دور تطبيق مبادئ حوكمة الشركات في تحسين كفاءة أسواق الأوراق المالية : دراسة حالة سوق الإمارات للأوراق المالية = The Corporate Governance and Its Role in Improving the Efficiency of Financial Markets : The Case of Emirates Financial Market

2016 ◽  
pp. 82-97
Author(s):  
أحمد مداني ◽  
مداح عبد الهادي
Keyword(s):  
Corporate Governance ◽  
Financial Markets ◽  
Financial Market

scholarly journals Valuing Peace: The Effects of Financial Market Exposure on Votes and Political Attitudes

Econometrica ◽  
2019 ◽  
Vol 87 (5) ◽  
pp. 1561-1588 ◽  
Author(s):  
Saumitra Jha ◽  
Moses Shayo
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Political Attitudes ◽  
Peace Process ◽  
Superior Performance ◽  
Financial Assets ◽  
Material Incentive ◽  
Nonfinancial Information ◽  
Political Messages ◽  
Economic Risks

Can participation in financial markets lead individuals to reevaluate the costs of conflict, change their political attitudes, and even their votes? Prior to the 2015 Israeli elections, we randomly assigned Palestinian and Israeli financial assets to likely voters and incentivized them to actively trade for up to 7 weeks. No political messages or nonfinancial information were included. The treatment systematically shifted vote choices toward parties more supportive of the peace process. This effect is not due to a direct material incentive to vote a particular way. Rather, the treatment reduces opposition to concessions for peace and changes awareness of the broader economic risks of conflict. While participants who were assigned Palestinian assets are more likely to associate their assets' performance with peace, they are less engaged in the experiment. Combined with the superior performance of Israeli stocks during the study period, the ultimate effects of Israeli and Palestinian assets are similar.

Critical Value-Based Power Options Pricing Problems in Uncertain Financial Markets

2021 ◽  
pp. 2150002
Author(s):  
Guimin Yang ◽  
Yuanguo Zhu
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Numerical Experiments ◽  
Critical Value ◽  
The Other ◽  
Options Pricing ◽  
Underlying Asset ◽  
Pricing Problems ◽  
Fractional Differential ◽  
The One

Compared with investing an ordinary options, investing the power options may possibly yield greater returns. On the one hand, the power option is the best choice for those who want to maximize the leverage of the underlying market movements. On the other hand, power options can also prevent the financial market changes caused by the sharp fluctuations of the underlying assets. In this paper, we investigate the power option pricing problem in which the price of the underlying asset follows the Ornstein–Uhlenbeck type of model involving an uncertain fractional differential equation. Based on critical value criterion, the pricing formulas of European power options are derived. Finally, some numerical experiments are performed to illustrate the results.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

scholarly journals The Architecture of Financial Networks and Models of Financial Instruments According to the “Just Transition Mechanism” at the European Level

2020 ◽  
Vol 13 (10) ◽  
pp. 235
Author(s):  
Otilia Manta ◽  
Kostas Gouliamos ◽  
Jie Kong ◽  
Zhou Li ◽  
Nguyen Minh Ha ◽  
...  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Research Priorities ◽  
Financial Instruments ◽  
Global Level ◽  
European Level ◽  
Support Tool ◽  
Eu Directive ◽  
Transition Mechanism ◽  
European Investment

At the global level and in particular the European level, challenges related to climate change and the transition to green transactions have created an imperative where identifying or developing innovative financial instruments, appropriate for these priorities, have become our research priorities and objectives. Starting from the analysis of the European Investment Plan for green transactions, as well as the EU Directive 2018/410 of the European Parliament and of the Council, in conjunction with ongoing efforts to identify innovative financing tools, research is presented based on hypotheses using concepts and models of green financing. The paper aims to analyze the main concepts and phenomena that could be considered generative factors for current financial market trends, as well as the inventory of facts and acts that provide a picture of the financial market. Based on these investigations, this paper suggest how we can best analyze the economic environment, processes, and resources in terms of their predictions regarding the sustainability of financial markets in the context of current challenges. Moreover, our paper aims to highlight in our empirical research the above-mentioned aspects, including the analysis of the emergence of new financial instruments at the global level with a direct impact on financial sustainability at the European level, including reflecting certain particularities of financial markets Romania. This research will be both a scientific contribution to the specialized literature and a possible support tool for the practical activities of entrepreneurs in their economic endeavor of developing sustainable businesses.

