Financial-return Crowdfunding and Regulatory Approaches in the Shadow Banking, FinTech and Collaborative Finance Era

2018 ◽  
Vol 14 (4) ◽  
pp. 662-722 ◽  
Author(s):  
Eugenia Macchiavello
Keyword(s):  
Capital Markets ◽  
Limited Resources ◽  
Shadow Banking ◽  
Financial Return ◽  
Member States ◽  
Current Trends ◽  
Capital Markets Union ◽  
Start Ups ◽  
The Relationship

The relationship between financial innovators and regulators has been historically tense, with financial innovators taking advantage of loopholes and regulators desperately trying to keep pace with innovations while dealing with limited resources and long bureaucratic processes. Nonetheless, in recent years, FinTechs – un-regulated start-ups applying technology to finance – have exponentially accelerated such race, making innovative regulatory approaches and new perspectives necessary. The present paper discusses relevant issues pertaining to the regulation of FinTech, using financial-return crowdfunding (FR-crowdfunding) as case study and model, deriving from its FinTech, shadow banking and collaborative economy natures, important indications for regulators. Current trends in regulating FR-crowdfunding in Member States are also analysed, together with related shortcomings and benefits, with the view to proposing a more harmonised regime for the sector, tailored to its risks and features and advancing Capital Markets Union objectives.

scholarly journals VALUE CO-CREATION THROUGH SOCIAL MEDIA: A CASE STUDY OF A START-UP COMPANY

2019 ◽  
Vol 20 (1) ◽  
pp. 1-19 ◽  
Author(s):  
Junic Kim ◽  
Hwanho Choi
Keyword(s):  
Social Media ◽  
Value Creation ◽  
Small Businesses ◽  
Start Up ◽  
Media Platform ◽  
Social Media Tools ◽  
Start Ups ◽  
The Relationship ◽  
Social Media Strategy

This research examines social media users’ value-creation processes and the drivers of a start-up company’s successful social media strategy. This research primarily aims to understand start-ups’ effective utilization of social media and value co-creation processes. Although utilizing social media has become key for many organizations, start-ups and small businesses often suffer from a lack of understanding and knowledge of the utilization of social media tools. Therefore, this article uses a case study on the relationship between a social media platform and users’ value co-creation to offer a conceptual framework for start-ups to consider in utilizing social media. Our research reveals that four core drivers of social media success include experience, satisfaction, expression, and sharing ability. Each of these drivers in turn contains conditions for understanding users’ value-creation process and the creation of drivers for successful social media strategies. The research contributes to literature by providing a detailed review of users’ value co-creation as a part of a start-up’s successful social media strategy.

scholarly journals Relasi Antara Investor Pariwisata Dengan Masyarakat Lokal Di Desa Pakraman Laplapan Desa Petulu Kecamatan Ubud

2018 ◽  
Vol 5 (1) ◽  
pp. 51
Author(s):  
I Ketut Agus Gita Suprapta ◽  
I Gusti Agung Oka Mahagangga
Keyword(s):  
Social Conflict ◽  
Outer Zone ◽  
Limited Resources ◽  
Middle Zone ◽  
Literature Study ◽  
Tourist Destination ◽  
Economic Resource ◽  
Good Relationship ◽  
The Relationship

The research titled is "relationship between tourism investors and lokal communities in Desa Pakraman Laplapan Petulu Village (Case Study Social Conflict)", purpose to understand the relationship undertaken by tourism investors with lokal communities that happened in the Ubud tourist destination. Data were collected through observation, interview and literature study. Infoman taken by purposive, which determine the informan with a certain considerations that are considered able to provide data to the maximum in accordance with the criteria of the research objectives. The collected data were analyzed descriptively qualitative. An important concept in the study include the concept of Typology Relations Styling in 3 Zone which consists of the outer zone, the middle zone and center zone. The results of this study indicate that, Desa Pakraman Laplapan as a region lies in the outer zone. Relationships that lived between tourism investors and lokal communities in Desa Pakraman Laplapan patterned conflictual. This pattern is shown by the regulation provided by the lokal community to tourism investors who are less rational. As for the view of the conflict is a way to snatch for limited resources. And one of them is the economic resource owned by the investor. Styling tourism investor relations with the lokal community in Desa Pakraman Laplapan has been sticking to the surface of the endless conflict. In this case, the farmer must make good relationship with tourism investors because it would help to farmers.   Keywords: Relationship, Investors, Lokal Communities, Conflict

