European Investment Services Market Governance — an Institutional Approach

2019 ◽  
Vol 8 (1) ◽  
pp. 16-26
Author(s):  
Ю. Анесянц ◽  
Yu. Anesyanc ◽  
С. Косарев ◽  
S. Kosarev
Keyword(s):  
Financial Market ◽  
Comprehensive Analysis ◽  
Regulatory Regime ◽  
Market Institutions ◽  
Institutional Approach ◽  
Ex Post ◽  
Market Governance ◽  
Institutional Aspect ◽  
Five Elements ◽  
European Investment

The article discusses regulatory regime of the European financial market in its institutional aspect. Research is done as a comprehensive analysis of institutionalized European Union financial market as a complex of the five elements that determine it, namely: (1) MiFID, (2) MAR, (3) EMIR, (4) CRR and CRD, (5) AMLD. The development of financial market institutions is derived as ex-post and ex-ante reactions that determines the logic of establishing anew and transitioning to updated regulatory regimes (MiFID => MiFID II, AMLD III =>AMLD IV => AMLD V, Basel II => Basel III).

Marketcraft in Theory and Practice

2018 ◽  
Author(s):  
Steven K. Vogel
Keyword(s):  
Public Debate ◽  
Theory And Practice ◽  
Market Behavior ◽  
Market Institutions ◽  
Conceptual Clarity ◽  
Market Governance ◽  
Policy Prescription

This chapter advances three propositions. First, it specifies how the conventional framing and language of debates over market governance, such as the governments-versus-markets dichotomy, hamper public debate, policy prescription, and scholarly analysis, and offers suggestions for how to deploy more precise language, enhance conceptual clarity, and refine analysis. Second, it demonstrates how even the most sophisticated analysts of market institutions sometimes fail to appreciate the full ramifications of their own arguments. They fall into the same linguistic traps as their intellectual adversaries, for example, or they fail to capture the extent to which market behavior is learned, not natural, and market operations are constructed, not free. And third, the chapter concludes by demonstrating how conceptual misunderstandings can beget very real policy errors, and specifying policy lessons for both market liberals and progressives.

scholarly journals The Architecture of Financial Networks and Models of Financial Instruments According to the “Just Transition Mechanism” at the European Level

2020 ◽  
Vol 13 (10) ◽  
pp. 235
Author(s):  
Otilia Manta ◽  
Kostas Gouliamos ◽  
Jie Kong ◽  
Zhou Li ◽  
Nguyen Minh Ha ◽  
...  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Research Priorities ◽  
Financial Instruments ◽  
Global Level ◽  
European Level ◽  
Support Tool ◽  
Eu Directive ◽  
Transition Mechanism ◽  
European Investment

At the global level and in particular the European level, challenges related to climate change and the transition to green transactions have created an imperative where identifying or developing innovative financial instruments, appropriate for these priorities, have become our research priorities and objectives. Starting from the analysis of the European Investment Plan for green transactions, as well as the EU Directive 2018/410 of the European Parliament and of the Council, in conjunction with ongoing efforts to identify innovative financing tools, research is presented based on hypotheses using concepts and models of green financing. The paper aims to analyze the main concepts and phenomena that could be considered generative factors for current financial market trends, as well as the inventory of facts and acts that provide a picture of the financial market. Based on these investigations, this paper suggest how we can best analyze the economic environment, processes, and resources in terms of their predictions regarding the sustainability of financial markets in the context of current challenges. Moreover, our paper aims to highlight in our empirical research the above-mentioned aspects, including the analysis of the emergence of new financial instruments at the global level with a direct impact on financial sustainability at the European level, including reflecting certain particularities of financial markets Romania. This research will be both a scientific contribution to the specialized literature and a possible support tool for the practical activities of entrepreneurs in their economic endeavor of developing sustainable businesses.

scholarly journals PENGARUH LITERASI KEUANGAN DAN INKLUSI KEUANGAN TERHADAP KINERJA UMKM DI SIDOARJO

2020 ◽  
Vol 9 (8) ◽  
pp. 3214
Author(s):  
Risa Nadya Septiani ◽  
Eni Wuryani
Keyword(s):  
Data Analysis ◽  
Financial Market ◽  
Basic Concept ◽  
Random Sampling ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Financial Inclusion ◽  
Good Management ◽  
Ex Post ◽  
Ex Post Facto

Raising financial literation and inclusion of financial can developing small micro entrepreneurship (UMKM) because the agent of UMKM can undesrtand the basic concept of financial product, planning and good management financial, also protecting then from deception and unhealthy work from financial market. This research purposes to know the affection of financial literation and financial inclusion toward developing UMKM work in Sidoarjo area. This research is used ex-post facto with the quantitative approaching. The collected data of the research based on the interview and quetioner distribution with sampling technique which is simple random sampling. Technique of data analysis in this research is analysis of linier double regression with helping program SPSS computer. The result of this research can conclude that financial literation and financial inclusive prove that be an affected factor of developing work UMKM in Sidoarjo. Keywords : Financial Literation, Financial Inclusion, Developing work of UMKM

The “Smart” Regulatory Framework

2014 ◽  
pp. 58-86
Keyword(s):  
Financial Market ◽  
Self Regulation ◽  
Regulatory Framework ◽  
The Self ◽  
Regulatory Regime ◽  
Theoretical Concepts ◽  
Smart Regulation ◽  
Responsive Regulation ◽  
And Control ◽  
Regulation Mode

Based on the recognition that neither the command-and-control nor the self-regulation mode based regulation can accommodate the ever growing complexity of the financial market, this chapter argues that a new regulatory regime is needed. This chapter discusses the four theoretical concepts -- governmentality, reflexivity, responsive regulation and ‘smart’ regulation – that anchor a proposed alternative “smart” regulatory framework.

