Opportunities for improving the insider laws: A comparative analysis of the practice in the USA and Russia

2020 ◽  
Vol 26 (4) ◽  
pp. 796-814
Author(s):  
E.K. Ovakimyan
Keyword(s):  
Financial Markets ◽  
Insider Trading ◽  
Negative Impact ◽  
Business Environment ◽  
Market Manipulation ◽  
Insider Information ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Legislative Perfection ◽  
Definition Of

Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.

Ambiguity in Insider Trading Regulations: Saudi Arabia as a Case Study

2020 ◽  
Vol 34 (4) ◽  
pp. 408-427
Author(s):  
Yahya A. Alomari
Keyword(s):  
Saudi Arabia ◽  
Insider Trading ◽  
Public Information ◽  
Case Law ◽  
Insider Information ◽  
The Law ◽  
Definition Of ◽  
Criminal Conduct ◽  
Material Information

Abstract The Saudi legal system recognises insider trading as a crime and has established laws in order to prevent it. Yet, the complicated nature of insider trading makes it challenging to enact regulations that cover all of the aspects of the crime and clearly identify criminal conduct. This article analyses insider trading regulations in Saudi Arabia and addresses their ambiguities. This article specifies current Saudi regulations pertaining to the crimes of insider trading and disclosing material information, as well as analysing both crimes. It addresses ambiguities found in the language of the law as well as in case law. This article also criticises the definition of insider information under the law. The issue of ‘use’ versus ‘possession’ is discussed: namely, whether what is prohibited is trading on the basis of material non-public information or trading while in possession of material non-public information.

The effect of industrial competition on employment

2017 ◽  
Vol 27 (4) ◽  
pp. 410-432 ◽  
Author(s):  
Alfonso Mendoza-Velazquez
Keyword(s):  
Employment Growth ◽  
Negative Impact ◽  
Industrial Clusters ◽  
Least Square ◽  
Content Type ◽  
The North ◽  
Industrial Specialization ◽  
The Usa ◽  
Definition Of ◽  
The Impact

Purpose This study investigates the existence of Marshall, Jacob and Porter’s type of externalities in Mexico. We measure the impact of industrial specialization, competition and diversity on employment growth for the period 2004 to 2008. Design/methodology/approach The analysis is based on data from 41 highly dynamic industrial clusters originally obtained by applying Porter’s (1998) methodology. We use a cross-section specification estimated via instrumental variables and two-stage least square estimation (2SLS) to control for endogeneity. Findings On average, we find that industrial specialization exerts a negative impact on employment growth within states and within clusters, indicating that traded industries in Mexico carry very little innovation, operate in early stages of the life cycle, face high costs of employment reassignation or exhibit low adaptability. A negative impact of specialization on employment conforms with Jacobs (1969) type of externalities and confirms what other studies have found in France (Combes, 2000), Korea (Lee et al., 2005) and the USA (Delgado et al., 2014). The authors also find that competition generates more employment. Research limitations/implications Industrial data at the sub-branch level were obtained from the Economic Census (EC) of the National Institute of Geography and Statistics (INEGI). The EC information for 2004 was still not fully compatible with the North America Industry Classification System (NAICS), with 262 of the 309 data at the fourth-digit level aligned to the USA. In addition, industrial information from the EC is recorded every four years, which prevents this study to use panel data techniques and it makes it impossible to use time series methods. Practical implications Policymakers can clearly identify competition forces having a significant impact on employment growth. This can orient policymakers to implement measures to encourage the development of some of these clusters, as well as to identify some of the sources that drive specialization, competition and diversity. Originality/value This paper contributes to the debate on the existence of Marshallian (MAR), Jacobian and Porter externalities. This is the first study using the definition of traded clusters in Mexico, which allows the authors to identify how specialization, competition and diversity forces drive the dynamics of regional employment growth.

scholarly journals FORMATION OF STRATEGIC AREAS FOR DEVELOPMENT OF UKRAINIAN METALLURGICAL ENTERPRISES IN ACCORDANCE WITH TENDENCIES IN EXPORT-IMPORT CHANGES

