scholarly journals Capital markets union: Factors affecting financial information relevance

2016 ◽  
Vol 14 (1) ◽  
pp. 588-604
Author(s):  
Vincenzo Foglia Manzillo
Keyword(s):  
Capital Markets ◽  
Small And Medium Enterprises ◽  
Action Plan ◽  
Financial Information ◽  
Net Income ◽  
Factors Affecting ◽  
Share Prices ◽  
Information Relevance ◽  
Capital Markets Union ◽  
Medium Enterprises

This study examines the European capital markets and the differences in the way in which share prices reflect financial information in light of the European project “Capital Markets Union”. Findings suggest that diversity exists and enforcement regime affects the above relationship. In particular, Small and Medium Enterprises (SMEs) are characterized by a weak relationship between prices and accounting information compared to large issuers, but this relationship enhance if the SMEs have an institutional investor as significant shareholder. Finally, findings reveal that whether there are ratings or analyst coverage on an issuer, prices are more linked to expected net income instead of the historical data. These results confirm the goodness of the action plan of building a Capital Markets Union.

Capital Markets Union after Brexit

2018 ◽  
Author(s):  
Danny Busch ◽  
Emilios Avgouleas ◽  
Guido Ferrarini
Keyword(s):  
Capital Markets ◽  
Action Plan ◽  
Economic Perspective ◽  
Institutional Investment ◽  
Fully Integrated ◽  
Cross Border ◽  
Better Regulation ◽  
Capital Markets Union ◽  
To Come ◽  
General Aspects

In line with the European Commission's wish to create fully integrated European capital markets, its Capital Markets Union (CMU) Action Plan is intended to make it easier for providers and receivers of funds to come into contact with one another within Europe, especially across borders. This book discusses various aspects of CMU from a legal and/or economic perspective. The chapters are grouped in a thematic way, covering the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, and (vii) facilitating cross-border investing. This chapter outlines some general aspects of CMU that are not explicitly covered by the other chapters in this book: (1) the CMU objectives, (2) the EBU–CMU relationship, (3) regulatory burden, and (4) Better Regulation and the Call for Evidence.

scholarly journals Factors Affecting Small and Medium Enterprises Success: An Exploratory Study

2013 ◽  
Vol 64 (3) ◽  
Author(s):  
Abdul Karim Kanaan Jebna ◽  
Ahmad Suhaimi Baharudin
Keyword(s):  
East Asia ◽  
Cash Flow ◽  
Exploratory Study ◽  
Business Performance ◽  
Small And Medium Enterprises ◽  
South East Asia ◽  
Factors Affecting ◽  
Competitor Orientation ◽  
Growing Economy ◽  
Medium Enterprises

Small and medium enterprises (SMEs) are the main contributor toward prospering the Malaysian economy [1]. Despite the fact that Malaysia is a fast growing economy in South-East Asia, death of SMEs is unavoidable. An exploratory study was conducted to investigate the factors that have an impact on business performance and success in Malaysia. Interviews with SMEs from different industries were conducted. Several factors were found to contribute to the success of business. The factors are classified into financial and non-financial determinants. These factors include customer satisfaction, service quality, experience, business expansion, competitor orientation, solving problems, cash flow, and the amount of sales and revenue. Building on these interviews, a discussion and conclusion have been provided.

Part II The New EU Prospectus Rules, 9 The Contents of the Prospectus: Non-Financial Information and Materiality

2020 ◽  
Author(s):  
de Serière Victor
Keyword(s):  
Capital Markets ◽  
Investor Protection ◽  
Tort Law ◽  
Financial Information ◽  
Good News ◽  
Level Playing Field ◽  
Playing Field ◽  
Prospectus Liability ◽  
Capital Markets Union ◽  
The Eu