Drivers of Financial Deregulation in Japan

2021 ◽  
pp. 58-75
Author(s):  
Eiji Hotori
Keyword(s):  
United States ◽  
Financial Market ◽  
Financial Innovation ◽  
The United States ◽  
Japanese Government ◽  
Regulatory Regime ◽  
Capital Movement ◽  
Government Bonds ◽  
Financial Deregulation ◽  
Over Time

This chapter aims to identify the real drivers of financial deregulation in Japan. Japan’s financial deregulation drivers clearly changed over time. In the late 1960s and the early 1970s, the liberalization of capital movement in Japan caused an administrative shift from its conventional rigid regulatory regime. From the mid-1970s, a rapid increase of Japanese government bonds issuances, as well as financial innovation, acted to remove the barriers between the banking and the securities businesses. From the mid-1980s, the pressure from the United States, as well as from domestic depositors and banks, urged the Japanese financial authorities to liberalize the financial market. It is evident that the drivers of financial deregulation in Japan in the 1980s were not only the pressure from abroad (as generally accepted), but that the deregulation was also driven by domestic interests including fiscal reasons.

scholarly journals Financial Mismatch, Assets Specificity and Capital Structure

2019 ◽  
Vol 11 (2) ◽  
pp. 236
Author(s):  
Yanwu Li
Keyword(s):  
Capital Structure ◽  
Financial Market ◽  
Stock Exchange ◽  
Governance Structure ◽  
Debt Financing ◽  
Asset Specificity ◽  
Private Companies ◽  
Market Governance ◽  
The Impact ◽  
The Relationship

At present, the problem of financial mismatch poses great challenge to China’s financial market. Financial mismatch blurs the market governance structure of debt financing, thus distorting the relationship between asset specificity and capital structure. This paper investigates companies listed on the A-share of Shanghai and Shenzhen Stock Exchange from 2012 to 2017. It tests the existence of financial mismatch and the impact of financial mismatch on asset specificity and capital structure. Empirical results show that the impact of financial mismatch on the relationship between asset specificity and capital structure of sample companies exhibits no differences in ownership. Both state-owned listed companies and private companies face the same degree of financial mismatch issues, which leads to changes in the property-specific governance structure of assets, and asset specificity is positively related to capital structure.

scholarly journals Corporate governance, ownership concentration and firm performance in a developing financial market

2010 ◽  
Vol 8 (1) ◽  
pp. 667-678
Author(s):  
Kashif Rashid ◽  
Sardar Islam
Keyword(s):  
Corporate Governance ◽  
Financial Market ◽  
Random Sampling ◽  
Ownership Concentration ◽  
Regulatory Regime ◽  
Kuala Lumpur ◽  
Effective Utilization ◽  
Negative Role ◽  
Comprehensive Study

This paper seeks to examine the role of blockholders (majority shareholders) in affecting the value of a firm (BVF) in the developing (Malaysian) financial market characterized by the existence of additional imperfections in this market. The data is collected by using stratified random sampling for the firms listed in the Kuala Lumpur Securities Exchange for the years 2000-2003 to perform multiple regression analysis. The results of the study suggest that blockholders play a negative role in affecting the firms’ value explaining market operations in the selected market, and contradicting the foundation of the developing market and convergence of interest hypothesis. In addition, the bigger board, liquid market, correct valuation of securities and effective utilization of assets improve shareholders’ value in the selected financial market. This paper contributes to the literature by performing a comprehensive study on the poorly researched topic of the BVF relationship. Furthermore, a correct proxy to value a firm is used and additional tests for robustness are performed to provide valid results on this relationship. Finally, the role of additional imperfections and implications of different management theories in explaining the BVF relationship is also provided in this study. The results provide new insights and highlight the importance of corporate governance provisions relevant for the firms of the developing market. The results of the study can be used by the regulatory regime to make effective corporate governance policies.

scholarly journals Die „Methode Barnier“ – Lehren aus der Verhandlungsführung der EU beim Brexit

IG ◽  
2020 ◽  
Vol 43 (2) ◽  
pp. 85-100
Author(s):  
Nicolai von Ondarza
Keyword(s):  
European Union ◽  
European Commission ◽  
European Parliament ◽  
European Council ◽  
The European Union ◽  
Member States ◽  
Institutional Approach ◽  
Five Elements ◽  
High Degree ◽  
The Eu

The Brexit negotiations constituted unchartered political and institutional territory for the European Union (EU). This analysis shows how a new institutional approach enabled the EU-27 to present an unusually united front. The “Barnier method” is characterised by five elements: a strong political mandate from the European Council, a single EU negotiator based in the European Commission in the person of Michel Barnier, very close coordination with the Member States and the European Parliament, and a high degree of transparency. Lessons can also be drawn from this for the next phase of the Brexit negotiations and the EU’s relations with other third countries.

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