Behavioural Economic Influences on Primary Market Disclosure – The Case of the EU Regulation on European Crowdfunding Service Providers

2021 ◽  
Vol 18 (3) ◽  
pp. 428-463
Author(s):  
Konstantinos Serdaris
Keyword(s):  
Service Providers ◽  
Preliminary Evaluation ◽  
Full Disclosure ◽  
Content Quality ◽  
Platform Governance ◽  
Capital Markets Union ◽  
Alternative Means ◽  
High Level ◽  
Start Ups ◽  
The Eu

Abstract On 5 October 2020, as part of the Capital Markets Union (CMU) project, the European Parliament adopted, in second reading, Regulation (EU) 2020/1503 on European crowdfunding service providers for business (‘ECSP Regulation’). This Regulation, which shall apply as of 10 November 2021, consists of rules which aim at improving access to crowdfunding for EU businesses in need of capital, particularly start-ups, while, at the same time, providing a high level of protection to investors. To attain that it builds on three sets of measures: clear rules on information disclosures for project owners and crowdfunding platforms; rules on platform governance and risk management; and a coherent approach to supervision and enforcement. The focus of this article is on the disclosure-related set of provisions. Its aim is to demonstrate how the new rules embrace a more behavioural approach to primary market disclosure which, in contrast to the paradigm of full disclosure, focuses on the content, quality and framing of disclosure as an alternative means of enabling informed and, thus, allocatively efficient investment decisions. In a second step, it seeks to provide a preliminary evaluation of these measures both from a practical and a normative perspective.

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.

AEO certification – necessity or privilege for supply chain participants

2020 ◽  
Vol 25 (6) ◽  
pp. 679-691
Author(s):  
Magdalena Jażdżewska-Gutta ◽  
Monika Grottel ◽  
Dagmara Wach
Keyword(s):  
Factor Analysis ◽  
Supply Chain ◽  
Design Methodology ◽  
Quantitative Methods ◽  
Service Providers ◽  
Content Type ◽  
Country Level ◽  
Cross Country ◽  
High Level ◽  
The Eu

Purpose This study aims to investigate the motives for and the benefits of authorized economic operator (AEO) certification in the supply chain. Also, whether there are significant differences in the perception of the AEO status as a necessity or privilege among cargo owners and service providers. Design/methodology/approach The research design includes an international survey of 159 AEO-certified companies from four European Union (EU) countries performing various roles in the supply chain. The data are analyzed using quantitative methods, including factor analysis and analysis of variance. Findings Based on factor analysis, the research reveals the motives for and benefits of AEO certification. This reveals significant differences between two distinct groups of supply chain participants, namely, cargo owners and service providers. Service providers are mainly driven by the need to gain or maintain their competitive advantage and treat AEO certification as a standard that is required by customers. Cargo owners are relatively more focused on the improvement of internal processes and treat AEO certification as a privilege that helps them achieve a high level of efficiency. Originality/value The study fills the existing literature gap as it focuses on the differences between two distinct groups (cargo owners and service providers) in terms of their perception of the AEO certification. As empirical research in this area is scarce, especially at the cross-country level, this study also significantly complements knowledge on AEO certification in the EU.

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

Improved Proofs Of Retrievability And Replication For Data Availability In Cloud Storage

2020 ◽  
Vol 63 (8) ◽  
pp. 1216-1230 ◽  
Author(s):  
Wei Guo ◽  
Sujuan Qin ◽  
Jun Lu ◽  
Fei Gao ◽  
Zhengping Jin ◽  
...  
Keyword(s):  
Service Providers ◽  
Cloud Service ◽  
Data Availability ◽  
Forgery Attack ◽  
Common Strategy ◽  
Comparable Performance ◽  
Replication Scheme ◽  
High Level ◽  
Cloud Users ◽  
Proofs Of Retrievability