2019 ◽  
pp. 49-57
Author(s):  
Maryna Ivanova ◽  
Vasyl Shvets ◽  
Olena Varyanichenko
Keyword(s):  
Foreign Trade ◽  
Development Strategy ◽  
Economic Activity ◽  
Negative Impact ◽  
Economic Activities ◽  
Strategy Formation ◽  
Economic Relations ◽  
Strategic Issues ◽  
Analysis And Synthesis ◽  
Definition Of

Introduction. The top management of enterprises, as a rule, have to solve several strategic issues when concluding a foreign trade contract, among which the choice of strategic direction of activity and the counterparty country is the highest priority. Methods. General and specific methods of system-structural analysis and synthesis were used to formulate the author's definition of "development strategy", to identify the interrelated stages of the development strategy formation; correlation-regression analysis was applied to determine the correlation density between imports and exports for the countries involved in Ukraine’s foreign trade in metallurgical products. Results. The theoretical study of approaches to the formation of a development strategy has allowed formulating the author's definition that the enterprise development strategy is a long-term plan, which contains complex decisions on choosing the direction of enterprise’s development, defining the major goals and models of actions for the formation and effective use of its potential; it also allows the enterprise to create favourable internal and external conditions for successful completion of the main stages of development. It has been found that analysis, monitoring, diagnostics of external and internal environment are a commonly-accepted component of any process of strategy formation. The results of the correlation between import and export as elements of the system have been obtained; it has been proved that a change in import volumes occurs simultaneously with the proportional change in export volumes. Enterprises will be advised to perform foreign economic activities only with counterparties in the countries for which the correlation coefficient between exports and imports is significant. Discussion. The density of export - import links for individual types of metallurgical products is greater than 0.5, indicating a significant correlation between the two considered features. The foreign economic relations between the metallurgical enterprises in Ukraine and various countries of the world are relatively balanced in the field of exports - imports of certain types of metallurgical products. The obtained results should be taken into account in the formation of a strategy for those metallurgical enterprises in Ukraine, which are to perform or expand their foreign economic activity. At the same time, it is necessary to take into account other factors influencing the resultant indicator, i.e. import, and to introduce advanced methods for their detection and research, which, in turn, will reduce the negative impact of the environment. Keywords. Development strategy, import, export, correlation, foreign economic activity, metallurgical enterprises, metallurgical products.

scholarly journals A Historical Overview of the Regulation of Market Abuse in South Africa

2017 ◽  
Vol 17 (3) ◽  
pp. 971
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Markets ◽  
South African ◽  
Insider Trading ◽  
Stock Exchanges ◽  
Market Manipulation ◽  
Historical Overview ◽  
The South ◽  
Market Abuse ◽  
Overview Analysis

In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets. Consequently, the Insider Trading Act was enacted and came into effect on 17 January 1999. While the introduction of the Insider Trading Act brought some confidence in the financial markets, market abuse activities were still not extinguished. The provisions of the Insider Trading Act were to some extent inadequate and ineffectively implemented. Eventually, the Securities Services Act was enacted to repeal all the flawed provisions of the Insider Trading Act. Notwithstanding these efforts on the part of the legislature, more may still need to be done to increase the number of convictions and settlements in cases involving market abuse in South Africa. It is against this background that a historical overview analysis of the regulation of market abuse is carried out in this article to expose the flaws that were previously embedded in the South African market abuse laws prior to 2004. This is done to raise awareness of the situation on the part of the relevant stakeholders, as they consider whether such flaws were adequately resolved or subsequently re-introduced under the Securities Services Act and the Financial Markets Act. To this end, the article firstly discusses the historical development and regulation of market manipulation prior to 2004. Secondly, the regulation and enforcement of insider trading legislation prior to 2004 are examined. Moreover, where possible, certain flaws of the previous market abuse laws that were re-incorporated into the current South African market abuse legislation are isolated and recommendations are made in that regard.

scholarly journals SOME ECONOMIC ASPECTS OF FRANCHISING IN THE USA

2020 ◽  
Vol 5 (5) ◽  
pp. 183
Author(s):  
Yuliia Chaplynska ◽  
Varvara Piterska
Keyword(s):  
System Analysis ◽  
Scientific Work ◽  
Structural Method ◽  
Economic Aspects ◽  
Scientific Methods ◽  
Legal Method ◽  
The Us ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Definition Of