Capital Markets Union

2018 ◽  
Author(s):  
Erik PM Vermeulen
Keyword(s):  
Economic Growth ◽  
Capital Markets ◽  
Lower Cost ◽  
Access To Finance ◽  
Start Up ◽  
Capital Markets Union ◽  
Successful Innovation ◽  
Start Ups ◽  
The Eu

The Capital Markets Union (CMU) aims to strengthen capital markets and investments in the EU. The rationale behind such a union is that it is necessary to provide businesses, particularly start-up companies, with a greater choice of funding at lower cost. More generally, it is assumed that, in the long-term, greater choice increases access to finance and fosters economic growth. This chapter argues that although the CMU may be a necessary step, it has to be situated in a much broader discussion about how to create successful innovation ecosystems. Such an approach highlights the sector-specific needs of start-ups (and scale-ups) and the importance of mobilizing other players, particularly established corporations.

Reforming EU securities laws: the new EU Prospectus Regulation

2017 ◽  
Vol 18 (4) ◽  
pp. 53-58
Author(s):  
Dorothee Fischer-Appelt
Keyword(s):  
Capital Markets ◽  
Securities Regulation ◽  
Member States ◽  
Content Type ◽  
Securities Law ◽  
Eu Member States ◽  
Capital Markets Union ◽  
Cost Efficient ◽  
Securities Laws ◽  
The Eu

Purpose To analyse the changes brought about by the new EU Prospectus Regulation, which replaced the EU Prospectus Directive, which has been the cornerstone of EU securities regulation for over a decade. The Regulation is part of the EU Commission’s plans for a Capital Markets Union launched in September 2015, which is intended to achieve a true single market for capital across the EU and allow companies to access the capital markets in a more cost efficient way. Design/methodology/approach This article discusses the key changes to the European prospectus regime included in the new EU Prospectus Regulation and highlights the changes compared to the old prospectus regime. Findings The new Prospectus Regulation will change current prospectus rules and practice for both equity and debt issuances in several areas and will contribute to a more uniform European prospectus regime. For EU Member States, the format of a regulation (rather than directive) that the new Prospectus Regulation has taken means that there will be much less room for divergence of prospectus rules across its member states. The Regulation’s success in making EU capital markets more uniform will depend to a great extent on whether the application of the new rules by member states’ regulators will be more consistent. Originality/value Key EU securities law changes are explained by an experienced EU and US securities lawyer practising in London.

scholarly journals “High Quality Securitisation and EU Capital Markets Union – Is it Possible?”

2016 ◽  
Vol 7 (3) ◽  
Author(s):  
Vincenzo Bavoso
Keyword(s):  
Capital Markets ◽  
Banking System ◽  
Shadow Banking ◽  
Systemic Risks ◽  
Capital Markets Union ◽  
Current Design ◽  
Policy Objectives ◽  
Shadow Banking System ◽  
Eu Project ◽  
Public Consultations

AbstractThe resurrection of the securitisation market lies at the heart of the recent EU project to build a pan-European capital markets union (CMU). This is in line with the existing policy goal to expand market-based, disintermediated financing channels, which has been ongoing since the 1980s. Initial efforts to restart the moribund securitisation market in Europe have been carried out through a number of public consultations which have more recently converged towards the Commission’s proposal for a Regulation laying down the rules to create a European framework for Simple, Transparent and Standardised (STS) securitisation. This article provides a critical perspective on the EU project to create a capital market union and in particular on the proposed framework for STS securitisation. The critique is firstly centred on the problematic coordination of the different policy objectives, which emerged from the consultations’ responses. Secondly, it points to four specific areas of concern, namely, the difficulty to define securitisation for the purpose of the regulation, the dangers of linkages with the shadow banking system, the unresolved reliance on external ratings, and the question of STS supervision. It is argued in this article that the persistence of these problems in the current design leads to questioning whether a revived securitisation market would still fuel the shadow banking system and create systemic risks. It is pointed out that the difficulty to regulate complex legal relationships typical of long intermediation chains – such as tranched securitisation – makes the proposed framework still weak. This article submits that only a tighter approach to transaction standardisation could ensure the simplicity and transparency that the Commission is hoping to achieve. Equally, a supervisory infrastructure centred on the overseeing power of a pan-European authority is needed to prevent pre-crisis legal problems from recurring.

