REGULATING TRANSATLANTIC STOCK EXCHANGES

2008 ◽  
Vol 57 (4) ◽  
pp. 827-862 ◽  
Author(s):  
Pierre Schammo
Keyword(s):  
Financial Market ◽  
Stock Exchange ◽  
The Other ◽  
Stock Exchanges ◽  
High Profile ◽  
Starting Point ◽  
The One ◽  
Securities Laws ◽  
Technological Integration ◽  
Global Stock

AbstractThis paper examines the regulatory questions surrounding transatlantic stock exchange consolidation. Underlying these questions is, in essence, a problem of fit between, on the one hand, the market space and, on the other hand, the regulatory space. Legislation which has predominantly a domestic focus is outdated in view of the increasingly global focus of financial market actors. High-profile mergers such as NYSE Euronext have brought the problem of the regulation of transatlantic or indeed global stock exchanges to the fore. Which national securities laws apply? What consequences does technological integration have for the regulatory position of exchanges and financial market actors? What are the extraterritorial implications? This article takes these questions as a starting point for investigating the problems of, and solutions to, transatlantic stock exchange consolidation.

Ontology and Perception

2004 ◽  
Vol 5 (1) ◽  
pp. 43-58
Author(s):  
Jeffrey S. Galko ◽  
Keyword(s):  
Common Sense ◽  
The Other ◽  
Cognitive Capacity ◽  
Complex Environment ◽  
Starting Point ◽  
Ontological Question ◽  
The One ◽  
Bodies Of Water ◽  
The Relationship

The ontological question of what there is, from the perspective of common sense, is intricately bound to what can be perceived. The above observation, when combined with the fact that nouns within language can be divided between nouns that admit counting, such as ‘pen’ or ‘human’, and those that do not, such as ‘water’ or ‘gold’, provides the starting point for the following investigation into the foundations of our linguistic and conceptual phenomena. The purpose of this paper is to claim that such phenomena are facilitated by, on the one hand, an intricate cognitive capacity, and on the other by the complex environment within which we live. We are, in a sense, cognitively equipped to perceive discrete instances of matter such as bodies of water. This equipment is related to, but also differs from, that devoted to the perception of objects such as this computer. Behind this difference in cognitive equipment underlies a rich ontology, the beginnings of which lies in the distinction between matter and objects. The following paper is an attempt to make explicit the relationship between matter and objects and also provide a window to our cognition of such entities.

Critical Value-Based Power Options Pricing Problems in Uncertain Financial Markets

2021 ◽  
pp. 2150002
Author(s):  
Guimin Yang ◽  
Yuanguo Zhu
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Numerical Experiments ◽  
Critical Value ◽  
The Other ◽  
Options Pricing ◽  
Underlying Asset ◽  
Pricing Problems ◽  
Fractional Differential ◽  
The One

Compared with investing an ordinary options, investing the power options may possibly yield greater returns. On the one hand, the power option is the best choice for those who want to maximize the leverage of the underlying market movements. On the other hand, power options can also prevent the financial market changes caused by the sharp fluctuations of the underlying assets. In this paper, we investigate the power option pricing problem in which the price of the underlying asset follows the Ornstein–Uhlenbeck type of model involving an uncertain fractional differential equation. Based on critical value criterion, the pricing formulas of European power options are derived. Finally, some numerical experiments are performed to illustrate the results.

scholarly journals Violence in social memory intimate beliefs regarding operation storm in the Croatian and Serbian publics

2008 ◽  
Vol 19 (1) ◽  
pp. 43-68
Author(s):  
Gordana Djeric
Keyword(s):  
Social Relationships ◽  
Social Memory ◽  
The Other ◽  
Silence Suppression ◽  
Starting Point ◽  
The One ◽  
Performance Character ◽  
The Relationship ◽  
Shed Light ◽  
Manipulation Strategy

This text is part of a research conducted under the working title "What do we talk about when we are silent and what are we silent about when we are talking? - premises for the anthropology of silence about the nearest past." In the first part the author investigates the meaning of silence in the Croatian and Serbian press right before and during Croatia's Operation Storm. The ratio between silence, suppression of information and forgetting, on the one hand, and social memory, on the other, has been elaborated in the final part of the text by following reports about the anniversaries of Operation Storm in both Croatian and Serbian publics. The starting point lies in the belief that the phenomenon of silence (and suppression of information), being an immanent part of each discourse, represents an important factor in the creation of social relationships and system of value models, that it has important communication and cognitive functions and that the performance character lies in its essence. In short, silence makes it possible to form the prevailing image about this event, even if it does not construct it indirectly - through speech. The author has elaborated on the meaning of silence in the context of Operation Storm partly because studies about the breakup of Yugoslavia frequently mention silence as a manipulation strategy employed by some of the sides in the conflict (or analysts dealing with Yugoslav topics), while not a single study systematically investigates the semantic of silence and suppression of information in these conflicts. Most importantly, taking into account the frequency of direct silence in the newspaper discourse and rhetoric strategies that point at silence indirectly from the context and discourse, the author focuses on the relationship between the event (situation) and silence. In order to shed light on the way in which Operation Storm is remembered, i.e. forgotten, in the stakeholders' publics and political imageries, she follows the dailies - Vecernje Novosti Politika, Danas (Belgrade) - Vecernji List, Jutarnji List, Magazin supplement of the Jutarnji List (Zagreb), as well as texts about Operation Storm in weeklies such as the NIN and Vreme of Belgrade or Globus of Zagreb in the period between August 2, 1995 and mid-August 2006.

