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1
Huang, Juliet H., James C. Burr, Richard A. Cosgrove e Nathan H. B. Odem. "MSRB and FINRA issue joint notice cautioning broker-dealers and municipal advisors about bank loans". Journal of Investment Compliance 17, n. 3 (5 settembre 2016): 52–54. http://dx.doi.org/10.1108/joic-07-2016-0030.
Testo completoAbstract (sommario):
Purpose To alert lenders, broker-dealers and municipal advisors to a joint regulatory notice from the Municipal Securities Rulemaking Board (“MSRB”) and the Financial Industry Regulatory Authority (“FINRA”) regarding direct purchase or “bank loan” transactions. Design/methodology/approach Explains the MSRB and FINRA notice, why the notice was issued, what lenders should know about the notice, what broker-dealers and municipal advisors should know about the notice, and what MSRB rules could apply to bank loans. Findings Firms should determine whether state and local government obligations acquired through bank loan transactions constitute municipal securities for federal securities law purposes. Originality/value Review of a recently issued regulatory notice by experienced municipal securities lawyers.
2
ZALIUBOVSKA, S. S., Yu B. KOLUPAYEV e К. R. TOKАREVA. "The Securities Market in Ukraine: Theoretical Aspects of Historic Development". Scientific Bulletin of the National Academy of Statistics, Accounting and Audit, n. 3 (1 novembre 2019): 120–30. http://dx.doi.org/10.31767/nasoa.3.2019.11.
Testo completoAbstract (sommario):
The article sums up a review of theoretical approaches to the interpretation of economic categories “securities market” and “stock market” and a chronological analysis of the stock market development in independent Ukraine.
It is shown that two general approaches to the interpretation of the above categories exist, legislative and scientific. The latter one can, in turn, be subdivided into narrower approaches: segment approach, with securities market treated as a part of the capital market or financial market; functional approach, with securities market seen as a floor for sales and purchase of securities; normative approach, with securities market addressed as a sophisticated mechanism used to set legal and economic relations between business entities; logical approach, with securities market considered as a set of transaction mechanisms. The authors’ definition of the securities market is proposed: a segment of the financial market, on which interactions between various market actors take place, related with issuance, purchase and sales of securities that have value, circulate freely and certify the relations of co-ownership or lending, with the purpose of effective distribution and rational allocation of financial resources in the socio-economic area of a country with due account for the society’s interests and needs.
The authors’ chronology of the securities market development in Ukraine is proposed, in which six phases are distinguished. The first phase is “reappearance” (1990). The second phase is “formation” (1991–1994), falling upon radical market-driven transformation in the Ukrainian economy. The third phase is “development” (1995–1999): search of the effective owners on the boosting market, setting up a system for control over sales and purchase of securities, creation of investment funds, financial and industrial companies and private pension funds. The fourth phase is “improvement” (2000–2002): creating a system for information support for circulation of securities issued in non-documentary form, and computer software for operating the State registers. The fifth phase is “recovery” (2003–2006): gradual decline of crisis tendencies in the economy along with the recover at the securities market. The sixth phase is “financial globalization” (from 2007 and on). This approach enables to investigate the securities market dynamics over 1991–2018 and give detailed descriptions of each phase with emphasis on core historic event in each.
3
Nathan, Daniel A., e Tiffany Rowe. "SEC charges broker-dealer for failure to protect against insider trading by employees". Journal of Investment Compliance 16, n. 1 (5 maggio 2015): 59–62. http://dx.doi.org/10.1108/joic-01-2015-0004.
Testo completoAbstract (sommario):
Purpose – To alert broker-dealers to Securities and Exchange Commission charges brought against a broker-dealer for ineffective controls over employee use of confidential information and to provide guidance regarding development and implementation of controls to protect against improper use of material non-public information by employees. Design/methodology/approach – Reviews Securities and Exchange Commission settlement order with broker-dealer for violations of securities laws for failure to adequately prevent insider trading by employees and provides guidance for implementing control to prevent insider trading. Findings – The Securities and Exchange Commission’s charges are the first to be brought against a broker-dealer for failure to adequately protect against insider trading. A broker used a customer’s confidential information regarding an impending acquisition by a private equity firm to purchase stock in the target company. The broker-dealer settled charges of violations of the federal securities laws for failing to adequately establish, maintain, and enforce policies and procedures to protect against insider trading by employees with access to confidential client information. Originality/value – Practical guidance regarding internal controls at broker-dealers from experienced securities litigation and regulation lawyers.
4
Sandrawati, Erna, Mahmul Siregar e Isnaini Isnaini. "Perlindungan Hukum terhadap Investor dalam Perjanjian Jual Beli Saham Dengan Hak Membeli Kembali (Repurchase Agreement) Yang Diperjualbelikan PT. OSO Securities Cabang Medan". ARBITER: Jurnal Ilmiah Magister Hukum 1, n. 2 (2 ottobre 2019): 109–16. http://dx.doi.org/10.31289/arbiter.v1i2.113.
Testo completoAbstract (sommario):
The purpose of this study is to find out how the position of the agreement in the sale and purchase of shares with repurchase rights (REPO) in law in Indonesia, whether the sale and purchase agreement of shares with repurchase rights (REPO) has protected the interests of investors, as well as how the settlement of disputes in the sale and purchase agreement shares with repurchase rights (REPO) between issuers and investors by PT. OSO Medan Branch Securities. The method in this research is a normative juridical legal method with qualitative analysis. From the results of the study, it was found that the sale and purchase agreement of shares brokered by PT. OSO Sekuritas is a form of agreement or contract which must comply with the provisions in the Civil Code in general and specifically must comply with the laws and regulations relating to REPO. In the share sale and purchase agreement brokered by PT. OSO Sekuritas has provided legal certainty and protection to investors because in the agreement clause the form of protection has been explained. Settlement of disputes that occur between the parties in the REPO share-purchase agreement brokered by PT. OSO Sekuritas, contained in the agreement clause, which is an agreement for mediation and deliberation as well as resolving issues through the capital market arbitration body, if deliberation is not reached.
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Kasri, Noor Suhaida, e Burhanuddin Lukman. "Contra trading in Bursa Malaysia Securities Berhad: a Sharīʿah and legal appraisal". ISRA International Journal of Islamic Finance 9, n. 2 (4 dicembre 2017): 200–204. http://dx.doi.org/10.1108/ijif-08-2017-0019.
Testo completoAbstract (sommario):
Purpose The purpose of this paper is to analyze the practice of contra trading in Bursa Malaysia Securities Berhad. Through a critical examination of the practice, it aims to discuss the issues from the angles of Sharīʿah and Malaysian common law. Design/methodology/approach The paper uses a qualitative research methodology. The information on the practice of contra trading is obtained through the Bursa Malaysia Securities Berhad’s website and literature as well as series of meetings and discussions held with Bursa Malaysia Securities Berhad. In comprehending and dissecting the Sharīʿah and legal issues, classical along with contemporary Sharīʿah literature including local and international Sharīʿah advisory bodies’ resolutions and standards have been referred to. The Sharīʿah analysis of these issues is further supported by reference to the statute and by-laws of Bursa Malaysia Securities Berhad as well as other related legal literature. Findings This paper finds that contra trading involves a real sale and purchase of shares; the shares are not taken into the possession of the contra trader, neither physically nor constructively; the liability of shares is not transferred to the contra trader; though the practice of profiting in contra trading may contradict the prohibition on profiting without bearing liability, the permissibility of contra trading could still be argued from the contextual approach of public interest (maṣlaḥah) and needs (hājah); and contra trading is not gambling. Research limitations/implications This paper is limited in its analysis to only Sharīʿah and legal perspectives. It does not cover a thorough empirical and quantitative investigation that would measure the extent of the public needs for contra trading and the real benefits that contra trading brings about to the society in the long run. Such studies will further demonstrate whether contra trading deserves a relaxation from the strict Sharīʿah ruling thus affirming the issue of permissibility of contra trading. Moving forward, this paper recommends ways to address the predicaments faced in the contra trading practices as well important research areas that could be taken up in future. Originality/value This paper provides an in-depth investigation of the practice of contra trading at the Bursa Malaysia Securities Berhad from the angles of Sharīʿah and common law.
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MAGOL, LUSIA EMITRIANA, KOMANG DHARMAWAN e DESAK PUTU EKA NILAKUSMAWATI. "PENENTUAN NILAI KONTRAK OPSI SAHAM TIPE EROPA MENGGUNAKAN MODEL CONSTANT ELASTICITY OF VARIANCE". E-Jurnal Matematika 9, n. 1 (31 gennaio 2020): 37. http://dx.doi.org/10.24843/mtk.2020.v09.i01.p276.
Testo completoAbstract (sommario):
Investment is a very sensitive matter especially relating to securities commonly known as shares. Shares are not merely as securities or certificates of ownership but as a business area in achieving profits. One alternative factor for investment is option. Stock options are one of the trading tools used to secure stock investments owned by investors. The real value of stock options can be known when the due date. The stock option value formula can be used to find out the value before the due date. The most widely known stock option value is to use the Black-Scholes equation which is obtained from a constant volatility value. Then it was developed because it saw the conditions in the market based on the volatility of the value (not constant). The purpose of this study is to determine the value of stock options in the market based on volatile values ??that change using the Constant Elasticity of Variance model with the limit of European stock purchase options. If the resulting stock option value is greater than the option price in the market, investors are advised to buy the stock option.
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Tataryn, N. B., e I. M. Yurchenko. "The Impact of the COVID-19 Pandemic on the IGLBs Market in Ukraine: State, Problems, and Development Perspectives". PROBLEMS OF ECONOMY 2, n. 48 (2021): 210–16. http://dx.doi.org/10.32983/2222-0712-2021-2-210-216.
