What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market

Objectives: Europe is one of the important markets for traditional tobacco. We analyzed the impact of exchange consolidation on securities market efficiency, so as to enable tobacco enterprises to improve the financing efficiency of the stock market and carry out transformation and upgrading. Methods: In this work. We’re based on efficient market theory, the merger of Pan-European Stock Exchange and Oslo Stock Exchange, Norway in June 2019 is analyzed through empirical analysis. The logarithmic returns of 25 listed companies in the Oslo Stock Exchange OBX-25 index were analyzed using OLSN Chow and KPSS tests. Results: It is found that of 72% of securities, the explanatory power of market returns for securities returns is increased, which shows significant improvement in market efficiency. The merger of stock exchanges can indeed improve the market efficiency. In addition, through the KPSS test, it is found that the merger of stock exchanges can improve the market efficiency. As time goes by, however, the validity decreases. Conclusion: The improvement of the efficiency of the securities market will be conducive to the financing efficiency of listed tobacco companies in the secondary market, promote the transformation of enterprises, and contribute to the tobacco control and the health of the population in Europe.

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Looking Back, Looking Forward

Review of Religion and Chinese Society ◽

10.1163/22143955-00601006 ◽

2019 ◽

Vol 6 (1) ◽

pp. 99-125

Author(s):

Carsten T. Vala

Keyword(s):

National Level ◽

Levels Of Analysis ◽

Future Research ◽

Market Theory ◽

Christianity In China ◽

Research Paradigms ◽

Current State ◽

Religious Ecology ◽

Modes Of Interaction ◽

The Impact

This essay sketches the current state of fieldwork-based studies of Christianity in China, focusing on monographs published from 2008 to 2018. It discusses strengths and gaps in research paradigms (religious economy or market theory; rational-actor bargaining; institutional theory; religious ecology), levels of analysis (macro- or national level; meso- or regional level; micro- or congregational level), and modes of interaction (resistance-domination; negotiation; cooperation) in an effort to point out areas rich for future research: the impact of theologies and denominations, the existence of regional models of Christianity, and the study of money, real estate, social service, syncretism, and religious decline.

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Investment and Construction Projects Management by Monitoring the Ecological State of Urban Space

E3S Web of Conferences ◽

10.1051/e3sconf/202126305033 ◽

2021 ◽

Vol 263 ◽

pp. 05033

Author(s):

Alexandr Orlov ◽

Irina Chubarkina

Keyword(s):

Urban Space ◽

Construction Projects ◽

Continuous Process ◽

Development Project ◽

Environmental Risks ◽

Theory And Practice ◽

Market Theory ◽

Cultural Aspects ◽

Project Risks ◽

The Impact

The authors carried out the analysis of the current state of the Russian investment and construction market, theory and practice of project analysis, which made it possible to determine the specifics of housing construction projects development during the crisis and highly uncertain external and internal factors of its implementation. Urban agglomerations development is a continuous process of transformation of the existing urban environment, where daily living activities are carried out, connected with changing social requirements. It includes various components of the integrated organization of the city’s space: ecological, functional, architectural and artistic, socio-cultural aspects, as well as the organization of population activities. At the same time, taking into account the peculiarities of the city as a whole, urban development, in particular, is today the dominant task in urban planning practice. The mechanism of indicative risk assessment was used to develop the author’s matrix for the processing of specific project risks during the crisis. Values of factor risk premiums are based on it, and they are taken into account when calculating the project efficiency. The use of this methodology makes it possible to identify and assess project risks with minimum resources, correct the parameters of the project’s commercial efficiency and, taking into account the results obtained, draw a conclusion about the feasibility of further project implementation. One should choose a certain classification of environmental risks focusing on the goals and objectives of projects. This allows choosing the right methodology for assessing environmental risks at the stage of information collection and analysis, which in the future will make it possible to make the most complete and balanced decision. The use of the proposed recommendations makes it possible to take into account the impact of commercial, financial, legal, production and management risks during the crisis and, as a result, more accurately calculate the commercial efficiency of a development project.