scholarly journals A Justiça Parcial e a Ganância enquanto virtude e vício do caráter na Ética a Nicômaco: ação interpessoal, emoção e prazer

2019 ◽  
Vol 13 (2) ◽  
pp. 109-145
Author(s):  
André Luiz Cruz Sousa
Keyword(s):  
The Other ◽  
Nicomachean Ethics ◽  
Other Hand ◽  
The People ◽  
Starting Point ◽  
The One ◽  
The Way

The aim of this paper is to study a set of three issues related to the understanding of partial justice and partial injustice as character dispositions, namely the distinctive circumstance of action, the emotion involved therein and the pleasure or pain following it. Those points are treated in a relatively obscure way by Aristotle, especially in comparison with their treatment in the expositions of other character virtues in the Nicomachean Ethics. Building on the expression ‘capacity towards the other’ (δύναμις ἐν τῷ πρὸς ἕτερον), the paper highlights the interpersonal nature of the circumstances of just and unjust actions, and points how such nature is directly related to notions such as ‘profit’ (κέρδος) or ‘getting more’(πλεονεκτεῖν) as well as to the unusual conception of excess, defect and intermediacy in Nicomachean Ethics Book V. The interpersonal nature of just and unjust actions works also as the starting-point for the interpretation both of the pleasure briefly mentioned in 1130b4 as characterizing the greedy person and of the emotion involved in acting justly or greedy, which is mentioned in an extremely elliptical way in 1130b1-2: the paper argues, on the one hand, that the pleasure felt in acting justly or unjustly concerns not only the goods that are the object of just or unjust interactions, but also the way such interactions affect the people involved; on the other hand, it argues that the emotion actuated in just or unjust interactions relates to the agent’s concern or lack of concern with the good of those people.

scholarly journals Jak możliwa (do pomyślenia) jest dobrowolna niewola? O nowożytnych formach rządzenia, ideologii i spektaklu władzy

2020 ◽  
Vol 26 ◽  
pp. 101-110
Author(s):  
Mateusz Falkowski
Keyword(s):  
Political Philosophy ◽  
Early Modern ◽  
The Other ◽  
The Political ◽  
Historical Evolution ◽  
Other Hand ◽  
Starting Point ◽  
Etienne De La Boetie ◽  
The One ◽  
Voluntary Servitude

The article is devoted to the famous The Discourse of Voluntary Servitude by Étienne de La Boétie. The author considers the theoretical premises underlying the concept of “voluntary servitude”, juxtaposing them with two modern concepts of will developed by Descartes and Pascal. An important feature of La Boétie’s project is the political and therefore intersubjective – as opposed to the individualistic perspective of Descartes and Pascal – starting point. It is therefore situated against the background of, on the one hand, the historical evolution of early modern states (from feudal monarchies, through so-called Renaissance monarchies up to European absolutisms) and, on the other hand – of the political philosophy of Machiavelli and Hobbes.

scholarly journals Alternative Securities Markets as Financing Sources for SMEs – Selected Aspects of AIM and NC

2017 ◽  
Author(s):  
Joanna Małecka
Keyword(s):  
Financial Market ◽  
Capital Market ◽  
Stock Exchange ◽  
Annual Reports ◽  
Stock Exchanges ◽  
Special Focus ◽  
Growing Stock ◽  
Warsaw Stock Exchange ◽  
Market Operation ◽  
The Uk

Small and medium-sized enterprises are the foundation for the development of each contemporary national economy. Their number affects macroeconomic indices of economies and directly translates into the labour market created by SMEs. This article aims to investigate the key conditionings behind the macroeconomic significance and legal factors of the financial market operation in Poland and the UK, with particular emphasis on the stock exchange as the fundamental element of the capital market. Both AIM and NewConnect are platforms dedicated to SMEs, which have been allowed easier access to this capital market segment by minimising mandatory legal conditions. This study analyses the number of listed companies and their capitalisation values in 1999–2015, covering: the rules of the financial market operation, with a special focus on the legal bases of the stock market operation in the economies investigated; legal conditions for the development of this economic segment; and a detailed analysis of the number of participants and capitalisation values achieved on the Warsaw and London Stock Exchanges, in particular AIM and NewConnect. This paper builds on source data from various annual reports and stock exchange publications drawn up and made available by stock exchanges and financial supervisors. The attempt to compare the indices and capacities of the WSE and the NC with the biggest European player is motivated by the fact that the Warsaw Stock Exchange is classified as the largest and most dynamically growing stock exchange in Central and Eastern Europe.

