scholarly journals LEGAL CHANGES ON THE PUBLIC MARKET AND THEIR POSSIBLE INFLUENCE ON THE STOCK-EXCHANGE MARKET DEVELOPMENT

2007 ◽  
Vol 3 (1) ◽  
pp. 329
Author(s):  
Urszula Ziarko-Siwek
Keyword(s):  
Stock Exchange ◽  
Market Development ◽  
Exchange Market ◽  
The Public ◽  
Public Market

E-Business Disclosure for Sustainability on Selected Listed Companies in Indonesia's Stock Exchange Market

2014 ◽  
Vol 5 (3) ◽  
pp. 32-39
Author(s):  
Vincent Didiek Wiet Aryanto
Keyword(s):  
Environmental Management ◽  
Environmental Performance ◽  
Stock Exchange ◽  
Listed Companies ◽  
Environmental Responsibility ◽  
Exchange Market ◽  
Business Sustainability ◽  
The Public ◽  
Sustainability Reports ◽  
Sustainability Practices

To date, most listed corporations in Indonesia's Stock Exchange Market (BEI) disclose information on e-business sustainability concerning their environmental performance in response to stakeholder demand for environmental responsibility and accountability. How was e-business sustainability performed by some corporations on their websites? This article investigates the environmental management and business sustainability practices of the publicly listed companies in Indonesia as informed to the public by their websites. Based on a content analysis of the e-business sustainability reports, this article analyzes the content of corporate environmental and e-business sustainability disclosures with respect to the following areas: company compliance and company non-compliance to the sets of environment regulations and policies implied in the PROPER program.

5. Raising capital: equity and its consequences

2018 ◽  
Author(s):  
Alan Dignam ◽  
John Lowry
Keyword(s):  
Stock Exchange ◽  
Listed Companies ◽  
Private Companies ◽  
Public And Private ◽  
Public Companies ◽  
The Public ◽  
Public Market ◽  
Insider Dealing ◽  
The Uk

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter focuses on raising equity from the general public and its consequences for the operation of the company. It begins by outlining the basics of raising equity before turning to the consequences of operating in a public market, with emphasis on areas such as takeovers and insider dealing. It then considers the distinction between public and private companies in terms of capital raising, how such companies are regulated, and how public companies differ from listed companies. It also discusses various methods of raising money from the public, the role of the Financial Conduct Authority and the London Stock Exchange in ensuring the proper functioning of the listed market in the UK, and the regulation of listed companies as well as takeovers and other public offers.

scholarly journals The efficiency of the Italian stock exchange: market reaction following changes in recommendations

2008 ◽  
Vol 5 (2) ◽  
pp. 434-448 ◽  
Author(s):  
Enrico Maria Cervellati ◽  
Antonio Carlo Francesco Della Bina ◽  
Pierpaolo Pattitoni
Keyword(s):  
Market Reaction ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Event Studies ◽  
Public Access ◽  
Exchange Market ◽  
Short Term ◽  
The Public ◽  
New Information ◽  
Peculiar Case

The main objective of this paper is to examine the market reaction to the recommendation changes issued by financial analysts. We study the peculiar case of Italy where analysts have to send their reports to the Stock Exchange Commission and the Stock Exchange the same day they give it to their clients. Reports are available on the Stock Exchange website. Our dataset includes about 5,200 reports issued on the 117 IPO firms that went public on the Italian Stock market between 1st January 1998 and 31st December 2003. We calculate abnormal returns and abnormal volumes associated with the dissemination of the reports and perform two short-term event studies: the first associated with the “report date”, the second one with regard to the “public access date”, i.e. when the report is freely and publicly available on the Stock Exchange website. The event study related to the public access date show very different results. We do not find statistically significant average abnormal returns around this date, indicating that the market efficiently does not react to the mere publication of the report on the Stock Exchange website, since prices already included the effect of the recommendation change at the report date, i.e. when the new information was given to analyst’s private clients. It remains to be investigated if the abnormal returns before the report date are due to the effect of news different from the recommendation change or if they show a violation of the Italian regulation.

scholarly journals Interrelation of Capital Markets in the Context of Increased Audit Oversight in the European Union – Evidence on Third-Country Auditors

2020 ◽  
Vol 23 (1) ◽  
pp. 71-80
Author(s):  
Mihaela Mocanu ◽  
Octavian Iancu Ionescu
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
The European Union ◽  
Exchange Market ◽  
Market Capitalization ◽  
The Public ◽  
Academic Literature ◽  
Eu Countries ◽  
Foreign Ipos ◽  
The Relationship

AbstractWe identified a notable lack of academic literature on the issue of third-country auditors and the main contribution of our article is to address this gap. This research builds on adjacent audit oversight and capital markets literature and we extend this literature by providing evidence on third-country auditors. Specifically, we test the relationship between market capitalization and number of foreign IPOs of listed companies in representative EU countries (on one hand) and the existence of third-country auditors in those respective countries (on the other hand). Our research was performed in the second half of 2018 and is based on the latest data available. We have found that there are about 200 third-country auditors present in the public registers of audit oversight bodies in 11 EU countries. According to our network analysis, only European countries with a developed capital market have attracted third-country auditors. Most of the relationships of these developed EU capital markets are nurtured with non-EU capital markets that are at the same level of development (e.g. USA, Switzerland, Canada, Israel, and Australia). Our research hypotheses were validated: (1) the higher the market capitalization of a EU country, the higher the likelihood for the registration of third-country auditors; (2) the higher the number of foreign IPOs relative to the total IPOs on the stock exchange market, the higher the likelihood for the registration of third-country auditors.

Revisiting the growth effects of government bonds in the emerging capital market.

2019 ◽  
Vol 3 (1) ◽  
pp. 32-38
Author(s):  
Temitayo O. Olaniyan ◽  
Samuel O. Ekundayo
Keyword(s):  
Method Of Moments ◽  
Capital Market ◽  
Time Series Data ◽  
Stock Exchange ◽  
Annual Reports ◽  
Series Data ◽  
Government Bonds ◽  
Market Growth ◽  
The Public ◽  
Generalised Method Of Moments

We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

Trust and Regulation in Corporate Capital Markets before 1914

2018 ◽  
Author(s):  
Leslie Hannah
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
Legal Regulation ◽  
Securities Market ◽  
Market Development ◽  
Shareholder Rights ◽  
London Stock Exchange ◽  
Local Elites ◽  
Corporate Capital ◽  
Trust Networks

Historians have struggled to explain how stock markets could develop—with notable vigour in many countries before 1914—before modern shareholder protections were legally mandated. Trust networks among local elites—and/or information signalling to public investors—substituted for legal regulation, but this chapter suggests real limits to such processes. They are especially implausible when applied to giant companies with ownership substantially divorced from control, of which there were many with—nationally and internationally—dispersed shareholdings. In London—the largest pre-1914 securities market—strong supplementary supports for market development were provided by mandatory requirements for transparency and anti-director rights in UK statutory companies and by low new issue fees. There were also stringent London Stock Exchange requirements for other companies wanting the liquidity benefits of official listing. Shareholder rights were similarly achieved in Brazil and other countries and colonies dependent on British capital.

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