scholarly journals The Short Selling Regulation in the EU: Assessing the Authorization Granted for ESMA to Prohibit Short Selling

2017 ◽  
Vol 6 (1) ◽  
pp. 5
Author(s):  
Matias Huhtilainen
Keyword(s):  
European Union ◽  
Repeated Measures ◽  
Price Volatility ◽  
Short Selling ◽  
The European Union ◽  
Difference In Differences ◽  
Short Sale Constraints ◽  
Short Sale ◽  
Disclosure Requirements ◽  
The Difference

The paper discusses the renewed short selling regulation (Regulation (EU) No 236/2012) in the European Union. The focus is on the provisions that deal with prohibiting short selling in exceptional market circumstances. The Regulation further enforces certain obligations to report and disclose short positions. It is concluded that banning short selling is not an effective tool to contain extreme price volatility. The difference-in-differences regression and repeated measures GLM were used to test whether short selling bans were successful in containing volatility of those Spanish and Italian stocks that were subject to two back-to-back prohibitions during the years 2011-2013. The results are consistent with the majority of previous research, suggesting that the effectiveness of short sale constraints in reducing volatility is limited at best. Furthermore, there are evidence of counterproductive effects: constraints on short selling may actually increase volatility as well as deteriorate liquidity. However, based on theory and previous studies, reporting and disclosure requirements shall be favored provided they improve market efficiency as well as supervisory work of regulatory bodies.This paper discusses the renewed short selling regulation (Regulation (EU) No 236/2012) in the European Union. The focus is on the provisions that deal with prohibiting short selling in exceptional market circumstances. The Regulation further enforces certain obligations to report and disclose short positions. It is concluded that banning short selling is not an effective tool to contain extreme price volatility. The difference-in-differences regression and repeated measures GLM were used to test whether short selling bans were successful in containing volatility of those Spanish and Italian stocks that were subject to two back-to-back prohibitions during the years 2011-2013. The results are consistent with the majority of previous research, suggesting that the effectiveness of short sale constraints in reducing volatility is limited at best. Furthermore, there are evidence of counterproductive effects: constraints on short selling may actually increase volatility as well as deteriorate liquidity. However, based on theory and previous studies, reporting and disclosure requirements shall be favored provided they improve market efficiency as well as supervisory work of regulatory bodies. <w:LsdException Locked="fal

Short Selling ADRs and Foreign Market Short-Sale Constraints

2010 ◽  
Author(s):  
Benjamin M. Blau ◽  
Richard S. Warr ◽  
Robert A. Van Ness
Keyword(s):  
Foreign Market ◽  
Short Selling ◽  
Short Sale Constraints ◽  
Short Sale

scholarly journals Oil Price Uncertainty, Globalization, and Total Factor Productivity: Evidence from the European Union

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3429
Author(s):  
Svetlana Balashova ◽  
Apostolos Serletis
Keyword(s):  
European Union ◽  
Total Factor Productivity ◽  
New Technologies ◽  
Innovation System ◽  
Price Volatility ◽  
Oil Price ◽  
Price Uncertainty ◽  
The European Union ◽  
Factor Productivity ◽  
Tfp Growth

This paper uncovers linkages between oil price uncertainty, total factor productivity (TFP) growth, and critical indicators of knowledge production and spillovers. It contributes to the literature by investigating the effects of oil price volatility on TFP growth, controlling for two different channels for TFP growth; benefits from the quality of the national innovation system and from adopting new technologies. We use an unbalanced panel for 28 European Union countries for the period from 1990 to 2018. We find that oil price uncertainty has a negative and statistically significant effect on TFP growth, even after we control for technological advancements and the effects of globalization. We also find that the scale of research and innovation and international trade are positive contributors to TFP growth.

Short selling of ADRs and foreign market short-sale constraints

2012 ◽  
Vol 36 (3) ◽  
pp. 886-897 ◽  
Author(s):  
Benjamin M. Blau ◽  
Robert A. Van Ness ◽  
Richard S. Warr
Keyword(s):  
Foreign Market ◽  
Short Selling ◽  
Short Sale Constraints ◽  
Short Sale

Turkey and Europe: The Role of Migration

2013 ◽  
Vol 21 (3) ◽  
pp. 394-399
Author(s):  
Pieter Emmer
Keyword(s):  
European Union ◽  
Political Parties ◽  
The Netherlands ◽  
The European Union ◽  
Full Member ◽  
Turkish Immigrants ◽  
Eu Member States ◽  
The Difference ◽  
The Eu

In spite of the fact that negotiations have been going on for years, the chances that Turkey will eventually become a full member of the European Union are slim. At present, a political majority among the EU-member states headed by Germany seems to oppose Turkey entering the EU. In the Netherlands, however, most political parties are still in favour of Turkey's membership. That difference coincides with the difference in the position of Turkish immigrants in German and Dutch societies.

VALUE ADDED TAX IN THE EUROPEAN UNION

2021 ◽  
Vol 62 (01) ◽  
pp. 186-189
Author(s):  
Nigar Yadulla Shahgaldiyeva ◽  
Keyword(s):  
European Union ◽  
Key Words ◽  
Value Added ◽  
The European Union ◽  
Value Added Tax ◽  
Tax System ◽  
Manufactured Goods ◽  
The Difference

Value-added tax is an indirect tax based on the sale value of goods, production and non-manufactured goods as an object of taxation. According to the mechanism and procedures for the calculation and payment of value added tax, this tax is not directly imposed by a particular person, but applies to consumers in the process of return. In this case, the value added tax is neutral for securities. In addition, value added tax is universal and is characterized by the difference between purchases at each stage of production and turnover. In connection with the calculation of value added tax, the taxpayer's tax liability to the budget consists of the difference between the amount of tax assessed on taxable turnover and the amount of tax to be deducted in accordance with the documents. Key words: European Union, value Added Tax, tax, tax system