Testo completoAbstract (sommario):
The article aims at analyzing the Ukrainian market of domestic government bonds (IGLBs) in the context of the COVID-19 pandemic; determining its state, problems and development perspectives. The development of the domestic government bonds market during the coronavirus crisis is considered; the essence and purpose of IGLBs in Ukraine are revealed; IGLBs are classified by type of use. The differences between domestic and external government bonds are determined, and the advantages of the former are indicated; peculiarities of purchasing such securities by individuals and legal entities are revealed; requirements for issuing IGLBs by issuers are indicated, and the most reliable banks engaged in this activity are enumerated; the state of the government bond market during 2018–2020 is studied; the amount of ownership, the share of buyers of securities and the purpose of their purchase for each of the entities are given; the rate and yield of domestic government bonds in Ukraine are analyzed and compared with other countries, such as the United States, Germany, France and others. The study identifies the following problems: the economic crisis caused by the COVID-19 pandemic, the inadequate legal framework on IGLBs, the low level of public awareness of these securities, and others. To overcome these problems, the following actions are suggested: counteracting the coronavirus crisis by combining the efforts of the state and local authorities, business, and the population; directing most of the financial resources in this direction; spreading economic education among the population; introducing a simplified procedure for purchasing IGLBs; and working with banks to increase the availability of bonds purchasing. Statistical data obtained from the official website of the National Bank of Ukraine make up the basis for the study.
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Winata, Maria Gabby. "TINGKAT EFEKTIVITAS SISTEM INFORMASI REMOTE TRADING MENGGUNAKAN METODE UTAUT PADA PT CIPTADANA SECURITIES". Infotech: Journal of Technology Information 5, n. 1 (25 marzo 2020): 37–44. http://dx.doi.org/10.37365/jti.v5i1.57.
Testo completoAbstract (sommario):
Along with the rapid development of information technology, the Indonesian Stock Exchange (IDX) began to develop a more efficient transaction concept by starting to apply the concept of floorless trading. Which previously all places and processes of buying and selling shares were only centered on the IDX floor or better known as floor trading. The floorless trading system is a new stock trading transaction system implemented by the IDX by moving the place and process of buying and selling of shares to each securities company from what was previously centralized on the stock exchange (IDX). So now the concept of a new stock sale and purchase transaction, or better known as remote trading, has begun to be developed. The purpose of writing this research is to evaluate the remote trading system implemented by the company and provide input to improve the effectiveness of the remote trading system. This study uses the UTAUT methodology to evaluate and measure user acceptance, the results of which will be a reference to provide input to the company. The results achieved are a new system design created to meet user needs based on the analysis that has been done. With this new system design will increase system effectiveness and employee performance.
9
Guadalajara, Natividad, e Miguel A. López. "THE INFLATED VALUATION PROBLEM IN VALENCIA, SPAIN, AND IMPLICATIONS FOR FIRM SIZE". International Journal of Strategic Property Management 22, n. 4 (10 agosto 2018): 300–313. http://dx.doi.org/10.3846/ijspm.2018.4348.
Testo completoAbstract (sommario):
Home purchase-sale prices have been widely modeled by several authors. Nonetheless, other values exist, such as home mortgage appraisal values, used by financial institutions, which have played a key role in the recent financial crisis. This article attempts to model the appraisal price of one m2 of residential properties obtained by 31 appraisal companies in Valencia (Spain). Mortgage appraisal values of 17 007 residential properties were used for this purpose. Spatial autocorrelation was detected in both the data and residuals of the ordinary regression model, which justified using spatial regression models. Of the four employed models, the error model offered the best results. Significant differences were found among appraisal companies, which varied as much as 83% for some. Generally speaking, small appraisal companies obtained higher over-valuation percentages, which confirms their situation of weakness. The fact that over-valuations exist in mortgage securities is a high risk for a stable financial system.
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KULBOSYNOVNA, Nurasheva Kulyanda, Kulanova Darikul ASKARBEKOVNA, Abdikerimova Gulzhanar IMANBAEVNA e Mergenbayeva Aziza TOIMAKHAMBETOVNA. "State and Prospects of the Securities Market in the Developing Economy (on the Example of Kazakhstan)". Journal of Advanced Research in Law and Economics 11, n. 2 (31 marzo 2020): 436. http://dx.doi.org/10.14505/jarle.v11.2(48).17.
Testo completoAbstract (sommario):
The purpose of the research is to study the economic environment and determine the possibilities of issuing and circulating municipal bonds. The methods used were information sampling, its grouping, system and statistical analysis, comparison of indicators and logical conclusions. It has been determined that the large quasi-public sector, the feebleness of development institutions, the instability of the banking sector, and the uneven development of regions impede the formation of the stock market. Low household incomes, inflation and depreciation of the national currency reduce investment opportunities. The risks of buying securities by the population are not calculated, there are no clear guarantees for the rights of ordinary shareholders, the return of funds causes problems due to imperfect legislation.
In order to substantiate the true opportunities and desires of people to spend money on the purchase of securities, questionnaires and interviews were conducted among representatives of various social groups. The study showed that citizens are willing to buy bonds, but first it is needed to create an innovative economy and implement attractive projects in the regions for the population in order to fully launch the stock market. In the current scheme for issuing municipal bonds, only the quasi-public sector is involved. To attract the investments from pension funds, insurance companies, small investors (population), the authors recommend a scheme of business processes for issuing and circulating bonds. The problems and proposals discussed are of interest to post-Soviet countries, which are facing with the need to develop the stock market.
11
Kahn, Henry, Robert Welp e Richard Parrino. "SEC staff expands relief from broker-dealer registration under US Securities Exchange Act for intermediaries in private M&A transactions". Journal of Investment Compliance 15, n. 2 (3 giugno 2014): 22–25. http://dx.doi.org/10.1108/joic-05-2014-0022.
Testo completoAbstract (sommario):
Purpose – To review the M&A Brokers “no-action” letter issued in February 2014 by the staff of the USA Securities and Exchange Commission that clarifies the circumstances in which intermediaries (M&A brokers) may receive transaction-based compensation for services provided in connection with sales of private companies without having to register and be regulated by the SEC as broker-dealers under the USA Securities Exchange Act of 1934. Design/methodology/approach – Examines the new SEC staff interpretative guidance on activities of M&A brokers in light of USA federal securities laws and previous staff no-action letters that address the application of broker-dealer registration requirements to such intermediaries when they render services in connection with purchases and sales of privately-held companies. Summarizes the manner in which the SEC staff’s new position expands the types of private M&A transactions on which intermediaries may advise and broadens the scope of services they may provide without subjecting themselves to Exchange Act registration. Findings – The M&A Brokers letter dispels much of the uncertainty existing under earlier SEC staff no-action letters about the scope of permissible activities in which unregistered intermediaries may engage in private M&A transactions. By broadening the scope of those activities under the federal statutory regime governing broker-dealers, the new staff guidance should facilitate the expansion of services provided by M&A brokers without registration and permit greater flexibility for M&A brokers and their clients to structure compensation arrangements. The paper cautions that, absent reform of more restrictive regulation under the securities laws of some states, the prospects for expanded involvement by unregistered intermediaries in private M&A transactions may not be fully realized. Originality/value – Expert guidance from experienced securities lawyers.
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Novak, Oksana, Tetiana Osadcha e Oleksandr Petruk. "CONCEPT AND CLASSIFICATION OF DERIVATIVE FINANCIAL INSTRUMENTS AS A METHODOLOGICAL PRECISION ON THEIR REGULATION IN THE FINANCIAL SERVICES MARKET". Baltic Journal of Economic Studies 5, n. 3 (1 agosto 2019): 135. http://dx.doi.org/10.30525/2256-0742/2019-5-3-135-144.
Testo completoAbstract (sommario):
The urgency of the research topic is caused by the rapid growth of capital markets and the emergence of all new financial instruments, the complexity of their structure and the transition beyond the regulatory influence of supervisory authorities. Discussion issues on the identification of derivatives, as well as their certain types, create significant problems with their valuation, the correctness of accounting, and the application of regulatory measures. Inconsistency in the interpretation of derivative financial instruments nature and their certain types is also present in domestic legal acts. Therefore, until the elimination of these shortcomings, derivative financial instruments create additional risks for their owners – financial institutions, as well as for creditors and depositors. The purpose of the research, conducted in the article, lies in the clarification of derivatives nature and developing an appropriate classification of their types in order to its further use with a view of regulation. The methodological basis of the research. The methodological basis of the study is a dialectical approach to the understanding of the essence of derivative financial instruments; general scientific methods of knowledge of phenomena and processes (monographic, abstract-logical, synthesis, comparison, generalization), analysis of legal acts in the part of treatment of derivatives, derivative financial instruments and derivative securities, methods of grouping systematization and generalization in developing the classification of derivative financial instruments. Scientific results. It has been established that in order to maintain the stability of financial markets and their participants, the transformation of regulatory measures should be a permanent development and modification of the financial instruments that are being rotated. Various approaches to the interpretation of derivative financial instruments essence in normative legal acts and scientific literature have been analysed in order to improve the regulation of their issuance and circulation. This made it possible to streamline the conceptual apparatus and to group certain types of derivatives according to certain classification grounds. The basis for classification is the concept of “derivative financial instruments” as the broadest, which includes derivative securities and term contracts (derivatives). The concept of derivatives and derivative securities are delimited based on the study of terminology. It was established that derivatives are standard documents that certify the right and/or obligation to purchase or sell future securities, tangible or intangible assets, as well as funds or make payments on terms and conditions specified by them. However, in some cases, derivatives may acquire features of derivative securities, in particular, when issued through emission and freely traded in markets and bring income (losses) to their owner as a result of changes in their market value. The practical significance. The practical value of the research is the possibility of using the developed classification for the needs of emission regulation and the circulation of derivative financial instruments.
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Winata, Maria Gabby. "TINGKAT EFEKTIVITAS SISTEM INFORMASI REMOTE TRADING MENGGUNAKAN METODE UTAUT PADA PT CIPTADANA SECURITIES". Infotech: Journal of Technology Information 5, n. 1 (25 marzo 2020): 37–44. http://dx.doi.org/10.37365/it.v5i1.57.
