the less they suffer from the pollution news release. Our findings show that pollution disclosure does penalize the polluting firms through stock market response mechanisms.
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Biswas, Tanmay, Moudud-Ul-Huq Syed, Brishti Chakraborty, Reshma Pervin Lima, and Shakila Jahan. "Do the Banks Comply to GRI guidelines for Sustainable Reporting Practices? Empirical Evidence from Bangladesh." Society & Sustainability 2, no. 2 (August 25, 2020): 10–30. http://dx.doi.org/10.38157/society_sustainability.v2i2.136.
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This paper explores the degree and nature of sustainability reporting practices of listed banks in Bangladesh in compliance with the Global Reporting Initiative (GRI) guidelines. Data are gathered from annual reports through content analysis of 29 banks listed in the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) for the period between 2011 and 2018. Stakeholder and legitimacy theory is the theoretical perspective underlying the study. The findings of the study revealed that 0% in 2011 and 17.14% in 2018 disclosed sustainability reports in line with GRI. On the other hand, the disclosure of sustainability information trend has increased from 32% in 2011 to 59% in 2018 considering 22 categories of information where most of the banks disclosed the highest information relating to green banking (C7) least information relating to public policy (C19). The major limitations of the study are the size of the sample, only secondary sources of data, and descriptive. This study only involved 29 listed banks in DSE and CSE. The policymakers (Bangladesh Bank, Ministry of finance, commerce, law, and environment), management of the respective organization, the NGOs, and professional accounting bodies can progress to enact and amend corporate laws for effective sustainable reporting design for the public and private entities. This research recognizes the gap of sustainable reporting practices to implement the vision of 5'ps (people, prosperity, partnership, peace, and the planet) according to UN Sustainable Development Goals (SDGs) 2030.
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Zamarioli, Luis H., Pieter Pauw, and Christine Grüning. "Country Ownership as the Means for Paradigm Shift: The Case of the Green Climate Fund." Sustainability 12, no. 14 (July 16, 2020): 5714. http://dx.doi.org/10.3390/su12145714.
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Country ownership echoes from the aid effectiveness agenda in climate finance, becoming a means to ensure that (1) projects are aligned with national climate policies and strategies, (2) national systems are used to increase recipients’ accountability in the use of resources, and (3) national public and private stakeholders are engaged in the process. The concept is a key objective of the Green Climate Fund (GCF), considered in light of the GCF’s goal of promoting the paradigm shift towards low emission and climate-resilient development. In the interplay between international commitments and the progress of its in-country activities, the GCF relies on the agency of National Designated Authorities (NDAs). Based on documental sources, GCF data, and a survey, this article first analyzes whether the GCF’s institutional design creates appropriate responsibilities so NDAs can effectively enhance country ownership. As a second level of effectiveness, the article analyzes whether such an institutional design is currently capable of promoting the desired paradigm shift. In the context of the GCF being a young fund, we found that NDAs have the potential to enhance country ownership, but need more tailored capacity building to ensure that in-country activities are effectively equipped to deliver the paradigm shift.
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Rhodes, P. J. "The Organization of Athenian Public Finance." Greece and Rome 60, no. 2 (September 16, 2013): 203–31. http://dx.doi.org/10.1017/s0017383513000053.
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Most of this article will be concerned with the institutional organization of Athens’ public finances, but to provide the background to that I begin with some basic facts about income and expenditure. Athens’ finances, and Athenian administration generally, were on a larger scale and more complex than those of most Greek states – partly because Athens itself was an exceptionally large state, with a territory of 1,000 square miles (2,600 square kilometres) and a body of adult male citizens numbering perhaps 60,000 before the Peloponnesian War and 30,000 after; and partly because, in addition to its domestic business, for much of the fifth century Athens had the business of the Delian League to deal with and for forty years in the fourth century it had the business of its Second League. The Delian League was without precedent in the Greek world as an alliance founded with a view to ongoing warfare, and as an alliance to which many members from the beginning and almost all members after a while made contributions by annual cash payments ofphoros(‘tribute’). Athens thus needed to develop skills in managing large and small sums of money to a much greater extent than other states. Athens’ administration depended largely on annually appointed officials, and our evidence gives prominence to the principle of accountability and to various accounting procedures; but, although Athens applied the principles in its own way, the principles were not distinctively Athenian or distinctively democratic: the use of rotating officials and of accounting procedures was widespread in Greek states of varying political complexions.