Abstract For a high level of data availability and reliability, a common strategy for cloud service providers is to rely on replication, i.e. storing several replicas onto different servers. To provide cloud users with a strong guarantee that all replicas required by them are actually stored, many multi-replica integrity auditing schemes were proposed. However, most existing solutions are not resource economical since users need to create and upload replicas of their files by themselves. A multi-replica solution called Mirror is presented to overcome the problems, but we find that it is vulnerable to storage saving attack, by which a dishonest provider can considerably save storage costs compared to the costs of storing all the replicas honestly—while still can pass any challenge successfully. In addition, we also find that Mirror is easily subject to substitution attack and forgery attack, which pose new security risks for cloud users. To address the problems, we propose some simple yet effective countermeasures and an improved proofs of retrievability and replication scheme, which can resist the aforesaid attacks and maintain the advantages of Mirror, such as economical bandwidth and efficient verification. Experimental results show that our scheme exhibits comparable performance with Mirror while achieving high security.

scholarly journals Aircraft Requirements for Sustainable Regional Aviation

Aerospace ◽  
2021 ◽  
Vol 8 (3) ◽  
pp. 61
Author(s):  
Dominik Eisenhut ◽  
Nicolas Moebs ◽  
Evert Windels ◽  
Dominique Bergmann ◽  
Ingmar Geiß ◽  
...  
Keyword(s):  
Systems Engineering ◽  
System Level ◽  
Policy Initiative ◽  
The European Union ◽  
Calculation Methods ◽  
Figures Of Merit ◽  
Performance Requirements ◽  
High Level ◽  
Different Levels ◽  
The Eu

Recently, the new Green Deal policy initiative was presented by the European Union. The EU aims to achieve a sustainable future and be the first climate-neutral continent by 2050. It targets all of the continent’s industries, meaning aviation must contribute to these changes as well. By employing a systems engineering approach, this high-level task can be split into different levels to get from the vision to the relevant system or product itself. Part of this iterative process involves the aircraft requirements, which make the goals more achievable on the system level and allow validation of whether the designed systems fulfill these requirements. Within this work, the top-level aircraft requirements (TLARs) for a hybrid-electric regional aircraft for up to 50 passengers are presented. Apart from performance requirements, other requirements, like environmental ones, are also included. To check whether these requirements are fulfilled, different reference missions were defined which challenge various extremes within the requirements. Furthermore, figures of merit are established, providing a way of validating and comparing different aircraft designs. The modular structure of these aircraft designs ensures the possibility of evaluating different architectures and adapting these figures if necessary. Moreover, different criteria can be accounted for, or their calculation methods or weighting can be changed.

scholarly journals Snus and snus-like nicotine products moving across Nordic borders: Can laws protect young people?

2021 ◽  
pp. 145507252199570
Author(s):  
Marjut Salokannel ◽  
Eeva Ollila
Keyword(s):  
Public Health ◽  
Young People ◽  
Health Impact ◽  
The Public ◽  
European Court ◽  
Wide Availability ◽  
Personal Use ◽  
Health Studies ◽  
High Level ◽  
The Eu

Background: Use of snus and snus-like nicotine products is increasing, in particular among young people, in several Nordic countries and Estonia, while snus is legally on the market only in Sweden and Norway. Snus is available in a great variety of tastes and packaging particularly catering for young users. Recently, strong snus-resembling nicotine pouches have emerged on the market. This research investigates the regulatory means to counteract this development. Methods: European Union (EU) and national tobacco control legislation, case law of the European Court of Justice (CJEU) and relevant public health studies are analysed. Results: The research finds that the judgement of the CJEU relating to the sale of snus on Finnish ferries has not been enforced. Permitted large traveller imports for personal use have contributed to wide availability of snus in Finland. Even if the legislation in Sweden is in conformity with the exemption it obtained in the Accession Treaty, the public health impact of snus use for young people in its neighbouring countries has become considerable. Nicotine pouches, -which are not regarded as medical products in terms of medicine legislation, lack harmonised EU-wide regulation. Controlling smuggling across open borders is challenging. Conclusions: The legislation at the EU and national levels should be able to protect young people from new tobacco and nicotine products. It is urgent to harmonise regulation relating to new tobacco and nicotine products taking as a base a high level of protection of health as required in the Treaty on the Functioning of the EU.