Testo completoAbstract (sommario):
In English;
Along with the rapid development of information technology, the Indonesian Stock Exchange (IDX) began to develop a more efficient transaction concept by starting to apply the concept of floorless trading. Which previously all places and processes of buying and selling shares were only centered on the IDX floor or better known as floor trading. The floorless trading system is a new stock trading transaction system implemented by the IDX by moving the place and process of buying and selling of shares to each securities company from what was previously centralized on the stock exchange (IDX). So now the concept of a new stock sale and purchase transaction, or better known as remote trading, has begun to be developed. The purpose of writing this research is to evaluate the remote trading system implemented by the company and provide input to improve the effectiveness of the remote trading system. This study uses the UTAUT methodology to evaluate and measure user acceptance, the results of which will be a reference to provide input to the company. The results achieved are a new system design created to meet user needs based on the analysis that has been done. With this new system design will increase system effectiveness and employee performance.
Dalam Bahasa Indonesia
Seiring dengan pesatnya perkembangan teknologi informasi maka Bursa Efek Indonesia (BEI) mulai mengembangkan konsep transaksi yang lebih efisien yakni dengan mulai menerapkan konsep floorless trading. Yang mana sebelumnya seluruh tempat dan proses terjadinya transaksi jual beli saham hanya terpusat di lantai BEI atau lebih dikenal dengan istilah floor trading. Sistem floorless trading merupakan sebuah sistem transaksi jual beli saham baru yang diterapkan oleh BEI dengan memindahkan tempat dan proses terjadinya transaksi jual beli saham ke masing-masing perusahaan efek dari yang tadinya terpusat di lantai bursa (BEI). Maka sekarang ini mulai dikembangkan konsep transaksi jual beli saham yang baru atau lebih dikenal dengan istilah remote trading. Tujuan dari penulisan penelitian ini adalah mengevaluasi system remote trading yang diimplementasikan oleh perusahaan serta memberikan masukan untuk meningkatkan efektivitas system remote trading. Penelitian ini mengunakan metodologi UTAUT untuk melakukan evaluasi dan pengukuran terhadap user acceptance yang hasilnya akan menjadi acuan untuk memberikan masukan kepada perusahaan. Hasil yang dicapai adalah sebuah rancangan sistem baru yang dibuat untuk memenuhi kebutuhan user berdasarkan analisa yang telah dilakukan. Dengan rancangan sistem yang baru ini akan meningkatkan efektivitas sistem dan kinerja karyawan.
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Wieland, Ildikó, Levente Kovács e Taras Savchenko. "Conceptual study of the difference between the money market and the capital market". Financial Markets, Institutions and Risks 4, n. 1 (2020): 51–59. http://dx.doi.org/10.21272/fmir.4(1).51-59.2020.
Testo completoAbstract (sommario):
The article is devoted to the research of theoretical principles of development of such components of the financial market as the money market and the capital market, identification of key differences between them on the basis of the analysis of scientific professional literature and key provisions of the legislative framework, substantiation of the general interpretation of their essence that could be used in international practice. The article analyzes the peculiarities of formation and functioning of each type of markets, traditional differences between them, examines international practice and statistics on the use of these terms by economic agents, defines the legal basis for understanding their essence and the legal basis for the delineation of these two types of markets. It is proved that a thorough analysis of the peculiarities of the functioning of individual markets, the frequency, and popularity of the use of their definitions in economic practice, the definition of users of these types of markets and their functions, form the prerequisites for clarifying the definitions of the essence of each of these markets, with their further global harmonization. The result of the research is the authors’ own interpretations of the concepts of the “money market” and “capital market”. The money market offers an understanding of the transaction system for the purchase and sale of liquid cash or other short-term financial assets, which typically include short-term financial liabilities (up to one year), the purpose of which is usually to provide financing for current operations, short-term profit or financial risk management in the short-term. The capital market is defined in the article as a system of transactions for the purchase and sale of financial assets, which include securities, derivatives, or financial transactions, which usually involve long-term financial liabilities, the purpose of which is to satisfy capital requirements or increase capital. Keywords: money market; capital market; financial market; legal basis; international practice, definitions.
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Das, Varsha. "The New Takeover Code by the Securities and Exchange Board of India". Journal of Social and Development Sciences 4, n. 7 (30 luglio 2013): 303–7. http://dx.doi.org/10.22610/jsds.v4i7.765.
Testo completoAbstract (sommario):
Merger & Acquisition in India have been governed by the age-old takeover rules. It seems that now, the Securities and Exchange Board of India (SEBI) has realized that these rules need to be revamped to keep them in line with the ever-changing global scenario. On September 2011, the SEBI amended the new set of takeover rules i.e.; the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The main purpose is to prevent hostile takeovers and at the same time, provide some more opportunities of exit to innocent shareholders who do not wish to be associated with a particular acquirer. With these rules coming into force, both promoter and public shareholders of a listed company would now get the same price for their shares being purchased by an acquirer. In another shareholder-friendly move, SEBI has scrapped the noncompete fee or control premium, which were being paid to only the promoters earlier and could have been as much as 25% of the public offer price. The SEBI has successfully done one part of the reform process by preparing the new takeover code, the other part requires it successful implementation.
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Konadu-Adjei, Charles Kweku, Roger W. Mayer e Wen-Wen Chien. "Determinants Of Long-Term Interest Rates In The United States". Journal of Business & Economics Research (JBER) 10, n. 5 (30 aprile 2012): 257. http://dx.doi.org/10.19030/jber.v10i5.6977.
Testo completoAbstract (sommario):
The behavior of the long-term interest rates is a practical problem for private and public organizations. Organizations need to estimate interest rates for purposes of assigning value to long-term obligations such as defined benefit plans and long-term leases and making decisions related to long term capital purchases. The purpose of this study was to analyze the determinants of long-term interest rates in the United States, using 352 quarterly time series data points extending from 1999 to 2009. This study examines how a change in overnight interest rates, budget deficit, Gross Domestic Product (GDP), inflation, and net capital inflow impact on long-term interest rates, which is the 30-year U.S. Treasury constant securities rate. We find that the variables (overnight interest rates, expected inflation, budget deficit, foreign capital inflow, and GDP) have statistically significant impact on long-term interest rates in the United States; all variables jointly explain changes in the long-term interest rates. The findings of this study can assist organization as they assign values to long-term obligations and assets.
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Woolard, Nathan A., e Tanja Steigner. "Leveraging social networks for offline crowdfunding in rural communities". Social Business 10, n. 2 (31 agosto 2020): 97–122. http://dx.doi.org/10.1362/204440820x15813359568291.
Testo completoAbstract (sommario):
Purpose<br/> As a result of the US JOBS Act, Regulation Crowdfnding went into effect in June of 2017, allowing non-accredited investors in the US for the first time to purchase securities in local start-ups. Ahead of the JOBS Act, Kansas established its own intrastate initiative in 2011, known as the Invest Kansas Exemption (IKE, 2011). The purpose of this paper is to explore how IKE participants describe the social and communal impact on their community crowdfunding success.<br/> Design/methodology/approach<br/> For this qualitative case study, we interviewed start-up businesses, economic champions, and SEC representatives in Kansas to determine the importance of social networks for entrepreneurs in offline community public offerings, what projects are fundable, and who to tap for capital and how to tap them.<br/> Findings<br/> Leaning heavily on social capital theory (Davidsson & Honig, 2003; Lin, Ensel, & Vaughn, 1981), we find that a successful community crowdfunding campaign requires community connections, economic champions, destination businesses, forward-thinkers, return to the community, and transparency.<br/> Limitations<br/> While the federal JOBS Act will present future opportunities for research, this study aimed to find social motivations behind participating in a regulation crowdfunding campaign, and is limited to participants in one US state.<br/> Implications<br/> The study provides insight into the social and communal aspect of crowdfunding investors, helping to expand further academic understanding of social capital as it pertains to business start-ups.<br/> Contribution<br/> This original study should be of broad interest to the social business academic community interested in understanding the social motivations of investing in a microlending campaign, as well as of practical relevance to entrepreneurs, and to community leaders who may seek those investors.
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Naughton, James P., Tjomme O. Rusticus, Clare Wang e Ira Yeung. "Private Litigation Costs and Voluntary Disclosure: Evidence from the Morrison Ruling". Accounting Review 94, n. 3 (1 luglio 2018): 303–27. http://dx.doi.org/10.2308/accr-52203.
Testo completoAbstract (sommario):
ABSTRACT We examine the causal effect of expected private litigation costs on voluntary disclosure using a natural experiment, the Supreme Court ruling in Morrison v. National Australia Bank. Even though this ruling had no effect on what constituted fraudulent conduct for the purpose of securities litigation, it significantly reduced the expected private litigation costs for foreign cross-listed firms by reducing the pool of potential claimants. It did so by eliminating the right of shareholders who purchased shares on non-U.S. exchanges from seeking compensation in U.S. courts. In the post-Morrison period, we find consistent evidence showing a decrease in voluntary disclosure using analyses that exploit the varying impact of the ruling based on both firm- and country-level attributes. Unlike a number of prior studies, we find that the positive relation between litigation and disclosure does not depend on the direction of the news. JEL Classifications: G15; G18; M41. Data Availability: Data are available from the public sources cited in the text.
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Effiezal Aswadi Abdul, Wahab, Wan Zurina Nik Abdul Majid, Iman Harymawan e Dian Agustia. "Characteristics of auditors’ non-audit services and accruals quality in Malaysia". Pacific Accounting Review 32, n. 2 (27 gennaio 2020): 147–75. http://dx.doi.org/10.1108/par-10-2018-0072.