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The New Right in Central Europe I: Czechoslovakia

Political Studies ◽

10.1111/j.1467-9248.1988.tb00241.x ◽

1988 ◽

Vol 36 (3) ◽

pp. 449-462 ◽

Cited By ~ 5

Author(s):

Roger Scruton

Keyword(s):

Central Europe ◽

Free Market ◽

Western Hemisphere ◽

New Right ◽

Right Wing ◽

Market Theory ◽

East Central Europe ◽

East Central ◽

Social Conservatism ◽

The Impact

‘The New Right’, as it has come to be known, derives from at least two major intellectual sources, free market theory and social conservatism. The question how far these are compatible is frequently raised. The aim of this two-part article is to explore the impact of ‘New Right’ thinking in East Central Europe (specifically in Czechoslovakia, Poland and Hungary) in order to show that, in the conditions of ‘real socialism’, free market and social conservative ideas seem to arise naturally from the same root conceptions. The first part deals with Czechoslovakia-specifically with the thought of Patocka, Have1 and Bratinka, and with the conservative wing of the Charter movement. It argues that, while many writers would specifically reject labels like ‘conservative’ or ‘right-wing’, the actual content of their thought is very close to that of the New Right in the western hemisphere. In particular, the call for a ‘depoliticization’ of society, for responsible accounting, and for a lived historical identity which will be both national and European, are indistinguishable from long-standing themes of social conservatism.

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Teaching The Bid-Ask Spread And Triangular Arbitrage For The Foreign Exchange Market

American Journal of Business Education (AJBE) ◽

10.19030/ajbe.v11i4.10212 ◽

2018 ◽

Vol 11 (4) ◽

pp. 55-62

Author(s):

Jeng-Hong Chen

Keyword(s):

International Finance ◽

Event Study ◽

Foreign Exchange ◽

Market Microstructure ◽

Foreign Exchange Market ◽

Exchange Market ◽

Bid Ask Spread ◽

Arbitrage Opportunities ◽

The Impact ◽

Fx Market

The foreign exchange (FX) market is an important chapter in international finance. Understanding the market microstructure is critical for learning the FX market. To assist students better understand the FX market microstructure, an instructor can use an event study with minute-by-minute quote data provided in the Excel assignment, asking students to investigate the impact of an event on the bid-ask spread and triangular arbitrage opportunities. This pedagogical paper provides two examples of making the Excel assignment for reference.

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CLS Bank

Advances in Finance, Accounting, and Economics - Payment System Technologies and Functions ◽

10.4018/978-1-61520-645-2.ch012 ◽

2011 ◽

pp. 190-212

Keyword(s):

Risk Management ◽

Foreign Exchange ◽

Payment System ◽

Private Bank ◽

The Us ◽

Time Zones ◽

Management Schemes ◽

The Impact ◽

Market Infrastructure ◽

Fx Market

This chapter focuses on the CLS Bank. CLS Bank International (hereinafter referred to as “CLS Bank”) was established in 1999 to eliminate settlement risk associated with settling foreign exchange (FX) transactions in different time zones. It provides the unique multi-currency Payment versus Payment (“PVP”) settlement service for the major players in the FX market. Although CLS Bank was established as a private bank in the US, the main purpose of the Bank is neither to accept deposits nor to make loans. Its function is dedicated to providing a multi-currency settlement service. Thus it is more appropriate to regard CLS Bank as a kind of payment system, or market infrastructure than just a private bank. This chapter elaborates on the mechanism of CLS Bank, which includes the organization, the shareholders, the eligible currencies, and the accounts used for CLS settlement. The funding and settlement procedures and risk management schemes of CLS Bank are discussed in greater detail. In addition, the impact of CLS Bank to FX settlements and the FX market is also analyzed.