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Pritchard, David M. "PUBLIC FINANCE AND WAR IN ANCIENT GREECE." Greece and Rome 62, no. 1 (March 25, 2015): 48–59. http://dx.doi.org/10.1017/s0017383514000230.
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Before the Persian Wars the Greeks did not rely on public finance to fight each other. Their hoplites armed and fed themselves. But in the confrontation with Persia this private funding of war proved to be inadequate. The liberation of the Greek states beyond the Balkans required the destruction of Persia's sea power. In 478bcAthens agreed to lead an alliance to do just this. It already had Greece's largest fleet. But each campaign of this ongoing war would need tens of thousands of sailors and would go on for months. No single Greek city-state could pay for such campaigns. The alliance thus agreed to adopt the Persian method for funding war: its members would pay a fixed amount of tribute annually. This enabled Athens to force Persia out of the Dardanelles and Ionia. But the Athenians also realized that their military power depended on tribute, and so they tightened their control of its payers. In so doing they turned the alliance into an empire.
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Lützkendorf, Thomas. "How to BREAK the Vicious Circle of blame? The contribution of different stakeholders to a more sustainable built environment." PARC Pesquisa em Arquitetura e Construção 1, no. 6 (July 31, 2011): 66. http://dx.doi.org/10.20396/parc.v1i6.8634487.
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Putting the principles of sustainability into practice within social and economic development requires intensive involvement and participation of the construction, real estate and finance industries. It is necessary that design, construction and refurbishment of buildings are aligned with targets in energyefficiency, resource preservation, climate change and human health. On the one hand design strategies, design tools and construction techniques need further development, but the demand for sustainable buildings needs to increase also. For a long time market acceptance, market penetration and market transformation of sustainable buildings has been hampered by various obstacles and prejudices. This is now changing because of prove that sustainable buildings have economic advantages, because of social and environmental responsibility being increasingly accepted by all stakeholders, due to developments in law and standardisation as well as due to the example set by the public sector. The vicious circle of blame for low demand for sustainable buildings can therefore be broken. Positive change in the built environment can be brought about by various instruments (laws, standards, grant programmes, market stimulation programmes etc.) as wells as by creating connections between individual and institutional objectives with sustainable development objectives. For those investors interested in sustainable investments, sustainable real estate funds, green REITs can be offered as new investment alternatives. However, it is equally important to pay greater attention to the social and cultural importance of buildings. Topics such as the interdependence between buildings and life style choices and consumption patterns of building users, the role of buildings within a neighbourhood and urban development, the need to provide adequate accommodation and to create and preserve jobs can also contribute to greater demand for sustainable buildings.
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Angelidis, Timotheos, and Nikolaos Tessaromatis. "The efficiency of Greek public pension fund portfolios." Journal of Banking & Finance 34, no. 9 (September 2010): 2158–67. http://dx.doi.org/10.1016/j.jbankfin.2010.02.003.
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Rimmer, Matthew. "Beyond the Paris Agreement: Intellectual Property, Innovation Policy, and Climate Justice." Laws 8, no. 1 (February 18, 2019): 7. http://dx.doi.org/10.3390/laws8010007.
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The multidisciplinary field of climate law and justice needs to address the topic of intellectual property, climate finance, and technology transfer to ensure effective global action on climate change. The United Nations Framework Convention on Climate Change 1992 (UNFCCC) established a foundation for the development, application and diffusion of low-carbon technologies. Against this background, it is useful to analyse how the Paris Agreement 2015 deals with the subject of intellectual property, technology transfer, and climate change. While there was discussion of a number of options for intellectual property and climate change, the final Paris Agreement 2015 contains no text on intellectual property. There is text, though, on technology transfer. The Paris Agreement 2015 relies upon technology networks and alliances in order to promote the diffusion and dissemination of green technologies. In order to achieve technology transfer, there has been an effort to rely on a number of formal technology networks, alliances, and public–private partnerships—including the UNFCCC Climate Technology Centre and Network (CTCN); the World Intellectual Property Organization’s WIPO GREEN; Mission Innovation; the Breakthrough Energy Coalition; and the International Solar Alliance. There have been grand hopes and ambitions in respect of these collaborative and co-operative ventures. However, there have also been significant challenges in terms of funding, support, and operation. In a case of innovation policy pluralism, there also seems to be a significant level of overlap and duplication between the diverse international initiatives. There have been concerns about whether such technology networks are effective, efficient, adaptable, and accountable. There is a need to better align intellectual property, innovation policy, and technology transfer in order to achieve access to clean energy and climate justice under the framework of the Paris Agreement 2015. At a conceptual level, philosophical discussions about climate justice should be grounded in pragmatic considerations about intellectual property and technology transfer. An intellectual property mechanism is necessary to provide for research, development, and deployment of clean technologies. There is a need to ensure that the technology mechanism of the Paris Agreement 2015 can enable the research, development, and diffusion of clean technologies at a scale to address the global challenges of climate change.