Testo completoAbstract (sommario):
Purpose The purchase of non-audit services from incumbent auditors has generated considerable attention. This study aims to examine the relationship between characteristics of non-audit services, namely, the recurrence and types of services, and accruals quality in Malaysia. Design/methodology/approach This study analyzed hand-collected audit and non-audit fees of 1,117 observations from Malaysian firms from 2009 to 2011. This study used descriptive analysis, univariate tests and multivariate regression to investigate the potential effect of non-audit services on accruals quality. Findings Non-audit services are associated with lower accruals quality. Recurring and non-recurring non-audit service fees are detrimental to the quality of accruals, as are all types of recurring non-audit services. Only non-recurring audit-related services decrease accruals quality. The results demonstrate that provisions of non-audit services create economic bonding, and thus a threat to auditor independence. Results remain robust with the inclusion of corporate governance and institutional variables. Research limitations/implications The sample period might represent a limitation as it only covers three years of data. This limitation is mainly because of the nature of data collection of the non-audit services fees. Practical implications The findings could suggest a refinement on the Malaysian Institute of Accountants (MIA) by-laws focusing on auditor independence, and it could assist other regulative bodies such as the Securities Commission, the stock exchange (Bursa Malaysia) in ensuring better governance on the provision of non-audit services. Originality/value This study is the first that provides evidence on the relationship between non-audit services, types, and recurring and non-recurring non-audit services and accruals quality in Malaysia.
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Darrat, Ail F. "Are Checking Accounts in American Banks Permissible Under Islamic Laws?" American Journal of Islam and Society 2, n. 1 (1 luglio 1985): 101–3. http://dx.doi.org/10.35632/ajis.v2i1.2780.
Testo completoAbstract (sommario):
The purpose of this note is to stimulate the thought of Muslim scholarsabout a neglected aspect of American banking business. namely thepayment of interest on demand deposits (checking accounts).Demand deposits represent funds that commercial banks use toextend loans to the public and purchase interest-bearing securities. Therevenues from these activities are a major source of income forcommercial banks. Consequently, fierce competition exists amongbanks to attract such funds: However, competition for these fonds. untilrecently, could not take the form of an explicit interest rate because theAmerican banking laws prohibit the payments of explicit interest rateson demand deposits .. Existing laws have relaxed this prohibition forsome forms of demand deposits (e.g. Negotiable Orders of WitndrawalsNOW accounts), though the prohibition still holds in the case of what iscommonly called in the banking jargon regular checking accounts, i.e ..checking accounts that do not explicitly yield interest to the holders.Because of the intensity of competition among commercial banks toattract public deposits. and in the presense of the legal prohibitionagainst explicit interest payments on regular checking accounts bankshave devised alternative outlets to compete for the checking accountsfunds. Perhaps the most obvious alternative is for a bank to reduce (orremit) charges to depositors for the use of bank payments services belowthe cost to the bank of providing those services. Others take the form offor example, providing a wide range of cash management services atvery nominal fees and occasional gifts. In economic literature these arecalled implicit interest rates, and many recent empirical studies haveestablished the fact that commercial hanks in the U.S. do in fact pay highimplicit interest rates on non-interest bearing demand deposits ofapproximately equal value to the rate which would be explicitly paid inthe abscence of the legal prohibition ...
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Weiner, Michael. "A Historical Analysis of the Investment Company Act of 1940". Michigan Business & Entrepreneurial Law Review, n. 10.1 (2021): 67. http://dx.doi.org/10.36639/mbelr.10.1.historical.
Testo completoAbstract (sommario):
More than 100 million Americans invest $25 trillion in mutual funds and exchange-traded funds (collectively, “funds”) regulated by the Investment Company Act of 1940 (the “Act”), making funds the predominant investment vehicle in the United States. Everyday investors rely on funds to save for retirement, pay for college, and seek financial security. In this way, funds demonstrate how “Wall Street” can connect with “Main Street” to improve people’s lives. By way of background, funds are created by investment advisers (“advisers”) that provide investment advisory (e.g., stock selection) and other services to their funds in exchange for a fee. Investors purchase shares of a fund, which represent a pro-rata interest in the fund’s net assets—essentially, the securities chosen by the adviser—with the hope that the value of those assets, and in turn, the value of the fund, will appreciate. Although managing a fund is expensive, pooling investments from the public allows an adviser to spread its costs over an entire fund, which allows professional money management to be affordable for all. Prior to the Act, the unique structural aspects of funds, coupled with a lack of regulation, enabled rogue advisers to put their own interests ahead of those of fund shareholders. These structural aspects include that a fund typically relies on its adviser, which seeks to make a profit, to manage its day-to-day operations. Before 1940, adviser personnel also dominated the boards of directors of funds, which are responsible for overseeing the adviser and negotiating its compensation. This made funds susceptible to rogue advisers that were more interested in managing funds to benefit themselves and their “affiliates” (i.e., their employees and related businesses), as opposed to increasing the value of their funds. Recognizing the vital role that funds play for both the overall economy and the citizen of “small means,” the Securities and Exchange Commission (SEC) and the fund industry worked together to draft the Act, which Congress passed unanimously. The incredible growth of funds over the past 80 years is often attributed to the oversight and direction provided by the Act, which regulates all facets of fund operations and is arguably the most complex of our nation’s securities laws. Understanding the policy concerns that led to the Act helps to cut through that complexity and make sense of the Act’s provisions. As a result, this article focuses on those concerns, which can be thought of as guiding “Principles,” to demonstrate how the Act seeks to: (1) prevent insiders from taking advantage of funds they manage; (2) require effective disclosure; and (3) ensure the equitable treatment of shareholders. The Principles make the Act easier to apply by serving as shoal markers for conduct to avoid. But, just as a buoy indicates dangerous areas to avoid, the Principles also help guide conduct that steers clear of them. The Principles are thus a useful lens for interpreting the Act, particularly when considering novel situations or whether, per the “rubber” built into the Act, exemptive or other relief is appropriate. In these instances, harnessing the history and purpose of the Act can help advisers, fund directors, practitioners, and regulators apply the Act and ensure that funds remain a driver of national and, most importantly, investor gain.
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Johan, Zaimy Johana, e Mohd Zainee Hussain. "The Good, the Bad and the Ugly of Islamic Credit Cards". Journal of Emerging Economies and Islamic Research 9, n. 1 (31 gennaio 2021): 43. http://dx.doi.org/10.24191/jeeir.v9i1.11544.
Testo completoAbstract (sommario):
The Malaysian Islamic financial services have developed and thrived in the competitive domestic and global financial market especially in the last three decades. The Government has provided the industry conducive enabling environment to catalyse the industry growth and development. Islamic finance has gained prominence and been identified as the growth area in the nation’s financial sector. The Bank Negara Malaysia Annual Report 2020 published on 3 April 2020 amongst others highlights that with an advanced regulatory framework already in place, Islamic finance is poised to play a more prominent role in the coming period, particularly in its potential to apply shariah principles to expand social finance and address market gaps in innovative ways. With a range of innovative shariah compliant products and services, the halal financial services have gained market acceptance from both Muslims and non-Muslims alike, albeit with different levels of acceptance according to the products. Specifically, to a certain degree it appears that the market has been more receptive of other Islamic financial services such as loans for various purposes including purchases of securities, properties, vehicles; working capital and even personal loans than the credit cards. According to the Bank Negara Monthly Statistical Bulletin: Monthly Highlights and Statistics in September 2020, as of September 2020, Islamic banks had disbursed 35.7% or RM651.4 billion of the total loans in the banking system in September 2020. The Islamic credit cards however have a lower market share of 10.2% or RM3.7 billion of total credit card transactions. The slower growth pace, lower market share and performance of Islamic credit cards vis–a-vis conventional credit cards, and also compared with other Islamic financial products merit further scrutiny and analysis to help better understand the issues pertinent the growth of the Islamic credit cards. Issues such as why other Islamic loans and hire purchase products have performed better; why the slower growth of Islamic credit cards; customers and market expectation of Islamic credit cards; Islamic credit card product development and marketing strategies need to be carefully examined in order to overcome Islamic credit card growth conundrum.
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Hasan, Nurain, Frendy A. O. Pelleng e Joanne V. Mangindaan. "Analisis Capital Asset Pricing Model (CAPM) Sebagai Dasar Pengambilan Keputusan Berinvestasi Saham (Studi pada Indeks Bisnis-27 di Bursa Efek Indonesia)". JURNAL ADMINISTRASI BISNIS 8, n. 1 (25 marzo 2019): 36. http://dx.doi.org/10.35797/jab.8.1.2019.23498.36-43.
Testo completoAbstract (sommario):
The purpose of this study were: (1) To help investors pick efficient and inefficient stocks, (2) Investors know which stocks that have an optimal return and appropriate risk, (3) Investors know about CAPM metodh in determining the best investment decisions. CAPM is a model for estimating returns earned on risky securities or as a benchmark in evaluating the rate of return on an investment. The samples were selected by purposive sampling technique, the samples were determined by the specific criteria: (1) Companies listed on the Indonesia Stock Exchange belonging to the Business-27 stock index (2) Companies whose shares are included in the Business-27 stock index consistenly. The selection criteria in this study is choosing the efficient stocks in which individual return > expected return (Ri>ERi). Efficient collection of shares must be a priority in investment decisions made only efficient stocks that can be purchased. The results of this study indicate that: There are 18 stocks included on Efficient shares ie AKRA, BBCA, BBNI, BBRI, BMRI, CPIN, GGRM, INDF, INTP, PGAS, SMGR. These shares have a Ri> ERi value, investment decisions should be taken by investors was to buy efficient stocks. Based on data analysis there is a non-linear relationship between systematic risk and expected stock returns.
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Jardak, Maha Khemakhem, e Hamadi Matoussi. "The effectiveness of insider trading disclosure policies: US and EU comparison". Journal of Financial Reporting and Accounting 18, n. 3 (29 giugno 2020): 591–614. http://dx.doi.org/10.1108/jfra-09-2019-0120.
