scholarly journals Performance of American and Russian joint stock companies on financial market. A microstructure perspective

Equilibrium ◽  
2016 ◽  
Vol 11 (4) ◽  
pp. 819 ◽  
Author(s):  
Magdalena Osińska ◽  
Andrzej Dobrzyński ◽  
Yochanan Shachmurove
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market Microstructure ◽  
Stock Exchange ◽  
Market Equilibrium ◽  
Economic Sanctions ◽  
Transmission Mechanism ◽  
Before And After ◽  
Ukrainian Crisis ◽  
The U.S

This paper compares the periods before and after the Ukrainian crisis of 2014 from the perspective of market microstructure. The hypothesis is that the crisis influenced the fragile Russian financial market equilibrium. As financial markets adapt to the new equilibrium, the paper studies the effects of the crisis and the imposition of economic sanctions on Russia in terms of volatility, duration, prices and volume for selected joint stock companies listed on the U.S. and the Russian stock markets. Results reveal that the Moscow Stock exchange lacks an appropriate transmission mechanism from informed investors to the rest of the market.

scholarly journals Comparing Monetary And Fiscal Policy Transmission Across The Americas And The Emu-Area

2011 ◽  
Vol 7 (8) ◽  
Author(s):  
Dimitrios Tsoukalas
Keyword(s):  
Fiscal Policy ◽  
Financial Markets ◽  
Structural Var ◽  
Transmission Mechanism ◽  
Var Models ◽  
Macroeconomic Policies ◽  
Policy Transmission ◽  
Policy Shocks ◽  
Monetary And Fiscal Policy ◽  
The U.S

This paper estimates structural VAR models to compare the transmission mechanism of monetary and fiscal policy in the Americas and the EMUarea countries. First, the NAFTA countries are considered and the estimation results are compared with those for the EMU-area countries. Attention is also paid to interaction of macroeconomic policies and the effects of shocks in financial markets. Results show that the Americas except for the U.S. and Canada react rather differently to monetary and fiscal policy shocks than the EMU- area countries.

scholarly journals High‑Frequency Trading in the Modern Market Microstructure: Opportunities and Threats

2019 ◽  
Vol 7 (3) ◽  
pp. 25-36
Author(s):  
M. Zharikov
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market Microstructure ◽  
High Frequency ◽  
Financial Engineering ◽  
Market Design ◽  
High Frequency Trading ◽  
Optimal Trading ◽  
Trading Market ◽  
Long Run

The article covers some ideas about the research on high-frequency trading and financial market design. The topic is time-relevant because today there exists a need to convince traders that there is a simple structural floor in the way that the financial markets are designed. The article reveals the significance of trading on the floor that the foremost fundamental constraint is limited time. The author proves that time on the financial market feels, to some extent, infinite when someone counts it in millions of seconds, but time is nevertheless finite. The author then gets into the actual research on high-frequency trading in the financial market design. The motivation for this project is to analyse activity among high-frequency trading firms by which investments of substantial sums of money are understood as economically trivial speed improvements. The theoretical significance of the research’s outcomes lies in outlaying the systemic approach to dealing with stochastic control problems in the context of financial engineering. The practical relevance of the paper lies in the mechanism that allows solving problems surrounding optimal trading, market microstructure, high-frequency trading, etc. The article concludes by talking about the issues in the modern electronic markets and by giving lessons to dealing with them in the long run.

scholarly journals Towards Ingenious Technology and the Robust Enforcement of Financial Markets Laws to Curb Money Laundering in Zimbabwe

2021 ◽  
Vol 24 ◽  
pp. 1-47
Author(s):  
Howard Chitimira ◽  
Menelisi Ncube
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Money Laundering ◽  
Task Force ◽  
Stock Exchange ◽  
Risk Mitigation ◽  
Mitigation Measures ◽  
Use Of Technology ◽  
Financial Crimes ◽  
Effective Use