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Polymenopoulou, Eleni. "Arts, Censorship and the Greek Law." International Human Rights Law Review 6, no. 1 (May 24, 2017): 109–32. http://dx.doi.org/10.1163/22131035-00601006.
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The article discusses the Greek legal framework concerning artistic freedom and highlights the discrepancy between international human rights standards and the Greek practice as exemplified by a variety of incidents of censorship. Focusing on specific features of the Greek constitution and the national laws on obscenity and hate speech, the article examines the practice of censorship on the grounds of either blasphemy or offence to public morals and national values. At the same time it underscores the exponential rise in hate crimes, including against artists, as exemplified by the murder of young rapper Fyssas in 2014. It argues that the practice of seizure of publications, along with the lack of effective legal framework that combats hate speech, have both significantly contributed to raising self-censorship among artists and maintaining the culture of vexatious jurisdiction from which Greece suffers.
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Kapotas, Panos. "Greek Council of State." European Constitutional Law Review 10, no. 1 (April 15, 2014): 162–74. http://dx.doi.org/10.1017/s1574019614001102.
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Ever since the days of Van Gend en Loos and Costa, national attitudes to the unilaterally proclaimed supremacy of EU law have invariably captured a great deal of academic and political attention. Since the mid-1990s most national constitutional courts have converged to the interpretative orthodoxy of a qualified acceptance of primacy, couched in a pluralist vision of the relationship between the EU and its Member States. As things stand at the moment, and especially against the backdrop of Declaration 17 of the Lisbon Treaty, primacy is expected to be the constitutionally recognised conflict resolution norm that national courts shall turn to in almost all circumstances.The Greek Council of State in its Judgment 3470/2011 does not break this pattern, even in the face of a politically sensitive issue. When considering whether an irrebuttable presumption of incompatibility between tenderers for public works contracts and owners or main shareholders of media corporations is permissible under EU law, the Greek court unequivocally accepts the relevant ECJ preliminary ruling in Michaniki and recalibrates its interpretation of the national constitution accordingly. In doing so, however, the Council of State reads an obligation for consistent interpretation into the constitution itself, thus turning the doctrine of indirect effect into a pragmatic tool for constitutional pluralism in action.
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Chondroleou, G. "Public Images and Private Lives: The Greek Experience." Parliamentary Affairs 57, no. 1 (January 1, 2004): 53–66. http://dx.doi.org/10.1093/pa/gsh005.
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Tsindeliani, Imeda. "Public financial law in digital economy." Informatologia 52, no. 3-4 (December 31, 2019): 185–93. http://dx.doi.org/10.32914/i.52.3-4.6.
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Finance has become an active area of the application of these technologies. As a result, the emergence of new institutions and the modernization of the existing ones, based on the new technological breakthrough of humanity, which undoubtedly affect already existing institutions, and which are subject to change under their influence. The aim of this paper is to define the list of unresolved issues in the theory of the financial law that exist in relation to the nature of the technologies used and innovation (“fintech”) in the field of the public finance and the means of legal regulation of the public finance.
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Tsindeliani, Imeda. "Public financial law and digital economy." Media, culture and public relations 10, no. 1 (March 31, 2019): 48–56. http://dx.doi.org/10.32914/mcpr.10.1.5.
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Finance has become an active area of the application of these technologies. As a result, the emergence of new institutions and the modernization of the existing ones, based on new technological breakthrough of humanity, which undoubtedly affect already existing institutions, and which are subject to change under their influence. The aim of this paper is to define the list of unresolved issues in the theory of the financial law that exist in relation to the nature of the technologies used and innovation (“fintech”) in the field of the public finance and the means of legal regulation of the public finance.
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Fragkou, Pavlina. "The Greek Interoperability Center." JeDEM - eJournal of eDemocracy and Open Government 10, no. 1 (October 29, 2018): 82–93. http://dx.doi.org/10.29379/jedem.v10i1.497.
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In this paper we present the Greek Interoperability Center (GIC), which constitutes a common and uniform framework for web services hosting and use. Those web services are either implemented by Ministry of Finance or other Ministries (web service clients). The aim of GIC is to act as a hub for the exchange of business/operational data between Public Sector Agencies but also to establish a uniform way to implement web services (and clients) in terms of security and web service implementation techniques. This was accomplished by implementing an Enterprise Service Bus as well as a number of "horizontal" functionalities named Common Implementation Framework.