Testo completoAbstract (sommario):
Purpose The purpose of this study is to examine the effectiveness of financial market rules in protecting minorities. Design/methodology/approach The study compares two alternative disclosure rules on insider trading, namely, the market abuse directive (Directive 2004/72/EC), inspired from the United State (US) insider trading regulation enacted by the Sarbanes–Oxley act and the transparency directive enacted by the European (Directive 2004/109/EC) dealing with the crossing of the shareholding threshold. To investigate which one is more effective in signaling reserved information, and thus in reducing information asymmetry, the authors run an event study on the French context, where both regulations are adopted. The data were hand collected from the French stock exchange securities commissions during the two years following the implementation of the two regulations in 2004. The final sample consists of 363 insiders trading and 35 crossing shareholding thresholds for 10 top French firms during the period 2006-2007. Findings The results show that the French market reacts significantly to insider trading, but poorly to the crossing shareholding thresholds. Abnormal returns are greater after insider purchases than after crossing up thresholds. These findings support the superiority of the insider disclosure regulation, as it has better information content and provides better protection to minorities. Research limitations/implications The study contributes to the corporate governance literature by comparing two disclosure-trading policies. The authors conclude that regulation of disclosure of insider trading along the lines of US disclosure rules is more informative to the market and thus more relevant and important than disclosure of cross-threshold trades. Practical implications The study contributes to the corporate governance literature by comparing two disclosure-trading policies. The authors conclude that regulation of disclosure of insider trading along the lines of US disclosure rules is more informative to the market and thus more relevant and important than disclosure of cross-threshold trades. This finding can be helpful for the securities lawmakers and regulators in the process of insider trading law enforcement. Originality/value Previous researchers approached the question of insider trading focusing on the identity of insiders. In the research, the authors address the question from another perspective, namely, the crossing of thresholds. Another methodological contribution of the study is the use of a market model that incorporates GARCH (generalized autoregressive conditional heteroskedastic) effect and time-varying systematic risk parameter (β), which is recommended to tackle the classical event study problem of detecting the exact timing of the event.
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Vinogradov, A. A. "Estimation of Impact of Quantitative Easing Policy on EUR/USD using behavioral Equilibrium Exchange Rate Model". Finance: Theory and Practice 23, n. 4 (22 agosto 2019): 117–28. http://dx.doi.org/10.26794/2587-5671-2019-23-4-117-128.
Testo completoAbstract (sommario):
The article examines the impact of the policy of the uSA quantitative easing and the euro area on the nominal EuR/ uSD exchange rate. After the economic crisis of 2008–2009, the policy of quantitative easing gained popularity among the world’s largest economies. The largest programs were implemented by the uS Federal Reserve (uS Federal Reserve System) and the European Central Bank (ECB). However, the impact of the actual purchase volume of securities on the EuR/uSD exchange rate within these policies has been little studied in modern literature. The author collected the data from 1999 to 2018 on the exchange rate, macroeconomic and market indicators, and calculated the monthly actual purchase volumes of securities under the asset purchase program of the united States and the euro area. The behavioral equilibrium exchange rate model was used. The linear model specification and the error correction model identified no significant impact of the ECB quantitative easing policy expressed in the actual purchase volume of securities. However, for some specifications, it has been proven that the increase in purchases of securities by the uS Federal Reserve leads to a weakening of the dollar against the euro. The cointegration test revealed a long-term dependence of the EuR/uSD exchange rate on the accumulated volumes of acquired assets. Thus, an increase in the purchase volume of securities led to a weakening of the dollar against the euro. The insignificant impact of the European Central Bank quantitative easing policy could have been caused by market expectations formed prior to the actual purchase of ECB securities in the market.
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Ahmad Zaidi, Atikah Zulaikha, e Nor Suziwana Hj Tahir. "Factors That Influence Investment Decision Making Among Potential Individual Investors in Malaysia". ADVANCES IN BUSINESS RESEARCH INTERNATIONAL JOURNAL 5, n. 1 (30 giugno 2019): 9. http://dx.doi.org/10.24191/abrij.v5i1.9969.
Testo completoAbstract (sommario):
Individual investments behaviour is concerned with choices about purchases of small amounts of securities for his or her own account. Decision tools often support investment decisions. It is assumed that information structure and the factors in the market systematically influence individuals’ investment decisions as well as market outcomes. Decision tools often support investment decisions. It is assumed that information structure and the factors in the market systematically influence individuals’ investment decisions as well as market outcomes. Investor market behaviour derives from psychological principles of decision making to explain why people buy or sell stocks. These factors will focus upon how investors interpret and act on information to make investment decisions. The purpose of the study was to identify the factors that influence investment decision making among potential individual investors in Malaysia. Three behavioural factors might influence investment decision making which are accounting-information, firm-image coincidence and personal-financial-needs. A set of questionnaire was distributed to 384 potential investors in Malaysia specifically in housing area of Klang Valley as population of this study. Based on the findings, it showed that there is positive relationship between accounting-information, firm-image-coincidence and personal-financial-needs in investment decision making. Hence, between these three behavioural factors, accounting-information, firm-image coincidence and personal-financial-needs, the main influential factor is accounting-information. This study also proposed a future research for investment decision making and give implications to the potential investors, community, organization, policy makers and investment practitioners.
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Levin, V. S. "ASSESSMENT OF THE INVESTMENT ATTRACTIVENESS OF REGIONAL BONDS OF THE ORENBURG REGION IN THE CONTEXT OF MITIGATING MONETARY POLICY AND GLOBAL UNCERTAINTY". Intelligence. Innovations. Investment, n. 6 (2020): 48–60. http://dx.doi.org/10.25198/2077-7175-2020-6-48.
Testo completoAbstract (sommario):
The relevance of the research is that regional bonds are not only a source of covering the region’s public debt, but also a tool for investment. Currently, the investment attractiveness of such instruments is low, since they are not liquid enough and are low-yielding. In the context of global uncertainty and monetary policy easing, regional bonds can be considered as an alternative investment tool, since they have a fairly high reliability and low investment risk. The purpose of the research is to assess the investment attractiveness of regional bonds of the Orenburg region. The main results are as follows. The comparative characteristics of the Moscow exchange indices on the terms and depth of correction in the securities market in the first half of 2020 are carried out. The dynamics of the exchange rate value of bonds of the Orenburg region (issue # 35003) and the index of municipal bonds are analyzed. It is shown that the bonds of the Orenburg region included in the index of municipal bonds are more stable and conservative financial instruments in comparison with other units of the considered population. The correlation between the yield, price and duration of bonds from the municipal bond index is identified and described based on correlation and regression analysis. To do this, the relationships between the yield and price of bonds were initially estimated using pair regression, and then the yield and duration of the bonds were estimated. As a result, a multi-factor model of multiple regression was built, which allows forecasting the yield of regional bonds. Other factors that are not included in the model and may have an impact on bond yields are indicated. It is shown that in comparison with budget loans, bond loans have a number of advantages: a longer-term nature of attracting funds, availability for a large number of investors, market pricing, the ability to improve the image and investment attractiveness of the Issuer with the help of a credit rating of the region, confirmed by leading rating agencies. The reliability of regional bonds of the Orenburg region was confirmed by the rating Agency Fitch Ratings on June 12, 2020 at the level of «BB+», the forecast is «Stable». It is shown that an additional incentive to purchase sub-Federal bonds by individuals can be a significant tax savings in the framework of opening and active use of an individual investment account.
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Whalley, Jason, e Peter Curwen. "Altice: creating a complex and constantly evolving empire". Digital Policy, Regulation and Governance 20, n. 6 (10 settembre 2018): 545–67. http://dx.doi.org/10.1108/dprg-04-2018-0016.
Testo completoAbstract (sommario):
Purpose This paper aims to shed light on the development of Altice, a French-based but multinational operator of cable and mobile networks. Design/methodology/approach A detailed longitudinal case study approach is adopted covering the period 2002 to 2018 (inclusive). Data are drawn from multiple sources, including the annual reports of Altice, its filings with the Securities & Exchange Commission, the prospectuses of Altice S.A. and Altice USA and the trade press. Findings The paper demonstrates how, until recently, Altice’s presence in France was relatively limited. This changed, however, with the acquisition of Numericable and SFR. These purchases, along with those of Suddenlink and Cablevision in the USA, were funded by a substantial increase in Altice’s debt burden. To address the negative consequences of this burden, Altice has retrenched through selling or planning to sell some of its operations and spinning-off Altice USA to its existing shareholders. Research limitations/implications The paper highlights the complexity of multinational telecommunication companies. The challenges of developing a longitudinal case study of a company that operates in multiple countries through cascading holding companies is also illustrated by the paper. Practical implications There is a need for more data to be available in the public domain. This will, amongst other things, facilitate the analysis of companies like Altice that operate internationally and bundle products together to enhance their competitiveness. Originality/value This paper charts the growth of Altice, highlighting the role played by frequent merger and acquisition activity and debt in shaping its development and strategy.
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Noordin, Nazrul Hazizi, Siti Nurah Haron, Aznan Hasan e Rusni Hassan. "Complying with the requirements for issuance of SRI sukuk: the case of Khazanah’s Sukuk Ihsan". Journal of Islamic Accounting and Business Research 9, n. 3 (8 maggio 2018): 415–33. http://dx.doi.org/10.1108/jiabr-02-2016-0024.
Testo completoAbstract (sommario):
PurposeThe purpose of this study is to provide a critical review on how the Khazanah’s Sukuk Ihsan was structured in compliance with the requirements for issuance of Sustainable and Responsible Investment (SRI) sukuk set by the Securities Commission (SC) Malaysia. Design/methodology/approachTo explain the structures and features of the Sukuk Ihsan, this study extracted important information from the sukuk’s Principle Terms and Conditions and Information Memorandum and presented them in a simple and easy-to-understand way. Next, this study refers to Part D: Requirement for Issuance, Offering or Invitation to Subscribe or Purchase Sustainable and Responsible Investment Sukuk of the SC’s Guidelines on Sukuk (revised edition: 28 August 2014) to assess the compliance of the sukuk in terms of eligibility of SRI sukuk issuer and SRI projects, use of proceeds, reporting and disclosure and independent assessment on SRI programmes. In addition, this study then compares the requirements stated in the SC’s SRI Sukuk Framework with the International Capital Market Association’s Green Bond Principles (GBP) and the USA’s Social Impact Bond (SIB) Act 2014. FindingsThe present study finds that the definition of eligible SRI sukuk issuer in the Guidelines on Sukuk seems to be more stringent compared to the one provided in the GBP and the US’ SIB Act. Nevertheless, the SRI Sukuk Framework provides a more comprehensive yet precise list of eligible SRI projects, covering both environmental and social aspects, compared to the GBP (which only focuses on broad categories of environmental projects) and also the USA’s SIB Act (explicitly outlines 13 social projects which are aligned with the US Federal Government’s agenda in tackling social illnesses). Indeed, the main difference between the eligible SRI sukuk projects and its conventional counterparts lies in its compliance to Shariah principles. It is also observed that a significant emphasis has been given on SRI legislations in ensuring proper reporting and disclosure provided to the SRI sukuk stakeholders together with critical evaluation on the impacts of SRI programmes provided by an independent assessor. Practical implicationsThis paper contributes towards enriching the literature on the Islamic capital market, particularly on the integration between sukuk and social impacts investing. This paper was intended to highlight the important requirements in issuing SRI sukuk to various stakeholders of the Islamic capital market. Originality/valueThe authors hope to shed some lights on the unique features and structural applications of SRI sukuk and its importance in becoming an effective instrument to raise funds for social agenda of a country by providing a real and practical example.
