scholarly journals Theoretical Profiles for the Evaluation of Insider Trading in a Functional Model of Financial Instruments Market

2017 ◽  
Vol 9 (1) ◽  
pp. 1
Author(s):  
Paola Fandella
Keyword(s):  
Information Asymmetry ◽  
Insider Trading ◽  
Capital Market ◽  
Market Equilibrium ◽  
Functional Model ◽  
Securities Market ◽  
Financial Instruments ◽  
Viscosity Effect ◽  
Significant Barrier ◽  
Positive Effect

The analysis is based on the premise that the capital market is characterized by weak forms of risk management, to be intended, in this case, as risk of information asymmetry as well as operational inefficiency, as there are no hedging schemes to prevent external actions and internal mechanisms are not inspired by adequate transparency principles.After a critical review of the theoretical effects of insider trading, starting with a market equilibrium assessment, this analysis seeks to demonstrate the absence of any positive effect linked to insider trading in relation to any type of variable and for any model of the securities market.Starting from the assumption that the negative trading activity of insiders manifests in any securities market structure, it has been shown that an operating model characterized by the presence of professional operators appears to be more capable of opposing a significant barrier to the entry of insiders.On the other hand, it has also been shown that the presence of professional operators cannot act alone and it may also lose action incisiveness and even cause informative viscosity effect, when such professional or institutional operators are directly involved in privatization operations.

scholarly journals Investigation of Capital Market Efficiency in Indonesia

2019 ◽  
Vol 4 (2) ◽  
pp. 103
Author(s):  
Gita Masria Hutapea ◽  
Ahmad Fauzan Fathoni ◽  
Yulia Efni
Keyword(s):  
Linear Regression ◽  
Information Asymmetry ◽  
Capital Markets ◽  
Capital Market ◽  
Analytical Method ◽  
Abnormal Returns ◽  
Significant Positive Effect ◽  
Negative Effect ◽  
Positive Effect ◽  
The Capital Market

<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>

scholarly journals Laba Ditahan, Laba Operasi, Aliran Kas Operasi, Leverage, Profitabilitas Dan Pengaruhnya Pada Peringkat Obligasi

2021 ◽  
Vol 20 (1) ◽  
pp. 28-37
Author(s):  
Putu Kepramareni ◽  
Sagung Oka Pradnyawati ◽  
Made Ardinda Rika Pratiwi
Keyword(s):  
Logistic Regression ◽  
Empirical Evidence ◽  
Cash Flow ◽  
Capital Market ◽  
Sampling Method ◽  
Financial Instruments ◽  
Operating Profit ◽  
Operating Cash Flow ◽  
Positive Effect ◽  
The Capital Market

Companies in carrying out their activities need funds or capital obtained through the money market and the capital market. The capital market allows investors to have various investment options according to their risk preferences where companies can issue financial instruments in the capital market to obtain funds. This is one of the functions of the capital market which facilitates the transfer of funds from parties of surplus to parties in need of funds. One of the related financial instruments in the market is a fund is a drawback. Eligibility for a withdrawal can be seen through an independent body that can rate the resignation. There are several factors that can influence your resignation. According to (Syaifullah & Soemantri, 2016), income and profitability have a positive effect on negotiations but are different from Susilowati and Sumarto (2010) who found that profitability and operating profit have no effect on negotiating research results on the influence of profit, operating cash flow and leverage on negotiations were also found. in research conducted by Adrian (2010), (Estiyanti & Yasa, 2012) and Sihombing and Rachmawati (2015). This study aims to obtain empirical evidence regarding the effect of profit on, operating profit, operating cash flow, leverage and profitability as some of the factors that influence bargaining. The population in this study are companies that publish and are listed on the IDX in 2017-2019. The sampling method used in this study was purposive sampling. Logistic regression is used to test the hypothesis. The results showed that profitability had a positive effect on approval. Meanwhile, profit profit, operating profit flow, operating flow and leverage have no effect on resignation.  

scholarly journals Investigation of Capital Market Efficiency in Indonesia

2020 ◽  
Vol 4 (02) ◽  
pp. 117
Author(s):  
Gita Masria Hutapea ◽  
Ahmad Fauzan Fathoni ◽  
Yulia Efni
Keyword(s):  
Linear Regression ◽  
Information Asymmetry ◽  
Capital Markets ◽  
Capital Market ◽  
Analytical Method ◽  
Abnormal Returns ◽  
Significant Positive Effect ◽  
Negative Effect ◽  
Positive Effect ◽  
The Capital Market

<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>

Institutional Investors on the Securities Market

2003 ◽  
pp. 95-101
Author(s):  
O. Khmyz
Keyword(s):  
Financial Crisis ◽  
Capital Market ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Securities Market ◽  
Main Role ◽  
Investment Funds ◽  
Investment Process ◽  
The Capital Market

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

scholarly journals Discount, transparency and announcements effects of equity rights offerings: international evidence

2021 ◽  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann
Keyword(s):  
Financial Markets ◽  
Information Asymmetry ◽  
Capital Market ◽  
Announcement Effect ◽  
Announcement Effects ◽  
Market Transparency ◽  
International Evidence ◽  
Negative Effect ◽  
Rights Offering ◽  
High Information

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

scholarly journals The present significance of commodity exchange trading in the conditions of the current world economy 

2012 ◽  
Vol 52 (No. 11) ◽  
pp. 497-502
Author(s):  
O. Rejnuš
Keyword(s):  
Capital Market ◽  
World Economy ◽  
Commodity Markets ◽  
Financial Resources ◽  
Real Economy ◽  
Financial Instruments ◽  
Commodity Exchange ◽  
Financial Investment ◽  
To Come ◽  
Near Future

The paper discusses the importance of commodity exchange trading while placing a special emphasis on the increasingly close interconnection between commodity markets and financial instruments markets. The aim of the paper is to prove that at present, commodity markets cannot be seen as strictly separate from markets trading in financial instruments, as there are increasingly close links between the two, which effectively lead to the transfer of financial resources invested in the financial market into the real economy. The paper analyses the most significant ties that already exist between the commodities and financial investment instruments in the financial and capital market, as well as the links that are very likely to come into existence in the near future. In the concluding part, there is a summary of the reasons that will necessarily lead to a further world-wide development of commodity exchange trading and a prediction of the lines along which this development is likely to take place.

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