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Alexiadis, Stergios. "Dirty Money‐Laundering: The Greek Experience." Journal of Financial Crime 2, no. 2 (March 1994): 132–36. http://dx.doi.org/10.1108/eb025642.
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Kouretas, Georgios, and Prodromos Vlamis. "The Greek crisis: Causes and implications." Panoeconomicus 57, no. 4 (2010): 391–404. http://dx.doi.org/10.2298/pan1004391k.
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This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece?s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years.
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SKIDELSKY, ROBERT. "PUBLIC FINANCE AND EDUCATION." Oxford Review of Economic Policy 11, no. 3 (1995): 59–66. http://dx.doi.org/10.1093/oxrep/11.3.59.
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Romih, Dejan. "Project Finance." Lex localis - Journal of Local Self-Government 6, no. 2 (September 2, 2009): 171–81. http://dx.doi.org/10.4335/48.
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Project finance is enjoying renewed attention as a financing technique in which the lenders look primarily to the cash-flow of a project as the main source of loan reimbursement, whereas assets represent only collateral. Owing to the general misunderstanding of the terms used in respect of project finance, the purpose of the paper will be to provide clear definitions, drawing attention to different project finance transactions that can be placed on a continuum, with recourse to project sponsors ranging from non-recourse to almost complete recourse. Several characteristics of project finance will also be addressed.
KEY WORDS: • financial economics • structured finance • project finance • non-recourse and limited recourse debt • special purpose vehicle • highly leveraged capital structure
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Gerken, Heather K., and Alex Tausanovitch. "A Public Finance Model for Lobbying: Lobbying, Campaign Finance, and the Privatization of Democracy." Election Law Journal: Rules, Politics, and Policy 13, no. 1 (March 2014): 75–90. http://dx.doi.org/10.1089/elj.2013.0212.
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Repousis, Spyridon. "Stocks’ prices manipulation around national elections?" Journal of Financial Crime 23, no. 2 (May 3, 2016): 248–56. http://dx.doi.org/10.1108/jfc-03-2014-0012.
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Purpose The purpose of this paper is to examine the influence of major non-economic events such as the results of five Greek national Parliamentary elections during 1996-2009 on the Greek banks’ stocks. Design/methodology/approach Using daily data from the Athens Stock Exchange, event study methodology and market model, the results of this paper claim that the five Greek national Parliamentary elections during the 1996-2009 period had no statistically significant effect on the Greek banks’ stocks. The results show that cumulative average abnormal returns (CAARs) were slightly positive or negative for Greek banks’ stocks but not statistically significant at 5 and 10 per cent confidence levels. Findings Investors were not surprised and the political information caused no change and no influence on the future and course of the stock market. Expected winning political party was the same as the actual winning political party. Results showed that during pre-event period of 2000 and 2004 Greek national Parliamentary elections, CAARs for Greek banks’ stocks were slightly positive and after the event period were slightly negative but not statistically significant at all periods. During 2007 Greek national Parliamentary elections, the effect of elections changed because CAARs were generally slightly negative during the pre-event period and positive after the event period. Also, non-statistically significant CAARs indicate that there is no evidence that either political party was able to manipulate bank stocks’ prices for election purposes. Originality/value The main contribution of this paper is to provide evidence about effects of national elections to bank stocks’ prices which have important implications for stockbrokers, investors, politicians and political analysts.
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Vasiljeva, N. V. "PUBLIC REVENUES AS A NEW CATEGORY OF FINANCE LAW." Вестник Пермского университета. Юридические науки, no. 3(29) (2015): 30–38. http://dx.doi.org/10.17072/1995-4190-2015-3-30-38.
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Holmén, Martin, and Peter Högfeldt. "A law and finance analysis of initial public offerings." Journal of Financial Intermediation 13, no. 3 (July 2004): 324–58. http://dx.doi.org/10.1016/j.jfi.2003.11.003.
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Treynor, Jack L. "Securities Law and Public Policy." Financial Analysts Journal 50, no. 3 (May 1994): 10. http://dx.doi.org/10.2469/faj.v50.n3.10.
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Chopard, Bertrand, and Marie Obidzinski. "Public law enforcement under ambiguity." International Review of Law and Economics 66 (June 2021): 105977. http://dx.doi.org/10.1016/j.irle.2021.105977.
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