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Ratushnyak, G. Y., e A. G. Sukhanova. "Fuzzy Estimation of the Character of the Securities Market". MGIMO Review of International Relations, n. 2(41) (28 aprile 2015): 180–85. http://dx.doi.org/10.24833/2071-8160-2015-2-41-180-185.
Testo completoAbstract (sommario):
To make the right decisions regarding the purchase or sale of financial assets the definition of the nature of the securities market is required. Existing methods of evaluation of the state securities market does not fully take into account the probability distribution of the states and fuzzy-multiple description of the character of securities market. For the efficient operation of the securities market new methods of analysis and forecasting of its state are required. In this paper we propose a fuzzy-multiple algorithm to evaluate the character of the securities market. This algorithm contains the operations of fuzzy sets theory. The fuzzy of the character of the securities market manifests itself in the «blur» of the boundaries of its varieties. The expert system of a fuzzy conclusion is developed for an estimation of the character of the securities market. In this article the expert system of fuzzy inference was developed for a fuzzy assessment of the character of the securities market. As instrumental development environment a system of computer mathematics Mathcad was used. For the characteristics of the market RTS Index was used. Developed expert system allows to enter specific values of the input indicators to obtain an estimate of the character of the securities market. The use of this expert system allows system users to resolve uncertainty when making decisions, to navigate the situation on the securities market and make the right decisions regarding the purchase or sale of financial assets. Developed in the work of the expert system was applied for the case volatility market.
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McDonald, Oonagh Anne. "The federal housing finance agency’s complaints against seventeen banks". Journal of Financial Crime 23, n. 1 (31 dicembre 2015): 22–44. http://dx.doi.org/10.1108/jfc-09-2015-0047.
Testo completoAbstract (sommario):
Purpose – The purpose of this paper is to examine the basis of the complaints against banks which sold private label securities to Fannie Mae and Freddie Mac before the financial crisis. The examination shows that all but one of the cases was settled out of court. Nomura and RBS went to court, but the case against them was based on dubious evidence and on strict liability which only enabled the judge to set aside relevant evidence. The Securities and Exchange Commission’s evidence against senior executives of Fannie and Freddie shows that they deliberately purchased PLSs based on subprime loans to meet the government’s housing targets. Design/methodology/approach – The research was based on publicly available documents, including details of the Federal Housing Finance Agency’s (FHFA) complaints against the banks in question, the settlement agreements published by the DoJ, FHFA and SEC. Furthermore, it includes documentary evidence from the Financial Crisis Inquiry Committee and Senate Committees, the full transcript of the trial, opinions of the judge for the trial and the judgement. Findings – The findings are that many have concluded that settlements out of court fail to satisfy the demand for justice. They have been criticised as a trade-off between the prosecutor and the bank, with a view that the imposition of large fines is to pay back taxpayers’ money spent on rescuing the banks, rather than punishing those responsible. Such fines do little, if anything, to change the behaviour of banks. As a result, the Department of Justice issued a memorandum on 9 September to focus on individual accountability for corporate wrongdoing. It remains to be seen how many cases against senior executives will result from the change in direction. Research limitations/implications – The implications of the research are that it is important even in the aftermath of such a serious if not devastating financial crisis to ensure that the laws are properly applied and can stand up to any challenge that it has been stretched to obtain the results the administration of the day wants to see. In addition, care must be taken over both the imposition of large fines and the use to which the monies should be put. All the parties involved in bringing about the crisis should be held to account. The major cases against the banks have almost all been “resolved”. A change in direction has now taken place. Practical implications – The practical implications of holding individuals to account should now be tackled. It requires a careful examination of the laws and regulations already in place to ensure that it is clear within a bank as to who is responsible for what. It will only be possible to hold senior individuals to account if the laws are clear and if all the evidence is not hidden. It may also require a review of the contracts under which senior executives are employed, because to remove a person from his post and then find that he still has a large pension pot and bonuses due may not result in justice either. A delicate balancing act is required because banks require highly competent and motivated individuals to run them. Social implications – If a very large fine is imposed on a bank, the shareholders and customers pay. The shareholders will mostly own the shares through their pensions and their savings in mutual funds. Originality/value – There have been few studies of all the cases against the banks brought by the DoJ and FHFA and still fewer have recognized the fact that government housing policy was the source of the extent of the subprime mortgages.
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Robertson, Mari L. "Securitization and financial markets: the implications for interest rate pass-through". Journal of Financial Economic Policy 8, n. 4 (7 novembre 2016): 472–98. http://dx.doi.org/10.1108/jfep-02-2016-0010.
Testo completoAbstract (sommario):
Purpose The transmission of monetary policy rates to lending rates is viewed as a crucial path of monetary policy. As an integral part of the financial system and the recent financial crisis, securitized assets have the potential to affect the interest rate pass-through process and monetary policy effectiveness. This paper aims to investigate the influence of securitization on the transmission of policy rate changes to lending rates and how rate transmission has changed since the recent financial crisis. Emphasis is placed on differences among the mortgage, consumer credit and business loan securitization markets and between agency and private-label securitization transactions. Design/methodology/approach The empirical framework is an error-correction model augmented to directly measure the influence of securitization. Monetary policy effectiveness is measured by the size and speed of transmitted policy rate changes to lending rates. An efficiency measure of relative adjustment accounts for differences in the size of long-run responses across loan markets and changes in efficiency from securitization within loan markets. Findings The size and speed of interest rate pass-through tend to increase with securitization. Liquidity, capital relief and funding from securitization help to make lending rates more responsive. Increases in pass-through with securitization are less in the consumer credit and business loan markets after the recent financial crisis relative to before the crisis. In contrast, mortgage markets tend to have larger pass-through after the financial crisis. Differences in rate transmission after the recent financial crisis point to the role on nonbanks in consumer credit and business loans and asset purchase programs of the Federal Reserve in mortgage markets. Securitization tends to make the adjustment process more efficient, and gains in efficiency from securitization are larger after the financial crisis. Originality/value A key contribution of the study differentiates securitization across markets and types to determine the effects on the interest rate pass-through process. The results show that increases in the efficiency of the adjustment process from securitization tend to be greater in mortgage markets and for all private-label securitized assets. These findings have implications for proposed government-sponsored entity (GSE) reform to reduce the role of GSEs in the housing market, promote private-label mortgage credit and strengthen securitization deals.
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Pradhan, Gayatri K., Sarath Gollapalli, M. Janakimeena e Syedibrahim Sp. "SURVEY ON ADVISOR INTELLIGENCE THROUGH PURCHASE PATTERNS AND SALES ANALYTICS". Asian Journal of Pharmaceutical and Clinical Research 10, n. 13 (1 aprile 2017): 302. http://dx.doi.org/10.22159/ajpcr.2017.v10s1.19743.
Testo completoAbstract (sommario):
In mutual fund, an individual or a firm that is in the business of giving advice about securities to clients is an investment advisor. Investment advisers are individuals or firms that receive compensation for giving advice on investing in stocks, bonds, mutual funds, or exchange-traded funds. Investment advisors manage portfolios of securities. Advisors can use new cognitive and analytics capabilities to better understand their clients and needs and have a stronger ability to deepen relationships with a better portfolio. In this paper, we analyze data points foreach advisor, and distinguish the best prospects, obtain insight into their experience and credentials, and learn about their portfolio, in other words, to recognize the pattern of portfolio of the advisors. Such analysis helps the sales people to sell the fund company products to the suitable advisors based on the nature of the product they want to sell. This is done by investigating what kind of products advisors have been buying, and what kind of products they might be looking for. This helps to increase the sales of the products as sales people will be reaching the appropriate advisors.
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Kairupan, David. "CORPORATE CONTROL TRANSACTION IN ACQUISITION UNDER THE INDONESIAN LAW". Jurnal Hukum & Pembangunan 39, n. 3 (19 luglio 2017): 326. http://dx.doi.org/10.21143/jhp.vol39.no3.1511.
Testo completoAbstract (sommario):
Acquisition has been extensively regulated in the Indonesian Company Law and various implementing regulations. In general acquisition denotes a purchase of all or substantial shares of a company resulting in transfer of control of the company. However, the regulatory concept of share purchase transaction in acquisition has developed into the concept of corporatecontrol transaction. This paper observes to what extent the Indonesian corporate legislation regulates the corporate control transaction, in particular in the securities or capital market regulations.
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Peráček, Tomáš, Boris Mucha, Patricia Brestovanská e Jana Kajanová. "Selected Ways of Acquiring Securities in the Conditions of the Slovak Republic". Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, n. 6 (2018): 1589–99. http://dx.doi.org/10.11118/actaun201866061589.