Developing supply base strategies

IMP Journal ◽  
2015 ◽  
Vol 9 (1) ◽  
pp. 64-84 ◽  
Author(s):  
Lena Elisabeth Bygballe ◽  
Gøran Persson
Keyword(s):  
Design Methodology ◽  
Systematic Approach ◽  
Case Study Research ◽  
International Health ◽  
Content Type ◽  
Current Trends ◽  
The Relationship ◽  
A Company ◽  
International Health Care

Purpose – The purpose of this paper is to examine and discuss the responses and strategies firms use in relation to their supply base when dealing with current trends in the business landscape, and the different options that they have. Design/methodology/approach – The paper draws on case study research of a company within the international health care sector to illustrate the relationship between trends, supply base characteristics and supply base strategies. Findings – The paper presents a framework for a systematic approach that companies can use to develop supply base strategies. The framework illustrates that developing supply base strategies is a dynamic process that not only involves individual actions by the buying company, but also requires close interaction with suppliers. Originality/value – Previous literature has not specified how different trends affect a company’s supply base in terms of increased complexity and (inter)dependence, and which supply base strategies companies use and the options that they have. The research presented here contributes to fill this void.

scholarly journals A start-up in interaction with its partners

IMP Journal ◽  
2016 ◽  
Vol 10 (1) ◽  
pp. 50-80 ◽  
Author(s):  
Tamara Oukes ◽  
Ariane Raesfeld von
Keyword(s):  
Longitudinal Case Study ◽  
Content Type ◽  
The Past ◽  
Focal Firm ◽  
Start Up ◽  
Process And Outcome ◽  
Start Ups ◽  
The Relationship ◽  
Practical Implications

Purpose – Start-ups are companies that are not yet embedded in a pre-existing network of relationships. Studies that researched how start-ups act in their relationships focused on just one type of action and assumed that start-ups are autonomous in how they choose to act. However, organisational action in relationships is both interactive and dynamic. Therefore, the purpose of this paper is to investigate how a start-up interacts with its partners over time. Design/methodology/approach – The research aim is addressed through a longitudinal case study of a start-up in the medical device business. It was analysed how this start-up and its six key partners acted and reacted during 18 interactions episodes, what triggered these actions and what the outcomes of their actions were. In addition, the researchers explored if and how the subsequent episodes were related. Findings – First, the case shows that the past and the future affect current episodes. Second, it shows that action was triggered by both internal and external events which could expand or constrain opportunities for future interactions. Third, the findings show that there was a pattern in the interaction modes used during the relationship. Fourth, the findings show that the initial mode of interaction was often imitated by the counterparty. Finally, it is shown that there are clear links between the trigger, interaction process and outcome in an interaction episode. Research limitations/implications – The results indicate that besides the focal firm, partners should always be actively and directly involved in any research into organisational action. Moreover, action in relationships should be characterised as a dynamic process that is in a state of continual change. Practical implications – Managers of start-ups: can influence the outcomes of their relationships through their actions; have to react to both opportunities and conflicts in their relationships; can rely on their network to solve conflicts; and should closely consider their own actions and their counterparty’s actions. Originality/value – The research is valuable because it studies the interactive and dynamic nature of start-ups’ action in relationships.

scholarly journals Governing through financial markets: Towards a critical political economy of Capital Markets Union

2018 ◽  
Vol 22 (2) ◽  
pp. 101-116 ◽  
Author(s):  
Benjamin Braun ◽  
Daniela Gabor ◽  
Marina Hübner
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Large Scale ◽  
The United States ◽  
Shadow Banking ◽  
Political Strategy ◽  
The European Union ◽  
Policy Goals ◽  
Capital Markets Union ◽  
Policy Priority

Capital Markets Union is a large-scale political project to strengthen and further integrate European market-based finance. An initiative of the European Commission under Jean-Claude Juncker’s leadership, Capital Markets Union seeks to realize a long-standing goal of European policy makers: a financial system in which capital markets will absorb more of citizens’ savings and play a greater role in corporate finance. Market-based banking, too, is set to benefit from Capital Markets Union, which includes measures to revive the European securitization market. Given that market-based finance – or shadow banking – shouldered much of the blame for the financial crisis of 2007–2008, its resurgence as a policy priority of the European Union constitutes a puzzle. The present article lays the theoretical groundwork for a special issue that tackles this puzzle. It argues that rather than an end in itself, Capital Markets Union represents an exercise in ‘governing through financial markets’. Pioneered in the United States, governing through financial markets is a political strategy adopted by state actors in pursuit of policy goals that exceed their institutional capacity.

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