Technology has positively contributed to the creation of financial markets and the facilitation of payments globally. The effective use of robust technology could enhance the consistent enforcement of financial market laws by curbing financial crimes in any country. This in turn would enhance the integrity of financial markets and promote the viability of financial markets. In relation to this, it appears that Zimbabwe has struggled to comply with international measures to combat money laundering and the financing of terrorism (AML/CFT) since it has poor financial market laws which are inconsistently enforced due inter alia to its poor money laundering detection mechanisms and inadequate resources. For instance, Zimbabwe has to date failed to make satisfactory progress to adopt and enforce adequate risk mitigation measures against money laundering practices in accordance with the Financial Action Task Force (FATF) recommendations. This is evidenced by the increased incidence of money laundering in Zimbabwean financial markets. Furthermore, the inconsistent enforcement of financial market laws has resulted in poor liquidity and the recent suspension of the Zimbabwe Stock Exchange (ZSE). The viability and integrity of the Zimbabwean financial market has thus been compromised. This article discusses the integration and use of robust technology in the Zimbabwean financial market to curb financial crimes such as money laundering and bank fraud. The adequacy of financial market laws and/or regulations will also be discussed vis-à-vis their consistent enforcement by relevant bodies such as the Financial Intelligence Inspectorate Evaluation Unit (FIU) in Zimbabwe. This is done to evaluate the use of technology to curb money laundering and promote a viable economy and financial market in Zimbabwe. It is submitted that the relevant authorities should promote the effective use of technological inventions like artificial intelligence (AI) and machine learning to curb money laundering, bank fraud and other related financial crimes in Zimbabwe.

scholarly journals Overconfidence Bias and Its Manifestation on Financial Markets

2021 ◽  
Vol 27 (1) ◽  
pp. 145-152
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Behavioral Finance ◽  
Financial Services ◽  
Stock Exchange ◽  
Original Study ◽  
Men And Women ◽  
Market Participants ◽  
Overconfidence Bias

The article examines overconfidence bias in terms of behavioral finance and specifically its manifestation and impact on financial market participants. The article uses data and research on the behavior and manifestation of the propensity for overconfidence of Bulgarian consumers of financial services and financial market participants. We will also present an original study of a database of trading on the Bulgarian Stock Exchange JSC in terms of comparing the frequency of trading between Bulgarians and Americans and in terms of differences in the frequency of trading (overtrading) between men and women.

scholarly journals A perspective on financial market reform

2011 ◽  
Vol 8 (2) ◽  
pp. 62-65
Author(s):  
Daniel Thornton
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Financial Crises ◽  
House Prices ◽  
Market Reform ◽  
Financial Reform ◽  
Governmental Agencies ◽  
Financial Transactions ◽  
The U.S

In response to a nationwide decline in U.S. house prices that had significant repercussions for the U.S. and global financial markets, many countries are considering a wide variety of financial market reforms. Most of the proposed reforms include the establishment of new governmental agencies to regulate banks and other financial institutions and/or to prohibit or restrict certain types of financial transactions. I offer several guiding principles for financial reform and suggest the types of reforms that are likely to generate the best results based on these principles. Finally, I discuss the role that the central bank can play in mitigating the size, duration, and effects of financial crises. While the analysis draws heavily on the U.S. experience, I believe that the implications apply globally.

scholarly journals The COVID-19 Impact on Bucharest Stock Exchange. The First Six Months

2020 ◽  
Vol 15 (2) ◽  
pp. 256-269
Author(s):  
Vasiu Diana Elena
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Stock Exchange ◽  
Economic Effects ◽  
Health Crisis ◽  
Political Situation ◽  
Economic Context ◽  
First Case ◽  
The Impact