scholarly journals Cuestiones actuales del régimen jurídico-administrativo de las Cajas de ahorros españolas

2005 ◽  
pp. 31
Author(s):  
Ana Belén Casares Marcos
Keyword(s):  
Corporate Governance ◽  
Market Economy ◽  
Financial Market ◽  
Financial System ◽  
Legal Framework ◽  
Market Reform ◽  
Credit Institution ◽  
Savings Banks ◽  
Legal Situation ◽  
And Performance

Las reformas legislativas que han afectado en los últimos tiempos a la organización y el funcionamiento del sistema financiero español han tenido una especial repercusión en el ámbito de las cajas de ahorros. La tramitación parlamentaria de la Ley 44/2002, de 22 de noviembre, de Medidas de Reforma del Sistema Fianciero, reavivó el debate sobre su régimen jurídico y la necesidad de acotar la intervención pública en su seno. Ahonda en ello la Ley 26/2003 , de 17 de julio, de Transparencia, que extiende al ámbito de las cajas la preocupación por el corporate governance. Ambas normas responden a la necesidad de dar respuesta a algunos de los problemas más inmediatos a que se enfrentan estas entidades, si bien adolecen de un defecto fundamental por cuanto no abordan de forma exhaustiva la regulación de la institución. Se perpetúa así la trayectoria tradicional de "parcheo" del régimen jurídico aplicable a las mismas, evitando entrar en la cuestión esencial de la definición de su naturaleza jurídica y abocando a las cajas, en consecuencia, al díficil reto de acompasar su vocación social tradicional a las nuevas exigencias legales en pro de una mayor eficiencia, racionalidad y neutralidad de su acitividad económica.<br /><br />Recent legal changes pertaining to the organization and performance of the Spanish financial system have had significant repercussions on the savings banks sector. The law on financial market reform passed in 2002, Ley Financiera, raised once again the debate on their legal situation and the urge to cut down public influence on their management. The 2003 Transparency Law, Ley de Transparencia, follows this reform and extends corporate governance to Spanish savings banks. Both Laws seek to confront some of the most important issues raised by these credit institutions, but they also share the flaw of not regulating its legal framework and status completely. They continue, therefore, to add "patches" to the savings banks legislation, challenging these institutions to combine its function as a credit institution in a market economy and its position as a social foundation

scholarly journals Performance, corporate governance and new regulation

2017 ◽  
Vol 9 (18) ◽  
Author(s):  
Heriberto García
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Financial Market ◽  
Information Disclosure ◽  
Potential Growth ◽  
Listed Firms ◽  
Risk Return ◽  
Corporate Governance Code ◽  
Governance Practices ◽  
The Relationship

Abstract. After the adoption of the Corporate Governance Code (Code) in Mexico, many companies increased financial performance and the leveraged during the following five years; we investigated the effect of how those firms improved the corporate governance practices and how was translated into better risk return company. We analyzed how and where better corporate governance practices affects performance and what was the relationship with Transparency, New Regulation and Governance Practices. Also we explored the gaps between transparency and information disclosure of Mexican Firms listed in U.S stockexchange and non U.S listed firms our findings were related to the potential growth of the Mexico Financial Market, Law and Finance.Keywords: corporate governance, financial performance, regulationResumen. Después de la adopción del Código de Gobierno Corporativo en México, algunas compañías incrementaron el desempeño financiero y el uso de deuda durante los siguientes cinco anos, nuestra investigación se enfoca en como dichas compañías mejoraron sus prácticas de gobierno corporativo y como estas prácticas se han traducido en un mejor relación de riesgo y rendimiento. En esta investigación exploramos cómo y en dónde mejores prácticas de gobierno corporativo afectan el desempeño y qué relación tiene con laTransparencia, Nuevas Regulaciones y prácticas de Gobierno Corporativo. Con lo anterior también identificamos aquellas compañías que cotizan fuera de México para identificar potenciales diferencias en dichas prácticas.Palabras clave: desempeño financiero, gobierno corporativo, regulación

scholarly journals Analysis And Directions Of Development Of The Practice Of Attracting Capital From The Financial Market Of Joint-Stock Companies. Evidence From Uzbekistan