‘Losing Leverage’ in the Neighbourhood: A Cognitive Frame Analysis of the European Union Migration Policy

2021 ◽  
Vol 58 (3) ◽  
pp. 302-323
Author(s):  
Jyri J. Jäntti ◽  
Benjamin Klasche
Keyword(s):  
European Union ◽  
Service Providers ◽  
Migration Policy ◽  
Burden Sharing ◽  
The European Union ◽  
Cognitive Frames ◽  
Playing Field ◽  
Power Shift ◽  
Security Problem ◽  
The Eu

The European Union (EU)–Turkey deal consolidated a shift in the EU’s migration policy. The deal is the culmination of the dominance of the security frame and depicts the continuous externalization of the EU’s responsibility of asylum protection and burden sharing. The strengthening of the security frame has weakened the humanitarian norms that previously dictated EU’s behaviour. This has led to the EU losing some of its comparative advantages in negotiations. Simultaneously, the instrumentalization of the value of asylum, paired with an increased number of asylum seekers, has given negotiation leverage to the neighbouring countries turned service providers. These changes in perception and norms have created a power shift, at the disadvantage of the EU, creating a more leveled playing field for negotiations between the parties. This article tracks the historical shifts in the global refugee regime to explain how today’s situation was created. Hereby, the existence of two competing cognitive frames—humanitarian and security—is assumed, tracked and analysed. While looking at the EU–Turkey deal, the article shows that the EU has started treating refugees as a security problem rather than a humanitarian issue, breaking the normative fabric of the refugee regime in the process. The article also displays how Turkey was able to capitalise on this new reality and engage with negotiations of other neighbouring countries of EU that point towards a change of dynamics in the global refugee regime.

A service-oriented context-awareness reasoning framework and its implementation

2018 ◽  
Vol 36 (6) ◽  
pp. 1114-1134 ◽  
Author(s):  
Xiufeng Cheng ◽  
Jinqing Yang ◽  
Lixin Xia
Keyword(s):  
Context Awareness ◽  
Service Providers ◽  
User Behavior ◽  
Contextual Information ◽  
Sensor Data ◽  
Context Information ◽  
Content Type ◽  
Low Level ◽  
Service Oriented ◽  
High Level

PurposeThis paper aims to propose an extensible, service-oriented framework for context-aware data acquisition, description, interpretation and reasoning, which facilitates the development of mobile applications that provide a context-awareness service.Design/methodology/approachFirst, the authors propose the context data reasoning framework (CDRFM) for generating service-oriented contextual information. Then they used this framework to composite mobile sensor data into low-level contextual information. Finally, the authors exploited some high-level contextual information that can be inferred from the formatted low-level contextual information using particular inference rules.FindingsThe authors take “user behavior patterns” as an exemplary context information generation schema in their experimental study. The results reveal that the optimization of service can be guided by the implicit, high-level context information inside user behavior logs. They also prove the validity of the authors’ framework.Research limitations/implicationsFurther research will add more variety of sensor data. Furthermore, to validate the effectiveness of our framework, more reasoning rules need to be performed. Therefore, the authors may implement more algorithms in the framework to acquire more comprehensive context information.Practical implicationsCDRFM expands the context-awareness framework of previous research and unifies the procedures of acquiring, describing, modeling, reasoning and discovering implicit context information for mobile service providers.Social implicationsSupport the service-oriented context-awareness function in application design and related development in commercial mobile software industry.Originality/valueExtant researches on context awareness rarely considered the generation contextual information for service providers. The CDRFM can be used to generate valuable contextual information by implementing more reasoning rules.

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