AbstractThe first case of coronavirus was registered in Romania on February 26. From this moment, Romania has become “infected”, just like the whole world, and the economy has suffered milder or more severe symptoms, depending on the activity field. Four months have passed since then, during which in Romania, the effects of the health crisis overlapped with a tense political situation, in an unfavorable economic context. Once the COVID-19 hits each country, the economic effects started to become visible in all the world’s financial markets, the financial market being among the first to suffer the impact of the COVID-19 crisis. This paper analyzes how the financial market in Romania was affected by the COVID-19 crisis.

scholarly journals The financial crisis and securitization

2020 ◽  
Vol 1 (1) ◽  
pp. 37-48
Author(s):  
Ewa Szabłowska
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Financial Market ◽  
Subprime Crisis ◽  
Subprime Mortgage ◽  
Mortgage Crisis ◽  
Indirect Impact ◽  
The Impact ◽  
Near Future ◽  
The U.S

Securitization means the change of non-liquid assets into securities. This topic has become more popular, mainly due to the U.S. subprime mortgage crisis. In this article, an analysis is given of the current situation in financial markets and the changes, which were implemented from the first days of subprime crisis. Also mentioned is the impact the crisis has had on securitization development. Part of the article is devoted to the situation on the Polish financial market. It is quite a new market and it is susceptible to such crises. The Article presents the part played by securitization in the Polish financial market and the circumstances for its growth in the near future. It also covers the latest information related to financial market regulations, which could have direct or indirect impact on the quantity and value of securitization transactions.

scholarly journals Lack of Reform Effect on Exchange Efficiency- Empirical Evidence from Saudi Market Index –

2020 ◽  
Vol 12 (4) ◽  
pp. 46
Author(s):  
Mohammed AlHomaidy
Keyword(s):  
Financial Markets ◽  
Stock Exchange ◽  
Weak Form ◽  
Nonparametric Tests ◽  
Securities Markets ◽  
Policy Makers ◽  
Random Walk Hypothesis ◽  
Market Index ◽  
The World ◽  
Before And After

As development of financial markets has been a growing issue after the financial crisis 2008, this paper has tested efficiency on one of the largest emerging securities markets in the world. It examines lack of reform impact on efficiency of Saudi stock exchange (TASI index) employing random walk hypothesis (RWH) through a battery of parametric and nonparametric tests including autocorrelations, unit root, variance ratio (VR) and Brock, Dechert, and Scheinkman (BDS) test.The study specifically aims to test weak form efficiency before and after massive efforts implemented to reform Saudi exchange. Findings have concluded in a consensus verdict that there is no change observed in TASI index behaviour, and hence it rejected to be a weak-form efficient market. Thus, policy makers and regulators should initiate further reforms; deep regulations and reorganization development to address inefficiency.

BRICS Collective Financial Statecraft

2017 ◽  
Author(s):  
Roberts Cynthia ◽  
Leslie Armijo ◽  
Saori Katada
Keyword(s):  
Financial Markets ◽  
World Bank ◽  
Financial Market ◽  
The Political ◽  
Development Bank ◽  
Ideal Types ◽  
Outside Option ◽  
New Development ◽  
The International Monetary Fund ◽  
The U.S

This chapter examines four ideal types of collective financial statecraft of the BRICS (Brazil, Russia, India, China, and South Africa) in four case studies occurring between 2007 and mid-2016. The first type is inside reforms of existing institutions, illustrated by the BRICS’ attempt to gain greater influence within the International Monetary Fund (IMF) and World Bank. A second type is inside reforms of markets, defined as resisting or reallocating the political power accruing to states that possess currency and financial market power. The associated case profiles the BRICS’ opposition to sanctions against Russia over its intervention in Ukraine. A third type of BRICS collective action occurs via the outside option to create new parallel institutions such as the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). Finally, a fourth type combines the choice of an outside option with a market-based venue. The chapter examines BRICS support of greater internationalization of China’s currency, rivaling the U.S. dollar and thus altering international financial markets. The BRICS have cooperated successfully in most of their attempts.

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