The purpose of the article is to study the economic aspects of franchising in the USA. The subject of the study is some economic features of franchising activity in the USA. Research methodology. The research is based on the use of general scientific and special-scientific methods and techniques of scientific knowledge. The dialectical method allowed us to investigate the definition of franchising in the USA. Comparative legal method was used to compare legislative approaches to this issue. The statistical method was used to establish data that reflects the effectiveness of franchising activities. The method of system analysis helped to find out in which areas of economic activity franchising is most demanded. Interpretation of the content of the US legal acts governing issues related to franchising was realized with the help of the normative-dogmatic method. The system-structural method was used to study franchising in the USA as a single entity (system) with the coordinated functioning of all its elements. Methods of analysis and synthesis helped to study some economic aspects of the studied category to formulate further conclusions. Practical application. The positive experience of the USA in regulating issues related to franchising can be used for making appropriate changes to the Ukrainian legislation. Since franchising had originated and developed in this country, it is advisable to identify the key economic and some legal features of this area of business activity. Correlation/originality. This scientific work is the first research in Ukraine devoted not only to the general issues of franchising activity regulation, but specifically to the economic features of franchise activity in a separate country (in the USA).

scholarly journals Ensuring the Central Bank Discretion in Issuing Stabilization Loans in Times of Covid-19 Pandemic

2020 ◽  
Vol 9 (2) ◽  
pp. 65-86
Author(s):  
Oleg Podtserkovnyi ◽  
Kristina Vozniakovska
Keyword(s):  
Central Bank ◽  
Banking Sector ◽  
Negative Impact ◽  
Economic Consequences ◽  
Scientific Methods ◽  
Analysis And Synthesis ◽  
Forecasting Analysis ◽  
The Stability ◽  
Definition Of ◽  
Restrictive Measures

Restrictive measures imposed by governments around the world to counter the Covid-19 pandemic undoubtedly have a negative impact on the economy. One of the instruments of the state, which makes it possible to save entire sectors of the economy, including the banking sector, from bankruptcy, is the stabilization loans of the central bank. Accordingly, the analysis of the discretionary powers of central banks and their governing bodies in issuing stabilization loans to overcome the economic consequences of the Covid-19 pandemic is relevant and timely. The authors used different scientific methods, such as the dialectical method, the method of comparison, the method of elementary-theoretical analysis and synthesis, the hermeneutic and the forecasting analysis. As a result of the study, the authors substantiated a definition of the powers of the governing body of the central bank in making decisions on the provision of stabilization loans to banks, as part of the function of the central bank to maintain the stability of the national currency and the indicative regulation of banks. The authors concluded that there is a need for an expanded approach to the limits of the discretion of the central bank, on the basis of harmonization of economic purpose of decisions on the issuance of stabilization loans to banks, in accordance with the constitution and the laws.

scholarly journals BUSINESS ENVIRONMENT IN THE REGION AND FACTORS OF ITS FORMATION (ON THE EXAMPLE OF THE AMUR REGION)

2021 ◽  
pp. 132-135
Author(s):  
OLGA SERGEEVNA KOLESNIKOVA ◽  
Keyword(s):  
Regional Economy ◽  
Shadow Economy ◽  
Negative Impact ◽  
Business Environment ◽  
Amur Region ◽  
Business Development ◽  
Regional Level ◽  
Small Business Development ◽  
Factors Influencing ◽  
Definition Of

The article analyzes approaches to the interpretation of the definition of an entrepreneurial environment. A grouping of factors influencing the business environment at the regional level is made. It has been established that in the Amur Region there are significant incentives for the development of the shadow economy, which, in turn, has a negative impact on the sustainability of small business development in the official sector of the regional economy.

scholarly journals OVERVIEW OF THE MARKET ABUSE REGULATION UNDER THE FINANCIAL MARKETS ACT 19 OF 2012

Obiter ◽  
2014 ◽  
Vol 35 (2) ◽  
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Comparative Analysis ◽  
Financial Markets ◽  
Insider Trading ◽  
Market Manipulation ◽  
Market Abuse ◽  
Overview Analysis