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The Impact of Radio Frequency Identification (RFID) Investment Announcements on the Market Value of the Firm

Journal of theoretical and applied electronic commerce research ◽

10.3390/jtaer3010006 ◽

2008 ◽

Vol 3 (1) ◽

pp. 41-54

Author(s):

Bong-Keun Jeong ◽

Ying Lu

Keyword(s):

Radio Frequency Identification ◽

Manufacturing Sector ◽

Empirical Studies ◽

Abnormal Returns ◽

Market Value ◽

Information Technology Industry ◽

Market Theory ◽

Technology Industry ◽

Efficient Market Theory ◽

The Impact

This paper examines the impact of RFID investment announcements on the market value of the firms and explores industry effects of the positive abnormal returns to firms making the announcements. Drawing upon the efficient market theory, market signaling hypothesis, and prior empirical studies, we employ event study methodology to analyze RFID investment announcements over a six-year period from 2001 to 2006. In this paper, we present preliminary results that demonstrate an overall positive abnormal return to RFID investment announcements over the three-day event window. In addition, industry differences in market returns to RFID investment announcements are observed with a greater return realized in the manufacturing sector and specifically in the information technology industry segment and for technology vendors’ investment initiatives. These preliminary findings provide useful implications for a better understanding of the benefits of RFID adoption and for making decisions in RFID investment and adoption to create value for the firms.

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Supplier, Tailor, and Facilitator: Typology of Platform Business Models

Journal of Open Innovation Technology Market and Complexity ◽

10.3390/joitmc5030057 ◽

2019 ◽

Vol 5 (3) ◽

pp. 57 ◽

Cited By ~ 3

Author(s):

Kim ◽

Min

Keyword(s):

Open Innovation ◽

Business Models ◽

Distinct Group ◽

Sustainable Growth ◽

Business Strategies ◽

Business Failure ◽

Market Theory ◽

Business Creation ◽

Value Streams ◽

The Impact

The platform business model is widely used because it is capable of various open innovation deliverables. However, it has a high probability of failure, caused by a variety of value streams that follow the two-sided market theory (each side has a distinct group of users). Therefore, extensive research on value streams and the attributes of platform business is essential to reduce platform business failure and ensure sustainable growth. By analyzing 21 case studies and conducting 30 in-depth interviews, this study proposes three types of Internet platform business strategies which can serve as a frame of reference to examine the impact of different value streams and open innovation on platform businesses. This study highlights a typology that sheds light on the heterogeneous meaning that corporates associated with creating new platform businesses adhere to and seeks to improve understanding of fundamental differences in platform business creation processes.

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Information Systems Outsourcing Announcements: Investigating the Impact on the Market Value of Contract-Granting Firms

Journal of Information Systems ◽

10.2308/jis.2000.14.2.109 ◽

2000 ◽

Vol 14 (2) ◽

pp. 109-125 ◽

Cited By ~ 77

Author(s):

David C. Hayes ◽

James E. Hunton ◽

Jacqueline L. Reck

Keyword(s):

Information Systems ◽

Capital Market ◽

Value Added ◽

Market Value ◽

Service Firms ◽

Strategic Decisions ◽

Market Theory ◽

The Impact ◽

Is Outsourcing ◽

The Capital Market

The objective of this research project is to examine the impact of information systems (IS) outsourcing announcements on the market value of contract-granting firms. This study is important to researchers, professionals, and policy makers as it provides empirical evidence from the capital market that outsourcing is considered to be a value-added business exchange for contract-granting firms. Research findings indicate positive and significant market value gains for smaller vs. larger firms and service vs. nonservice industry firms. The significant effects observed in this study are explained by the existence of information asymmetry in the capital market for smaller firms and service firms, and by the relatively higher investment made by service firms in information technology. This study contributes to accounting research by examining the importance of providing financial report users with nonfinancial forward-looking information concerning management's strategic decisions, such as the decision to outsource IS functions. Additionally, the current study complements and extends extant IS outsourcing research, as it integrates efficient market and capital market theory into ongoing investigations aimed at identifying the underlying determinants of IS outsourcing decisions.

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