This chapter addresses the non-financial information to be included in a prospectus, alongside an analysis of the fundamental concept of materiality. It examines some issues relating to non-financial information to be included in a prospectus under the new EU prospectus regime. A level playing field in terms of uniform investor protection within the EU accordingly has regrettably not been achieved. This chapter argues that the Prospectus Regulation could have achieved more by requiring Member States to impose certain uniform tort law requirements in their national prospectus liability regimes. Another topic addressed in this chapter relates to the possibility for offerors of securities to obtain liability protection by including exoneration clauses in prospectuses. The Prospectus Regulation does not regulate this topic, but the analysis in this chapter shows that the possibilities appear to be severely limited; practice in any event shows that exoneration is seldom (if ever) stipulated. The chapter concludes that all this appears to be relatively good news in terms of investor protection generally, but the lack of harmonisation stands in the way of a unified EU capital markets union.

Unravelling SMEs’ participation and success in public procurement

2020 ◽  
Vol 20 (4) ◽  
pp. 377-401 ◽  
Author(s):  
Carmela Di Mauro ◽  
Alessandro Ancarani ◽  
Tara Hartley
Keyword(s):  
Small And Medium Enterprises ◽  
Public Procurement ◽  
Sample Selection ◽  
Cross Sectional ◽  
Content Type ◽  
Factors Affecting ◽  
The Public ◽  
Ex Post ◽  
Medium Enterprises

Purpose This paper aims to investigate the role of micro, small and medium enterprises (MSMEs) within the Canadian public procurement, by seeking to identify barriers and supporting factors of MSMEs’ participation and success in public tenders. Design/methodology/approach The empirical analysis builds on a unique survey run by the Canadian federal government, which addressed firms either participating or not participating in public tenders. Model estimation on the survey data relies on sample selection methodologies, which allow separating determinants of MSMEs’ decision to participate from determinants of success. Findings Results provide evidence that costs stemming from asset specificity and uncertainty (e.g. costs of bidding, requirements for participation, bundling of contracts and award rules based on minimum price) affect participation in public procurement. Within MSMEs, micro-firms are the most discouraged from participating. However, after controlling for factors affecting participation, micro-firms emerge as having a higher success rate, possibly because of high specialization and joint participation with larger firms. Research limitations/implications Because of the cross-sectional nature of the data used for hypotheses testing, endogeneity may arise if ex post variables affect ex ante decisions. This may apply if participation in procurement feeds on success in past tenders. Social implications Findings may inform policies for the inclusion of smaller firms in the public marketplace. Originality/value To the best of the authors’ knowledge, this study is the first attempting to disentangle determinants of participation in public tenders from determinants of success. Separating the two aspects helps fine-tune SME-friendly public procurement policies, by identifying actions that effectively facilitate success of MSMEs in public tenders.

An Empirical Study on the Financial Competitiveness Evaluation System of Stock Exchange Listed SMEs of Gujarat, India

2019 ◽  
Vol 46 (4) ◽  
pp. 256-263
Author(s):  
Nikita Mehta ◽  
Mamta Brahmbhatt
Keyword(s):  
Evaluation System ◽  
Stock Exchange ◽  
Small And Medium Enterprises ◽  
Principal Component ◽  
Factors Affecting ◽  
Financial Factors ◽  
Management Efficiency ◽  
Major Factors ◽  
Medium Enterprises ◽  
Financial Competitiveness

The purpose of this study is to identify the financial factors that enhance the financial competitiveness of small and medium enterprises (SMEs) in Gujarat, India. The principal component analysis has been applied to extract the financial factors from financial performance ratios of a sample size of 38 stock exchange SMEs, based in Gujarat, India. The ranking has been given to the SMEs based upon their factor score and comprehensive score. The results show that profitability, management efficiency, liquidity and leverage factors are the major factors affecting the financial competitiveness of SMEs. The study covers only one state of the country, and the findings from different states may differ and need to get verified. Despite the highest contribution of SMEs in the GDP of India, there exist very few Indian studies on SME competitiveness. This study contributes to filling this gap.

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