The Effect of Corporate Financial Performance on Market Value Moderated by Sustainable Development and Good Corporate Governance

This research aims to analyze the impact of corporate financial performance on the market value moderated by good corporate governance and sustainability development in Great Britain companies listed in London stock exchange. This research tests the causal relationships among variables including corporate financial performance; market value moderated by good corporate governance and sustainable development in UK companies listed in London stock exchange. Findings of this research are (1) Profit is reflection of the success in implementing the activities and operations of the company. (2) The result presented the current practice of good corporate governance in London stock exchange, showed that most of the companies concerning the implementation of good corporate governance principles, which include: rights of shareholders, equitable treatment of shareholders, role of stakeholders in corporate governance. Originality of this research is the Impact of CFP on firm market value has been documented in literature. Ideally, CFP on market value should be correlated, but studies on CFP and market value have yielded mixed results positive, negative and neutral impact. This research can benefit to the companies with their existing policy modifications as per requirements in the present of United Kingdom financial environment.

Part III UK Derivatives, Money, and Debt Markets, 9 London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM)

This chapter focuses on the London Stock Exchange (LSE), which took its origins from the early days of trading in London's coffee houses. It talks about John Castaing, who began issuing a list of stock and commodity prices called “The Course of the Exchange and other things” in 1698 at Jonathan's Coffee House. It also mentions that trading occurred on an informal and unregulated basis until the aftermath of the South Sea Bubble, in which afterwards a new “Stock Exchange” was established in 1773. This chapter talks about the Financial Services and Markets Act 2000 (FSMA) that includes the bulk of the UK's current regulatory framework, the statutory basis for the regulation of the LSE. It points out the exemption of investment exchanges, such as the LSE, from the “General Prohibition” on the undertaking of financial services activities when they are subject to a recognition order by the Financial Conduct Authority (FCA).

8. Share transfer

This chapter discusses an essential feature of registered companies: that their shares are transferable. The discussion covers some of the procedures to be followed when transferring some or all of a company member’s shares to another person, for sales on and off the London Stock Exchange, transfers of all or a part of a member’s holding and transfers of certificated and uncertificated shares. After describing share certificates and uncertificated shares, the chapter considers the problem of who should bear the loss when a transfer of shares is forged or fraudulent. It also explores transmission of shares on death or bankruptcy.

The Material Politics of Finance: The Ticker Tape and the London Stock Exchange, 1860s–1890s

When the ticker tape was first invented in the 1860s, it promised a revolution in financial markets. Pricing information was now no longer solely the domain of the trading floor but was relayed continuously and simultaneously to ticker tapes long distances away from the stock exchange. Both nineteenth-century financiers, and the modern scholars who study them, have been enamored with the ticker tape and how it changed the way financial markets were perceived and experienced. However, a focus on how nineteenth-century financiers read and responded to the ticker tape has missed the real reordering of power that the ticker helped usher in. This article argues that between the 1860s and 1890s the London Stock Exchange and the Exchange Telegraph Company powerfully centralized their control over the distribution and transmission of financial information through the mundane infrastructures that underpinned the ticker tape system. Seeming technicalities, like the placement of batteries, the construction of electrical circuits, and the laying of wires and cables, were leveraged by these institutions to create a ticker tape system that distributed financial information unequally to financiers and investors throughout Britain. By the end of the nineteenth century, social and political questions about who should have access to financial information and markets, and on what terms, became helplessly intertwined with the mundane technicalities of the material infrastructures of modern finance.

Muddying the waters: when does short selling become market manipulation?

Purpose This paper aims to consider “spoofing”, “layering” and “short reports” in the context of market manipulation and, in particular, a recent controversy involving a short-selling attack on a major UK listed company that was considered by the High Court. Design/methodology/approach The very demanding legal and evidential prerequisites and practical difficulties, involved in bringing both criminal and regulatory actions in such cases are identified and discussed, as is the role of the Financial Conduct Authority. Findings These challenges help explain why so few actions of this type are brought. Originality/value This is the first paper to consider the implications of Burford Capital Limited v London Stock Exchange Plc [2020] EWHC 1183 (Comm).

Explaining Latin America's persistent defaults: an analysis of the debtor–creditor relations in London, 1822–1914

This article analyses the reasons why most Latin American governments frequently defaulted on their debts during the nineteenth century. Contrary to previous works, which focused on domestic factors, I argue that supply-side factors were equally important. The regulatory framework at the London Stock Exchange prevented defaulting governments from having access to the capital market. Therefore, the implicit incentive for underwriting banks and governments was to accelerate negotiations with bondholders, particularly during periods of high liquidity. Frequently, however, settlements were short-lived. In contrast, certain merchant banks opted to delay or refuse a settlement if they judged that the risk of a renewed default was too high. In such cases, even if negotiations were extended, the final agreements were more often respected, allowing governments to improve their repayment record.

Inside and Outside the London Stock Exchange: Stockbrokers and Speculation in Late Victorian Britain

The nineteenth-century growth of the London Stock Exchange and the development of the market for stocks and shares are familiar topics of study. This article provides an alternative perspective on them by decentering the London Stock Exchange and focusing instead on the activities of “outside stockbrokers”—those who operated outside the Stock Exchange and its rules. Often regarded as peripheral, these brokers were in fact instrumental in promoting investment and speculation to a mass market. The article examines their innovative methods, and seeks to explain why they were so successful, despite persistent—and sometimes justifiable—accusations of fraud. It suggests how perspectives from the history of consumer society provide fresh insights into the market for financial products. And it underlines the importance of looking outside formal markets by arguing that focusing on “fringe” markets can help scholars to rethink boundaries, relations, and practices in the history of capitalism.