Testo completoAbstract (sommario):
One of the basic tools of the capital market are securities. Under the currently valid and effective legislation, ownership of securities can be acquired through three types of scrambling contracts. It is a contract for the purchase of securities, a contract for the donation of securities and a contract for the loan of a security. These contract types are primarily regulated in the Securities Act as the “lex specialis” of securities law, with subsequent reference to the legal regulation contained in the Civil Code and the Commercial Code. The authors are focused on a donation of securities lending of securities, which are used in practice only a little, or even at all. For this reason, no attention is paid to them either by legal theorists. The authors, through scientific and doctrinal interpretation, examine the selected provisions of the Securities Act, the Civil Code and the Commercial Code relating to the issues of these agreements. Through professional literature and court decisions, they are looking for answers to practical application problems. Last but not least, they compare legal regulations in Slovakia and the Czech Republic and point to the differences. The study of the selected issues related to the acquisition of securities in the conditions of the Slovak Republic represents the main objective of this contribution, which affects also the area of economics or financial management. Priority, however, is in the area of financial law with significant transitions to civil and commercial law.
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Bogart, Dan, e Latika Chaudhary. "Extractive institutions? Investor returns to Indian railway companies in the age of high imperialism". Journal of Institutional Economics 15, n. 5 (12 settembre 2019): 751–74. http://dx.doi.org/10.1017/s1744137419000237.
Testo completoAbstract (sommario):
AbstractDid colonial policies in India deliver excessive returns to British investors? We answer this question using annual data on Indian securities trading on the London Stock Exchange. We present new series on market capitalization, capital gains, dividend yields, and total returns of railway securities from 1880 to 1929. The average annual total return on the largest and most important Indian railway securities was 3.7%. These returns were not excessive by any financial standard. Indeed, they were lower than the return on railway securities in North America, Latin America, and Asia. We also undertake an event study analysis to assess whether Indian railways significantly benefited British investors. When the Government of India purchased large positions in the private railway companies between 1880 and 1910, there were opportunities for profit making. However, we find no evidence of abnormal investor returns in the years leading to the purchase of railway companies. Broadly our findings call into question the extractive nature of colonial railway policy.
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Schlepper, Kathi, Heiko Hofer, Ryan Riordan e Andreas Schrimpf. "The Market Microstructure of Central Bank Bond Purchases". Journal of Financial and Quantitative Analysis 55, n. 1 (11 ottobre 2018): 193–221. http://dx.doi.org/10.1017/s0022109018001370.
Testo completoAbstract (sommario):
We study quantitative easing (QE) policies from a microstructure perspective, drawing on intraday transaction-level data for German bonds (purchased under the Eurosystem’s QE program). An initial analysis of purchase decisions reveals that portfolio managers consider liquidity and the scarcity of securities in repo markets. Suggestive of significant flow effects, we detect price impacts of purchases at high and low frequencies. We find the impact on market liquidity and functioning to be ambiguous. A higher purchase volume lowers transaction costs but has an adverse impact on order-book depth. The price impact varies with market conditions and is higher for more illiquid bonds.
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Kaonang, Stefani. "PRINSIP BANKRUPTCY REMOTE DALAM SEKURITISASI ROYALTI HAK CIPTA". Yuridika 30, n. 2 (23 agosto 2017): 307. http://dx.doi.org/10.20473/ydk.v30i2.4659.
Testo completoAbstract (sommario):
Nowadays everyone needs source of funding to expand their business in every field. One way to get funding sources is from securities. Form of securitization always experience growth in several countries in various fields including intellectual property right, especially copyright. Every copyright holder can continue to help creators to always work through the securitization process. Securitization in copyright conducted through a vehicle called Special Purpose Vehicle or Special Purpose Entities as an issuer of securities. The securities acquired from commercial agreement/license agreement between the third party and the holder of the copyright in the form of royalties. These royalties which are released to the market in the form of securities. This gives rise to the right to collect for securities holder investors to a Special Purpose Vehicle or Special Purpose Entities. This collection right which can result in the implementation of bankruptcy law to a Special Purpose Vehicle or Special Purpose Entities are. However, the Special Purpose Vehicle or Special Purpose Entities can not be bankrupted just because the inside of a Special Purpose Vehicle or Special Purpose Entities contain bankruptcy remote principle therein.
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Dbouk, Wassim, Dawei Jin, Haizhi Wang e Jianrong Wang. "Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence". International Journal of Financial Studies 6, n. 4 (20 novembre 2018): 94. http://dx.doi.org/10.3390/ijfs6040094.
Testo completoAbstract (sommario):
Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.
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Veenman, David. "Disclosures of Insider Purchases and the Valuation Implications of Past Earnings Signals". Accounting Review 87, n. 1 (1 agosto 2011): 313–42. http://dx.doi.org/10.2308/accr-10162.
Testo completoAbstract (sommario):
ABSTRACT This study examines whether disclosures of insider equity purchases on Securities and Exchange Commission (SEC) Form 4 resolve uncertainty regarding the valuation implications of reported earnings. Defining information uncertainty as ambiguity about firm value arising from low earnings precision, I predict and find that insider purchase filings trigger more positive market reactions in firms with greater information uncertainty (lower quality accruals). After controlling for future earnings changes, I further find that market reactions to purchase filings are predictably associated with prior earnings changes. The strength of this effect is increasing in the magnitude of insider purchases, as well as the level of information uncertainty. Overall, these findings suggest that, in addition to signaling future earnings information, Form 4 purchase filings help investors learn about the valuation implications of past earnings signals. Data Availability: All data are available from public sources.
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Rudenko, L. D., A. Yu Bavikin e O. P. Sokolenko. "TO THE QUESTION ON ECONOMIC AND LEGAL SECURITY OF THE USE OF BINARY OPTIONS AS FINANCIAL INSTRUMENTS". Legal horizons 33, n. 20 (2020): 58–63. http://dx.doi.org/10.21272/legalhorizons.2020.i20.p58.
Testo completoAbstract (sommario):
The article investigates the current state of economic and legal support for the use of binary options as financial instruments. On the basis of the conducted research, the concept of binary option as derivative security and the financial instrument is specified, the main types of binary options are distinguished. Also, the article investigates features of the functioning of the binary options market through online trading platforms. The legal nature of the binary option as a derivative of security and a financial instrument (item 5 of Part 5 of Article 3 of the Law of Ukraine “On Securities and the Stock Market”) is specified. There is no comprehensive list of such securities in the legislation. That is, based on the features of the binary option (timeliness; purchase or sale of any of the financial instruments, including those that provide cash payment; no actual purchase of securities, currency or precious metals, raw materials; availability of a certain fixed condition at the time conclusion of the transaction; short-term and speculative nature of the financial transaction; trading on online platforms). The concept of a binary option has been clarified, namely: this is the type of options contract (contract) under which the payment will depend entirely on the result of the offer, yes or no, usually related to whether the price of a particular asset such as a stock or commodity will rise above or will decrease below the amount indicated. Unlike traditional options, when such an agreement is concluded, no actual purchase of a security, precious metal, raw materials is made, but a bid is made to increase or decrease the price of the asset for a certain time. Based on an analysis of EU law, including the MIFID, it is determined that binary options refer to derivative financial instruments. The peculiarities of economic and legal regulation of the binary options market are investigated by the European Securities Market Supervision Authority (ESMA). There is a lack of proper regulation and control over the binary options market by the state in Ukraine, which in turn led to an outflow of tens of millions of dollars from the Ukrainian economy and causing significant financial losses to traders. The article argues the feasibility of adopting a special law on the market for binary options based on the experience of the Federal Republic of Germany to protect Ukrainian traders. Keywords: binary option, financial instrument, trader, trading online platforms, ESMA, MIFID.
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Pao, William K., Eric Sibbitt, Taylor R. Evenson e Andrew J. Weisberg. "Five crypto-securities trends that spell more lawsuits in 2018". Journal of Investment Compliance 19, n. 2 (2 luglio 2018): 13–15. http://dx.doi.org/10.1108/joic-04-2018-0036.
Testo completoAbstract (sommario):
Purpose The purpose of this paper is to identify trends in the unfolding wave of crypto-securities cases targeting initial coin offerings and discuss the reasons why these suits will likely proliferate. Design/methodology/approach The authors of this paper, all attorneys, conducted a review of 13 crypto-securities cases filed as of February 8, 2018. High-level common themes and trends were identified based on that review. Findings This paper concludes that, for multiple reasons, the number of crypto-securities suits is likely to rise in 2018. Originality/value This paper contains in-depth analysis about trends in crypto-securities suits from experienced securities lawyers.
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Moehrle, Stephen R., Jennifer A. Reynolds-Moehrle e James S. Wallace. "Pooling and Rescinded or Forgone Stock Repurchases". Accounting and the Public Interest 1, n. 1 (1 gennaio 2001): 115–33. http://dx.doi.org/10.2308/api.2001.1.1.115.
Testo completoAbstract (sommario):
Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 96 requires that firms rescind stock repurchase plans to receive pooling treatment for a business acquisition. In this study, we document the additional opportunity cost to pooling imposed by SAB No. 96 and revisit the purchase vs. pooling question with the additional consideration. Specifically, we examine whether firms should rescind or forgo stock repurchase plans to qualify to pool or simply accept purchase accounting treatment for mergers. We begin by establishing why firms choose to pool. We find that, consistent with anecdotal evidence in the financial press, firms pool to avoid the decreased earnings caused by amortization of goodwill that is recorded in a purchase. Next, given this motivation for pooling, we examine the purchase vs. pooling decision with the additional consideration imposed by the prohibition of stock repurchases. Our results suggest that forgoing stock repurchases to pool may not be in the best interest of shareholders. These findings support the decision of the FASB to eliminate pooling as an alternative.
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Balashova, I. V., e T. A. Tereshchenko. "Junk Securities: Cheese in the Mouse-Trap or Uncut Diamond". Vestnik of the Plekhanov Russian University of Economics, n. 4 (21 luglio 2021): 162–68. http://dx.doi.org/10.21686/2413-2829-2021-4-162-168.
