Effects of risk aversion on securities portfolio performance in underdeveloped capital markets: the case of the capital market of Bosnia and Herzegovina

Moroccan SMEs do not use generally capital market due to rigidity of the conditions. Moroccan authorities have introduced the measurements to deal with this problem and to encourage SMEs to access in the capital market since 2000. However, these measures were less efficient because they are multiple reason, but indeed, it still attributed to the financial and institutional conditions of access to capital market. The article target is to analyze capital market reforms and its contribution to financing Moroccan SMEs. In order to help us to determine the constraints of access the SMEs to direct finance. In fact, to achieve the target we need to adopt a methodology based on the analysis of secondary statistics and official reports of the main actors of the capital markets in Morocco.

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Insider Trading Crime in Turkish Criminal Law

International Conference on Eurasian Economies 2018 ◽

10.36880/c10.02113 ◽

2018 ◽

Author(s):

Çetin Arslan ◽

Didar Özdemir

Keyword(s):

Comparative Analysis ◽

Insider Trading ◽

Criminal Law ◽

Capital Markets ◽

Capital Market ◽

Good Faith ◽

The Other ◽

Public Disclosure ◽

Crime Type ◽

The Capital Market

Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.

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Утицај рачуноводствених информација на одабир акција на тржишту капитала у Босни и Херцеговини // The impact of accounting information on share selection in the capital market in Bosnia and Herzegovina

ACTA ECONOMICA ◽

10.7251/ace1216247d ◽

2012 ◽

Vol 10 (16) ◽

pp. 247

Author(s):

Миро Џакула

Keyword(s):

Bosnia And Herzegovina ◽

Capital Market ◽

Accounting Information ◽

Realistic Assessment ◽

The Impact ◽

A Share ◽

The Capital Market

Резиме: Кључно питање које занима све инвеститоре, и велике и мале, јест како реално процијенити вриједности акција неког предузећа, те на темељу којих параметара одлучити треба ли продати или купити одређене акције. Међутим, нема поузданог начина да се тачно одреди потенцијална вриједност неке акције. Но, без обзира на то, уз помоћ неколико метода инвеститори прије улагања новца у било које предузеће математички покушавају израчунати колико је нека акција подцијењена или прецијењена.Summary: The key issue being of interest to all investors, both big and small ones, is how to make a realistic assessment of the value of some company’s shares and which parameters should be taken into account when making a decision whether to sell or buy certain shares. However, there is no reliable way of determining accurately the value of a share. Nevertheless, prior to investing money in any company, the investors can try, by applying some methods, to mathematically calculate whether the share concerned is undervalued or overvalued.

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Beta Coefficient Analysis on the Capital Market of Bosnia and Herzegovina

Economic Research-Ekonomska Istraživanja ◽

10.1080/1331677x.2009.11517389 ◽

2009 ◽

Vol 22 (4) ◽

pp. 30-39 ◽

Cited By ~ 1

Author(s):

Sejfudin Zahirović ◽

Adnan Rovčanin ◽

Jasmina Okičić

Keyword(s):

Bosnia And Herzegovina ◽

Capital Market ◽

Beta Coefficient ◽

The Capital Market

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The Shanghai-Hong Kong Stock Market

East Asian Policy ◽

10.1142/s1793930515000264 ◽

2015 ◽

Vol 07 (03) ◽

pp. 36-45

Author(s):

Jing WAN

Keyword(s):

Hong Kong ◽

Stock Market ◽

Capital Markets ◽

Capital Market ◽

Stock Markets ◽

Market Access ◽

Mainland China ◽

Opening Up ◽

Hong Kong Stock Market ◽

The Capital Market

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

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Perlindungan Hukum Bagi Investor Dalam Pasar Modal

JURNAL CITA HUKUM ◽

10.15408/jch.v1i2.1473 ◽

2014 ◽

Vol 2 (2) ◽

Author(s):

Hilda Hilmiah Dimyati

Keyword(s):