2020 ◽  
Vol 02 (12) ◽  
pp. 136-144
Author(s):  
Buvsara Tashmuradova ◽  
◽  
Omonullo Hamdamov ◽  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Sector ◽  
Economic Importance ◽  
Current Situation ◽  
Financial Resources ◽  
International Financial Markets ◽  
The Republic ◽  
National Practice

The paper describes the economic importance of attracting financial resources from the national and international financial markets by joint stock companies operating in the Republic of Uzbekistan. The current situation with the attraction of capital from the international financial markets by companies in the financial sector has been analyzed and key conclusions have been drawn. In national practice, the existing shortcomings in the financing of companies on the basis of debt instruments have been studied and scientific proposals have been developed to address them.

scholarly journals Optimal Investment and Consumption for Multidimensional Spread Financial Markets with Logarithmic Utility

Stats ◽  
2021 ◽  
Vol 4 (4) ◽  
pp. 1012-1026
Author(s):  
Sahar Albosaily ◽  
Serguei Pergamenchtchikov
Keyword(s):  
Financial Markets ◽  
Numerical Simulations ◽  
Financial Market ◽  
Optimal Investment ◽  
Optimal Consumption ◽  
Dynamical Programming ◽  
Verification Theorem ◽  
Logarithmic Utility ◽  
Hamilton Jacobi Bellman ◽  
Optimal Investment And Consumption

We consider a spread financial market defined by the multidimensional Ornstein–Uhlenbeck (OU) process. We study the optimal consumption/investment problem for logarithmic utility functions using a stochastic dynamical programming method. We show a special verification theorem for this case. We find the solution to the Hamilton–Jacobi–Bellman (HJB) equation in explicit form and as a consequence we construct optimal financial strategies. Moreover, we study the constructed strategies with numerical simulations.

scholarly journals Risk Taking, Principal Agent Problems and Breakdown of Corporate Social Responsibility (CSR): How to Reestablish Safe-Assets and Capital Funding for Social Security?

Equilibrium ◽  
2013 ◽  
Vol 8 (2) ◽  
pp. 7-30 ◽  
Author(s):  
Hans-Georg Petersen ◽  
Alexander Martin Wiegelmann
Keyword(s):  
Financial Markets ◽  
Interest Rates ◽  
Financial Market ◽  
Debt Crisis ◽  
Principal Agent ◽  
Market Structures ◽  
Financial Products ◽  
Monetary System ◽  
Capital Funding ◽  
Corporate Social

The breakdown of the financial markets in fall 2007 and the following debt crisis in the EU has produced an enormous mistrust in financial products and the monetary system. The paper describes the background of the crisis induced by functional failures in risk management and the multifold principal agent problems existing in the financial market structures. The innovated nontransparent financial products have mixed up different risk weights and puzzled, or even fooled formerly loyal customers. Contemporaneously abundant liquidity on the international financial market accompanied by easy money policies of the Fed in the US and the ECB in the euro zone have depressed the real interest rate to zero or even negative values. Desperate investors are seeking for safe-assets, but their demand remains unsatisfied. Low real interest rates and the consequently lacking compound interest effect in the same time jeopardize private as well as public insurance schemes being dependent on capital funding: the demographic crisis becomes gloomy. Therefore, the managers of the financial markets have to reestablish CSR and to divide the markets into safe-asset areas for the usual clients and “casino” areas for those who like to play with high risks. Only with transparency and risk adequate financial products can the lost commitment be regained.

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