This paper analyses the regulation of market abuse under the Financial Markets Act 19 of 2012 in order to investigate the adequacy of such regulation as regards to the combating of market-abuse practices in South Africa. To this end, the paper provides an overview analysis of the market abuse (insider trading and market manipulation) offences as well as the penalties and other anti-market abuse-enforcement approaches that are employed under the Financial Markets Act 19 of 2012 in a bid to provide a revamped and adequate anti-market abuse regulatory and -enforcement framework in South Africa. Moreover, where possible, the paper also provides a comparative analysis of these offences, penalties and other anti-market abuse-enforcement approaches and those that were provided under the Securities Services Act 36 of 2004. This is done to examine whether the anti-market abuse regulatory and -enforcement framework that was re-introduced under the Financial Markets Act 19 of 2012 has now adequately resolved the flaws and gaps that were associated with a similar framework under the former Act.

scholarly journals THE PREVALENCE, IMPACT AND MANAGEMENT OF URINARY INCONTINENCE IN THE FEMALE POPULATION OF THE USA

2010 ◽  
Vol 16 (2) ◽  
pp. 53
Author(s):  
Eboo Versi ◽  
Ron Corey
Keyword(s):  
Urinary Incontinence ◽  
Urge Incontinence ◽  
Negative Impact ◽  
Bladder Training ◽  
Antimuscarinic Agent ◽  
Female Population ◽  
Significant Negative Impact ◽  
The Usa ◽  
Bladder Symptoms ◽  
Definition Of

Urinary incontinence is estimated to affect up to 30% of women in the USA, although differences in the populations studied and the definition of urinary incontinence have contributed to wide variations in estimates of its prevalence. The number of women with overactive bladder (characterised by symptoms of urinary frequency and urgency with or without urge incontinence) is likely to be even higher. Although bladder symptoms are relatively common and have a significant negative impact on their quality of life, many women fail to seek treatment, believing that their symptoms are a consequence of aging or childbirth. Instead, they may adopt complex coping strategies, such as the use of protective pads. Behavioral techniques, such as Kegel exercises and bladder training are useful first-line treatments for stress and urge incontinence, respectively. In addition, women with urge incontinence as well as symptoms of frequency and urgency may also be treated successfully with an antimuscarinic agent, such as tolterodine (Detrol LA®/Detrusitol SR®). Public education programs to raise awareness about urinary incontinence and its treatment aim to improve communication between physician and patient to ensure that bladder symptoms are recognised and treated appropriately.

A managerial survey to discuss wine business models

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Juan Ferrer ◽  
Emiliano Villanueva
Keyword(s):  
Life Cycle ◽  
Rhode Island ◽  
Value Chain ◽  
Business Models ◽  
Business Environment ◽  
Wine Industry ◽  
Content Type ◽  
The Usa ◽  
Rías Baixas ◽  
Definition Of

Purpose The purpose of this paper is to describe, analyze and compare business models (BMs) developed and used by wineries in two very different wine regions, one from the New World of wine [the USA, Connecticut (CT) and Rhode Island (RI)] and the other from the Old World of wine [Spain, Rias Baixas (RB)]. Design/methodology/approach A survey was conducted aimed at all the wineries of both regions. The survey describes wineries’ decision-making process regarding their value chain through four variables, namely, supply, product, market and distribution and their perceptions regarding how competitive their business environment is through five variables, namely, barriers of entry, power of suppliers, power of buyers, internal competition and the threat of substitute products. This complimentary analysis (internal and external) approaches a definition of the BMs used in wineries of these two different wine regions. Findings The study highlights how BMs evolve and adapt to the competitive environment in which companies find themselves; wineries from CT and RI BMs display behavioral elements of companies that compete in the first stage of the life cycle, however, RB wineries BMs show elements of companies competing in the stage of maturity of the life cycle. Originality/value The paper shows empirical evidence of the use of BMs in an agribusiness sector as important as the wine industry. It also describes these distinctive BMs per region and explains how the creation of value occurs and how they adapt to different environmental conditions.

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