Can digital transformation improve the information environment of the capital market? Evidence from the analysts' prediction behaviour

2021 ◽  
Author(s):  
Wanyi Chen ◽  
Liguang Zhang ◽  
Pinyan Jiang ◽  
Fanli Meng ◽  
Qianyi Sun
Author(s):  
Inozemtseva Ye.

The concept of global investments has been characterized through diverse approaches in different classical and neoclassical schools of thought. As of today, the most common concepts in understanding global capital flow altogether and global investments as its part needs an urgent update. Due to a major shift in the communication patterns, the generation gap between the now retiring Baby boomers and Gen X and the newcomers Gen Y and Gen Z and their values being the main driver of change, as well as the most rapid digital transformation the world has ever seen, the theoretical groundwork to understanding the global capital flow and investments needs to be revised. This article aims to analyse the fundamental theoretical work on genesis of the term investment in the global capital flow. The author guides through the brief history of the evolution of investment and gives an overview of the most prominent concepts of the movement and regulation of foreign direct investments throughout the Ukrainian and global economic thought. The article considers different approaches and methods that have been applied to understand investments in its traditional meaning, as well as the reasons to existing of several approaches. The main five hypothesis are mentioned, which are believed to classify the motion and regulation of the global capital flow. The main components and functions of the global capital market are summarized and such categories as the depth of the capital market are explained. The article points to the problem of the asym-metry and biases inside the capital market. The author explains reasons for development of novice ideas in the economic thought due to an urgent need of redesigning economic processes based on the self­identification of an individual and their internal motives for economic decision­making. The current trend of implementing social responsibilities throughout the investment process is also mentioned in the publication. The article gives a prognosis of the future transformations and adaptations of the global capital flow due to the change in generations to the merit of digitalization and inclusiveness, as well as gender balance.Keywords: global investments, gender sensitive investment, global capital flow, concepts, digital transformation, inclusion, self­identification. Статтю присвячено дослідженню теоретичних основ формування поняття інвестицій у міжнародному русі капіталу. Досліджено течії, у рамках яких сформовано найбільш відомі концепції руху та регулювання прямих іноземних інвестицій як у межах вітчизняної, так і світової економічної думки. Проведено аналізування підходів та методів різних теоретичних шкіл до тлумачення інвестицій у традиційному поданні. Наведено причини виокремлення нових та новітніх течій економічної думки, які покликані переосмислити економічні процеси, спираючись на процеси самоідентифікації людини та її внутрішні мотиви до прийняття економічних рішень. Розглянуто найбільш поширені поточні нові критерії оцінки інвестиційного процесу. Запропоновано прогноз трансформації та адаптації міжнародного ринку капіталу за рахунок зміни поколінь на користь цифровізації та інклюзивності, ґендерного балансу. Ключові слова: міжнародні інвестиції, ґендерно чутливе інвестування, міжнародних рух капіталу, концепції, цифрова трансформація, інклюзивність, самоідентифікація.


2021 ◽  
Vol 15 (1) ◽  
Author(s):  
Xiaoqiang Zhi ◽  
Zuming Kang

AbstractUsing manually collected data on the number and category of critical audit matters (CAMs) in the period 2016–2017, we investigate the hitherto unexplored questions of whether CAMs affect firm-specific crash risk, how CAMs influence crash risk in the Chinese capital market, and recognize CAMs that contain incremental information. Our findings are as follows: (1) Crash risk decreases after implementing the new audit standard requiring the disclosure of CAMs; (2) CAMs release negative information and change the capital market information environment; (3) only corporate-idiosyncratic CAMs contain incremental information; (4) crash risk is mitigated only by CAMs disclosed by companies with a high shareholding of institutional investors. The main conclusion of our study is a positive assessment of the new audit standard and of CAMs in terms of protecting the interests of investors and strengthening the stability of the capital market to provide a new perspective for supervising the implementation of the new audit standard.


2003 ◽  
pp. 95-101
Author(s):  
O. Khmyz

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.


2020 ◽  
Vol 2 (2) ◽  
pp. 454
Author(s):  
Julkifli Purnama ◽  
Ahmad Juliana

Investment in the capital market every manager needs to analyze to make decisions so that the right target to produce profits in accordance with what is expected. For that, we need a way to predict the decisions that will be taken in the future. The research objective is to find the best model and forecasting of the composite stock price index (CSPI). Data analysis technique The ARIMA Model time series data from historical data is the basis for forecasting. Secondary data is the closing price of the JCI on July 16 2018 to July 16 2019 to see how accurate the forecasting is done on the actual data at that time. The results of the study that the best Arima model is Arima 2.1.2 with an R-squared value of 0.014500, Schwarz criterion 10.83497 and Akaike info criterion of 10.77973. Results of forecasting actual data are 6394,609, dynamic forecast 6387,551 selisish -7,05799, statistics forecas 6400,653 difference of 6,043909. For investors or the public can use the ARIMA method to be able to predict or predict the capital market that will occur in the next period.


2020 ◽  
Vol 3 (8(77)) ◽  
pp. 40-43
Author(s):  
Dilrabo Ikromalievna Kasimova ◽  
Marhabo Ikromalievna Kоsimova

The article discusses the features of the capital market and the mechanism of its functioning. The institutional features of the formation of the capital market and their features in the context of Tajikistan are presented. The author revealed the main problems of the formation and development of the capital market in the Republic of Tajikistan.


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