Testo completoAbstract (sommario):
The article shows that junk securities never demonstrate a smooth trend to rate growth and any jump or drop usually happen by sharp change in the trend. The investor making deals on OTC call-boards should realize that 95% of dark market shares cannot pass analysis and the majority of investors who deal with dark market shares would lose money. Sometimes after good results shares on dark market can go ‘darker' and are not reported for a long time. It resembles ‘leaving on a high pitch'. But occasionally figures can become worse, therefore the company would not like to acknowledge the fact. Junk shares always imply high risk, as in the majority of cases there is no reliable information about the organization issuing shares and securities themselves. The authors point out that in case of placement at outside markets external audit is not carried out and real quotation could differ from those presented. At the same time it is rather difficult to analyze junk shares because of low exchange purchase, as few investors buy securities with low rating.
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Grover, Richard. "Compulsory purchase". Journal of Property Investment & Finance 32, n. 5 (29 luglio 2014): 518–29. http://dx.doi.org/10.1108/jpif-05-2014-0035.
Testo completoAbstract (sommario):
Purpose – The purpose of this paper is to review the economic theories that lie behind the assessment of compulsory purchase compensation and the issues that arise from them. Design/methodology/approach – The method has been to review the literature about the theories and the critiques of them and to examine the extent to which they provide guidance in specific cases. Findings – The Hicks-Kaldor compensation test was developed as a way around certain problems in welfare economics but attempts to use it to determine whether projects involving compulsory purchase increase welfare are subject to a number of problems. Ultimately, there are issues of equity as well as efficiency so that a test that just looks at efficiency issues is problematic. Practical implications – Understanding the weaknesses in the theoretical models behind compulsory purchase compensation can help policy makers devise alternative approaches in situations in which land has to be assembled for regeneration or infrastructure projects and fairer systems of compensation. Originality/value – The use of the Hicks-Kaldor test has been challenged in environmental economics but the validity of these criticisms for compulsory purchase has not been recognised to the same extent. The use of some original case studies helps to identify some of the issues and alternatives.
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Naalchi Kashi, Alireza. "Green purchase intention". Journal of Islamic Marketing 11, n. 6 (23 settembre 2019): 1389–403. http://dx.doi.org/10.1108/jima-06-2019-0120.
Testo completoAbstract (sommario):
Purpose The purpose of this study is to focus on what factors and variables affect the consumers’ intention to purchase green products and lead them to prefer green ecologic products to other products and choose to buy them. Design/methodology/approach For this purpose, a total of 450 students from the Islamic Azad University of Yazd took part in this survey. The research method was applied in terms of purpose and in terms of analysis, it was of the scaling type. The data collection tool and sampling for the questionnaire were done randomly and to determine the sample, the Cochran formula was used. This study used the SPSS software to analyze the descriptive statistics (demographical factors) and through the software LISREL, the connection between the variables was investigated by structural equation modeling. Findings The results indicated that environmental beliefs affect environmental concern and there must be a meaningful relationship between them. Also, the increase in environmental concern leads to an increase in the attitude to consuming green products, and finally, an increase in the consumers’ demand for purchasing green products. Furthermore, an increase in environmental concerns also increases positive emotions, which, in turn, increases the consumers’ will to purchase green products. Finally, there is a meaningful relationship between environmental concerns and negative emotion while there is no significant relation between was reported between negative emotions and the will to purchase. Research limitations/implications The tested model now uses purchase intention as a result variable instead of real purchase, and in practice, it will be difficult to develop a research framework in controlled real behavior. Originality/value Investigating the role of positive and negative emotions on the intention of purchasing green products helps marketing managers up to by correct identifying consumers’ emotions can designing appropriate strategies for encouraging them to use green products.
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Al-Hunnayan, Sayed Hashem. "The capital structure decisions of Islamic banks in the GCC". Journal of Islamic Accounting and Business Research 11, n. 3 (11 marzo 2020): 745–64. http://dx.doi.org/10.1108/jiabr-02-2017-0026.
Testo completoAbstract (sommario):
Purpose This study aims to find the determinants of the capital structure of Islamic banks in the Gulf Cooperation Council countries (GCC). The uniqueness of the case of Islamic banks stems from the fact that they are not only subject to the supervision of financial regulatory bodies that organize the banking sector (e.g. central banks) but also subject to the guidelines of Shari’ah law governing their financial transactions, products and contracts. Such characteristics are expected to have an impact on the capital structure decisions of Islamic banks compared to their conventional counterparts. Design/methodology/approach To achieve the research purpose, an empirical model was constructed to describe the relationship between leverage and the independent variables. The empirical model was tested through multivariate regression analysis using a panel data approach of 12 Islamic banks in the GCC for the period 2005-2014. Three types of regression analysis were used as follows: ordinary least squares (OLS), fixed-effect and random-effect regressions on panel data. Findings The research findings show that the leverage of Islamic banks in the GCC is positively related to size of the firm (SIZE) and growth opportunity (GROWTH); and it is negatively related to profitability of the firm (ROA), tangibility of the firm’s assets (TANG) and financial market development (MRKT). The results indicate that larger Islamic banks tend to be relatively more diversified with higher credit ratings, which lower their cost of funding and relatively increase its profitability and the bank’s customer/depositor base. The results also show that higher profitability ratios indicate relatively more internal funds to cover future investments, which leads to less reliance on external funds in the form of debt and/or equity. However, the higher the growth opportunities of Islamic banks, the faster the depletion rate of internal funding, and the more external debt financing is acquired to cover the expansion plans. In addition, the results show that in developed financial markets, savers tend to purchase less traditional depository products, and they prefer to invest directly in the financial markets to avoid higher commissions. The results are in line with the pecking order theory, which states that Islamic banks in the GCC tend to prefer sources of funds that have the least transaction cost and reveal minimal information to competitors. Hence, bank management resort to internally generated funds by its operations rather than acquiring external funds. Furthermore, the results are weakly explained by the agency theory, which states that as the firm assets become more tangible, the required monitoring cost is reduced; and hence, shareholders will have less tendency to raise more debt for the purpose of sharing the monitoring cost with debt holders. Research limitations/implications This research study contributes to the theory of capital structure in re-validating the findings of a previous theoretical and empirical study on capital structure in the GCC and abroad. It helps understand the capital structure of Islamic banks in comparison with financial and non-financial firms. Future research is recommended in several areas. In terms of the methodology, it is recommended to conduct the research topic surveying management and financial executives of Islamic banks in the GCC; this will validate the results using a triangular approach supported by the findings of this paper. It is also recommended to apply the research methodology in other parts of the world where Islamic banking exists. Finally, as studies on the capital structure of financial institutions and other regulated sectors are rare, it is recommended to intensify research effort in these sectors to strengthen our knowledge of capital structure. Practical implications From a practical perspective, this research bridges the gap between theory and practice in many aspects. The findings can serve Islamic bank executives as guidelines to understand the market and competitive reaction in response to capital structure decisions. On the other hand, research analysts and equity holders can use the findings in their debt and equity research valuations, assessment of the size of dividends and profit distributions, and to make more informed decisions to buy/sell financial securities. Furthermore, the findings help regulatory bodies to issue informed regulations in relation to capital adequacy ratios, reserve requirements, provisions and payout decisions to achieve policy intended purpose. In addition, organizations that are responsible for setting accounting and audit standards for Islamic banks will learn more about the industry practice; and hence, be able to pass practical standards. Moreover, the findings realize the recommendations of international financial regulatory bodies, such as the International Monetary Fund (IMF), the World Bank (WB) and other concerned organizations that emphasize the importance of further understanding of financial institution practices, to enable more effective formulation of risk management techniques, which may prevent future financial crisis. Originality/value This paper was amongst the few research studies conducted on determinants of capital structure in the GCC and specifically on the Islamic banking sector.
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Puzyrev, Sergey. "The role of the Federation of European Securities Exchanges in regulating the EU securities market". Russian Journal of Management 8, n. 1 (22 maggio 2020): 26–30. http://dx.doi.org/10.29039/2409-6024-2020-8-1-26-30.
Testo completo
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Shaw, Richard A. "Merger and Acquisition Strategies". Alberta Law Review 34, n. 3 (1 maggio 1996): 630. http://dx.doi.org/10.29173/alr659.
Testo completoAbstract (sommario):
This article examines merger and acquisition strategies under corporate securities legislation of the Provinces of Alberta and Ontario and the corporate legislation of Canada. The author begins by defining terms that are integral to mergers and acquisitions and then moves on to discuss some preliminary considerations. Four takeover alternatives are presented: (1) purchase of treasury shares by private agreement; (2) exempt takeover by private agreement; (3) formal takeover bid; and (4) negotiated acquisition by amalgamation or arrangement. For each of these alternatives the author first looks at procedural and technical requirements, and then discusses the advantages and disadvantages of the particular procedure. The author then reviews the impact of the Ontario Securities Commission Policy No. 9.1 on merger and acquisition strategies. Finally, the author briefly looks at the multijurisdictional disclosure system adopted in Canada and the United States.
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Kiss, Gábor Dávid, e Mercédesz Mészáros. "Gravity Among Central Bank Balance Sheets: Monetary Policy Spill-Over on FX Volatility". Econometric Research in Finance 5, n. 1 (1 giugno 2020): 33–57. http://dx.doi.org/10.2478/erfin-2020-0003.
Testo completoAbstract (sommario):
AbstractFollowing the subprime crisis, most of the European central banks implemented several unconventional monetary instruments. As a result of the late quantitative easing, there was a shift from stimulating lending to the immediate stimulation of the securities market in the monetary policy of the European Central Bank (ECB) and of the smaller central banks, too. These securities purchase programs, first and second-market transactions, and asset purchases have led to an increase in the stock of securities held by the central banks, whose spill-over effects have not been fully explored yet. The aim of our research is to identify the spill-over effects of the central banks’ unconventional instruments and quantitative easing on currency volatility while considering the relative size of the issuing central bank and the situation of small open economies. By running an adapted version of gravity models, we analyzed a sample of six European central banks and the ECB. Based on our results, the high volatility levels of European currencies around the eurozone have come from their relative smallness and unconventional monetary policy, and considerations about safe havens have a reducing power on F X volatility.