Capital Markets ◽

Capital Market ◽

Financial Services ◽

Legal Protection ◽

Financial Services Industry ◽

Crucial Aspect ◽

The Public ◽

Maximum Protection ◽

Ministry Of Finance ◽

The Capital Market

Abstract: Legal Protection for Investors in the Capital Market. Supervision in the financial services industry capital markets experienced a change of control by Bapepam-LK be supervised by the Financial Services Authority. Institutionally, Bapepam-LK is responsible to the Minister of Finance, as Bapepam-LK is under the auspices of the Ministry of Finance, while the Financial Services Authority is responsible to Parliament or the public. Crucial aspect on which the formation of the FSA is not maximum protection of the interests of consumers of financial services. In accordance with the problems that occur as above, the authors feel the need to examine the legal protection in the capital market. This writing will also examine the parties are entitled to legal protection based on Law No. 8 of 1995 and the Capital Market Law No. 21 of 2011 on the Financial Services Authority. Abstrak: Perlindungan Hukum Bagi Investor Dalam Pasar Modal. Pengawasan di bidang industri jasa keuangan pasar modal mengalami perubahan dari pengawasan yang dilakukan oleh Bapepam-LK menjadi diawasi oleh Otoritas Jasa Keuangan. Secara kelembagaan, Bapepam-LK bertanggung jawab kepada Menteri Keuangan, karena Bapepam-LK berada di bawah naungan Kementrian Keuangan, sedangkan Otoritas Jasa Keuangan bertanggung jawab kepada Dewan Perwakilan Rakyat atau masyarakat. Aspek krusial yang menjadi dasar pembentukan OJK adalah tidak maksimalnya perlindungan kepentingan konsumen jasa keuangan. Sesuai dengan permasalahan yang terjadi seperti diatas, maka penulis merasa perlu untuk meneliti tentang perlindungan hukum di pasar modal. Penulisan ini juga akan meneliti para pihak yang berhak atas perlindungan hukum berdasarkan pada Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal dan Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan. DOI: 10.15408/jch.v1i2.1473

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INOVACIJE NA TRŽIŠTU KAPITALA ŠANSA ZA RAZVOJ BOSNE I HERCEGOVINE // INNOVATIONS ON THE CAPITAL MARKET THE CHANCE FOR DEVELOPMENT OF BOSNIA AND HERZEGOVINA

АНАЛИ ПОСЛОВНЕ ЕКОНОМИЈЕ ◽

10.7251/ape0913258k ◽

2016 ◽

Vol 1 (9) ◽

Author(s):

Ismet Kumalić

Keyword(s):

Bosnia And Herzegovina ◽

Capital Market ◽

Buy Back ◽

The Capital Market

Ovaj rad ima za cilj da se istraži međuovisnost i uloga inovacija na tržišta kapitalai moguće implikacije na razvoj Bosne i Hercegovine. Tržište kapitala je mjesto gdjese pojavljuju masovni investitori koji žele da zadovolje svoje različite interese. Oni ćeinvestirati u instrumente koji zadovoljavaju njihove interese i koji im omogućujuizbor. Na drugoj strani emitenti instrumenata na tržištu kapitala žele da maksimizirajusvoje ciljeve. Što je tržište kapitala bogatije sa instrumentima to su prilike za izbor iinvestiranje veće. Inovacije na finansijskom tržištu kreiraju nove prilike i odnose iomogućuju investitorima veći izbor, a emitentima postizanje različitih ciljeva.Inovacije koje nose dodatne opcije omogućuju sprovođenje ciljane ekonomskerazvojne politike. Zemlje koje se nalaze u procesu tranzacije, kreiranjem različitihinstrumenata, imaju mogućnost da kreiranjem novih instrumenta ostvare više ciljeva uisto vrijeme. U radu se na primjeru „buy back“ obveznica razrađuje ideja postizanjavišestrukih ciljeva. „Buy buck“ obveznice, kao novi instrument na tržištu kapitala uBosni i Hercegovini, predstavljaju inovaciju koja može biti efikasan instrument zarazvoj tržišta kapitala, postupno sprovođenje privatizacije u strateškim sektorima,prilagođavanje novim izvorima kapitala i dovoljna sigurnost investitorima uvrijednosne papire. Primjenom i kombinacijom naučnih metoda analize i sinteze,kvantitativne i komparativne metode i metode deskripcije i kompilacije potvrđena jehipoteza: da inovacije na tržištu kapitala dovode do jačanja tržišta kapitala i stvaranjauslova za brži ekonomski razvoj.

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LANDASAN FILOSOFIS PENGATURAN PASAR MODAL DI INDONESIA: HARAPAN DAN KENYATAAN

Refleksi Hukum Jurnal Ilmu Hukum ◽

10.24246/jrh.2015.v9.i2.p181-198 ◽

2015 ◽

Vol 9 (2) ◽

pp. 181

Author(s):

Marihot Janpieter Hutajulu

Keyword(s):