14. Interest Groups and the European Union

2019 ◽  
pp. 201-218
Author(s):  
Rainer Eising
Keyword(s):  
European Union ◽  
Interest Groups ◽  
Interest Group ◽  
The European Union ◽  
Group System ◽  
The Difference ◽  
Group Structures ◽  
The Relationship ◽  
The Eu

This chapter examines the role of interest groups in European Union (EU) politics. It also considers the way in which the EU institutions influence interest group structures and activities. The chapter begins with an overview of the relationship between the EU institutions and interest groups and examines the steps taken thus far to regulate that relationship. It then looks at the evolution and the structure of the interest group system, focusing in particular on two salient aspects: the difference between national and EU organizations; and the difference between specific and diffuse interests.

Conclusion: The Comparative Politics of Reform and Lessons for Ukraine

2016 ◽  
Author(s):  
Henry E. Hale ◽  
Robert Orttung
Keyword(s):  
European Union ◽  
Comparative Politics ◽  
The European Union ◽  
Formal Institutions ◽  
Political Actors ◽  
Western Countries ◽  
Informal Practices ◽  
The Difference

The concluding chapter by Henry Hale and Robert Orttung identifies several common threads running through the chapters in the volume. Among these are the importance of taking into account that formal institutions will not work the same way they do in Western countries thanks to local informal practices, the difference between deeply embedded obstacles to reform and those that are more contingent, the need to focus on long-term solutions, how realistic various reform proposals are in light of the incentives of political actors who have the power to enact them, and the notion that many of the reforms discussed in the volume can reinforce each other. Ultimately, perhaps the single most important driver for change in Ukraine is the European Union.

scholarly journals Measuring Entrepreneurial Orientation of University Employees in Developing Countries Using the ENTRE-U Scale

2020 ◽  
Vol 12 (21) ◽  
pp. 8911 ◽  
Author(s):  
Jovana Tatarski ◽  
Sandra Brkanlić ◽  
Javier Sanchez Garcia ◽  
Edgar Breso Esteve ◽  
Ivana Brkić ◽  
...  
Keyword(s):  
European Union ◽  
Developing Countries ◽  
Entrepreneurial Orientation ◽  
Developed Countries ◽  
The European Union ◽  
University Employees ◽  
Eu Countries ◽  
Eu Member States ◽  
The Difference ◽  
The Republic

This research examines the difference in the level of entrepreneurial orientation among university employees within the European Union compared to university employees in non-EU countries. The EU Member States included in the research are the Republic of Slovenia and the Republic of Croatia, and the non-EU countries include the Republic of Serbia, the Republic of Montenegro, the Republic of Bosnia and Herzegovina, and the Republic of Northern Macedonia. In the sample of 1474 respondents, the ENTRE-U scale was used to measure the entrepreneurial orientation of universities, and multivariate analysis of MANOVA variance was used for data processing. The ENTRE-U scale has proven applicable not only to developed countries but also developing countries. Moreover, it proved that being a member of the European Union in this part of Eastern Europe does not significantly affect the entrepreneurial orientation of universities.

scholarly journals A second look at the pesticides initiative program: evidence from Senegal

2012 ◽  
Vol 11 (3) ◽  
pp. 490-506 ◽  
Author(s):  
MELISE JAUD ◽  
OLIVIER CADOT
Keyword(s):  
European Union ◽  
Fruits And Vegetables ◽  
Export Performance ◽  
The European Union ◽  
Difference In Differences ◽  
Firm Level ◽  
Second Look ◽  
Initiative Program ◽  
Positive Effect

AbstractThis paper investigates whether the Pesticides Initiative Program has significantly affected the export performance of Senegal's horticulture industry. We apply two main microeconometric techniques, difference-in-differences and matching difference-in-differences, to identify the effect of the Pesticides Initiative Program on exports of fresh fruits and vegetables. We use a unique firm-level dataset containing data on sales, employment, and exports by product and destination markets, as well as firm enrolment year, over 2000–2008. The results suggest that while the program had no significant effect on exports pooled over all products and destinations, it had a positive effect when considering fresh fruits and vegetables exports to the European Union.

scholarly journals THE MOLDOVAN BANK FRAUD (2012-2015). A process tracing analysis of the Moldovan $1 billion money laundering

2020 ◽  
pp. 96-107
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Secondary Analysis ◽  
Banking System ◽  
The European Union ◽  
Eu Membership ◽  
The Difference ◽  
The Republic ◽  
The Stability ◽  
The Eu

In the 2012-2015 period, $1 billion have been stolen from three Moldovan banks, which is the equivalent of 12% of the country’s GDP. The highly fraudulent environment in the RM allowed for the successful application of fraudulent schemes for three years, without it being seized and frozen. This paper seeks to decipher the schemes that were applied as well as argue how the integration into the European Union would have lowered the corruption and thereby prevent the fraud from happening. Even though several scholars discussed the bank fraud and how it affected the relationship between Moldova and the EU, they do not address how the steps of integration into the European Union could gradually regulate the level of corruption in the RM and subsequently eliminate the possible methods of committing the bank fraud. Through a comparative analysis of Romania and the Republic of Moldova, I aim to demonstrate that the difference between the level of corruption and the stability of the banking system in these two countries is due to EU membership. Further, through secondary analysis of qualitative data, and semi-constructed interviews, I conclude that, in theory, my argument holds – the instruments the EU applies on the candidate countries would not have allowed the fraudulent schemes to be put into action. However, the EU failed to apply the conditionality concept on Romania and thus, it is possible that the money laundering in the RM could have happened even if it had been a member of the EU.

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