scholarly journals Over de referentiële waarde van Juffrouw Lina (1888) van M. Emants, van Chateaubriand (1908) van E. Masoin en van de gevalsstudies van J.M. Charcot

1970 ◽  
Vol 62 ◽  
pp. 273-288
Author(s):  
Elke Van Nieuwenhuyze
Keyword(s):  
Case Studies ◽  
The Other ◽  
The Novel ◽  
Other Hand ◽  
French Writer ◽  
Starting Point ◽  
The One ◽  
Jean Martin Charcot

The aim of this article is to trace the referential value of juffrouw Lina (1888)as part of its narrative organisation by means of the narrativist historical theoryof Frank Ankersmit. This starting point demands a confrontation of thisnaturalist novel by Marcellus Emants with the contemporary medical biographyof the French writer and politician Chateaubriand by the Belgian physicianErnest Masoin on the one hand and with some case studies of hystericsby the famous French docter Jean-Martin Charcot on the other hand. lt willbe argued that the narrativity of the novel plays a key-role in the constructionof its referential value on various levels.

‘The Power of Radio’: Radio and Social Change

2018 ◽  
pp. 19-38
Author(s):  
Charlotte Bedford
Keyword(s):  
Social Change ◽  
The Other ◽  
Social Relevance ◽  
Governmental Regulation ◽  
Media Activism ◽  
Radio Broadcasting ◽  
Starting Point ◽  
The One ◽  
And Control

This chapter utilizes the Prison Radio Association's (PRA) core statement regarding ‘the power of radio’ as a starting point from which to explore the key ideas around radio as a socially and individually transformative medium in order to inform the understanding of how it came to be used in prison. The chapter outlines the shifting relationship between radio broadcasting and social change and argues that the evolution and establishment of radio within prisons is indicative of new opportunities for media activism, demonstrating the enduring social relevance and impact of radio. The chapter also places the development of National Prison Radio within a wider debate on the history and future of noncommercial broadcasting, based on the balance between governmental regulation and control on the one hand, and the countercultural opportunities it produces on the other.

scholarly journals Tacitus und Sima Qian: Persönliche Erfahrung und historiographische Perspektive

Philologus ◽  
2007 ◽  
Vol 151 (1) ◽  
Author(s):  
Fritz-Heiner Mutschler
Keyword(s):  
Han Dynasty ◽  
The Other ◽  
Political Thinking ◽  
Other Hand ◽  
Starting Point ◽  
Sima Qian ◽  
Personal Level ◽  
Chinese Historiography ◽  
The One

AbstractTacitus and Sima Qian (ca. 140-85 BC, author of the Shiji, the Records of the Historian) are eminent representatives of Roman and ancient Chinese historiography. The starting-point of the paper is a striking parallel between the two historians: During the reign of autocratic emperors (of the last of the Flavian emperors, Domitian, and of the most powerful of the Han-emperors Wudi) both authors undergo experiences which not only affect them on a personal level, but also influence their historiographie practice. The paper traces this influence with respect to the representations of individual historical characters. On the one hand it analyses the representations of rulers: of Tiberius, adoptive son and successor of Augustus, and of Wendi, natural son and (indirect) successor of Gaodi, the founder of the Han-dynasty; on the other hand it studies the representations of second and third rank characters such as senators, ministers, generals, and - in the case of Sima Qian - also of people from other walks of life. The similarities which can be observed between the two authors point to the existence of certain anthropological constants, whereas the differences are to be attributed to basic differences in Roman and Chinese political thinking and to differing degrees of the intensity of the experiences undergone by each historian.

Revisiting the viability to allow dual-class share structure companies to list in the financial market of Hong Kong

2018 ◽  
Vol 47 (3) ◽  
pp. 167-195 ◽  
Author(s):  
John Kong Shan Ho
Keyword(s):  
New York ◽  
Hong Kong ◽  
Initial Public Offering ◽  
Financial Market ◽  
Stock Exchange ◽  
The One ◽  
Public Offering ◽  
The Right ◽  
Dual Class ◽  
Share Structure

The request of Alibaba, China’s largest e-commerce company, to allow a self-selected group of its past and present management known as the ‘partners’ the right to nominate a majority of the directors in its negotiation with the Hong Kong Stock Exchange (HKEx) for an initial public offering (IPO) in 2013 reignited a new round of debate over the one share, one vote policy, which has survived for three decades in Hong Kong. Alibaba’s IPO application to list on the HKEx was eventually rejected which ultimately led to the company’s decision to list on the New York Stock Exchange. In late 2017, the debate on whether companies with dual-class share (DCS) structure should be allowed to list in Hong Kong re-emerged as the HKEx has announced that it would amend its listing rules to enable companies with DCS structure to list on its exchange, subject to certain safeguards and restrictions. This article examines what measures Hong Kong could adopt to allow companies with DCS structure to list on its exchange despite legal and institutional shortcomings of its financial market. In doing so, it will also make reference to other major financial markets in the world and examine how other jurisdictions have handled the issue of DCS structure companies.

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