Welfare State ◽

Economic System ◽

Capital Markets ◽

Capital Market ◽

Market Development ◽

Market Regulation ◽

The Republic ◽

Capital Market Regulation ◽

Met Expectations ◽

The Capital Market

Abstrak Keberadaan pasar modal di Indonesia dibutuhkan mengingat peranannya yang penting untuk menyokong kondisi perekonomian negara. Namun pasar modal sebagai lembaga yang berasal dari sistem ekonomi liberal-kapitalistik tidak serta merta dapat dengan mudah diadopsi dan diatur tanpa disesuaikan dengan filosofi bangsa Indonesia. Melalui tulisan ini, Penulis hendak menganalisis kesesuaian tujuan pengaturan dan pengembangan pasar modal di Indonesia dengan konsep Negara Kesejahteraan Indonesia pasca Amandemen Undang-Undang Dasar Negara Republik Indonesia Tahun 1945. Analisis tulisan ini menyimpulkan bahwa tujuan pengembangan pasar modal Indonesia adalah mewujudkan masyarakat yang adil dan makmur, namun tujuan pengaturan pasar modal itu sendiri belum sesuai dengan konsep negara kesejahteraan Indonesia serta belum memenuhi harapan konstitusional bangsa ini. AbstractIn Indonesia the existence of capital market is needed considering the important role to support the country's economy. But the capital market as an institution derived from the liberal-capitalistic economic system can not necessarily be adopted and arranged without adjustment to the philosophy of the Indonesian nation. Through this article, the author analyzes the suitability of regulation and development of capital markets in Indonesia with the concept of Indonesian welfare state after the amendment to the Constitution of the Republic of Indonesia of 1945. The analysis of this paper draws a conclusion that the purpose of the Indonesian capital market development is to realize a just and prosperous society, but the goal of the capital market regulation itself is not in accordance with the concept of Indonesia as well as the concept of welfare state and thus has not met expectations of the nation's constitutional expectations.

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Peranan Sistem Informasi dengan Online Trading terhadap Pertumbuhan Pasar Modal di Indonesia

ComTech Computer Mathematics and Engineering Applications ◽

10.21512/comtech.v4i2.2517 ◽

2013 ◽

Vol 4 (2) ◽

pp. 803

Author(s):

Riswan Efendi Tarigan

Keyword(s):

Capital Markets ◽

Capital Market ◽

Community Involvement ◽

Supply And Demand ◽

National Development ◽

Market Participants ◽

Online Trading ◽

Efficient Information ◽

The Capital Market

Capital Markets is part of the financial market, which is related to the supply and demand of the need for long-term funding. Capital Markets was formed and developed with aims to support the implementation of national development in order to improve the distribution, growth, and stability of the national economy towards the improvement of society welfare. However, so far the capital market in Indonesia is still around 0.5% of the total population which is too small compared to capital markets in other advanced countries. One solution for increasing community involvement in the capital market, despite educating in smart and sustainable way, is developing and implementing efficient information systems, so that made it easier for market participants to undertake investment activities. This paper examines how and to what extent the role of information system enhances the capital market in Indonesia, which aims to plan the subsequent strategic step so that the development of Indonesia’s capital market is able to compete in globalmarket.

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Quality of corporate governance: Contribution to improving companies performance in Bosnia and Herzegovina

Journal of Process Management New Technologies ◽

10.5937/jouproman9-31794 ◽

2021 ◽

Vol 9 (2) ◽

pp. 19-33

Author(s):

Slobodan Marin ◽

Rade Tešić ◽

Milan Šušić

Keyword(s):

Corporate Governance ◽

Bosnia And Herzegovina ◽

Capital Market ◽

Business Performance ◽

Business Environment ◽

Governance System ◽

Corporate Governance System ◽

Business Conditions ◽

The Capital Market

A quality corporate governance system is a basic prerequisite for a sustainable growth economy, more easily increasing the efficiency of the economic system and guaranteeing access to external sources of capital. The level of quality of corporate governance can be defined as the degree of fulfillment of set standards of corporate governance defined at the international and national institutional level. In the new, modern business conditions, with strong dynamic changes in the social and business environment, modern corporate companies, ie their management bodies, are taking on new characteristics, adapting to new requirements and challenges. In this sense, the new demanding business conditions require continuous improvement of corporate governance potential. Based on previous theoretical and empirical knowledge, Bosnia and Herzegovina has the characteristics of a closed corporate governance system in both entities, so, as a basis for developing models for measuring the level of corporate governance, selected models that measure corporate governance in countries with typical closed corporate governance systems. A significant number of studies show that corporations that achieve higher standards and better corporate governance practices also have better business performance results and thus greater value in the capital market. This means that corporations with a higher level of corporate governance also have better financial operating results, easier access to financial capital, and greater value in the capital market. The main purpose of the research is to determine the level of influence of the quality of corporate governance on business performance, ie to determine whether corporations that had good corporate governance had higher business liquidity and vice versa. The main goal of the research is to establish the link and relationship between quality and corporate performance management indicators of the corporation's business.

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