The Inside Information Regime of the MAR and the Rise of the ESG Era

2020 ◽  
Author(s):  
Peter O. Mülbert ◽  
Alexander Sajnovits
Keyword(s):  
Inside Information ◽  
Information Regime

The Inside Information Regime of the MAR andthe Rise of the ESG Era

2021 ◽  
Vol 18 (2) ◽  
pp. 256-290
Author(s):  
Peter O. Mülbert ◽  
Alexander Sajnovits
Keyword(s):  
Social Change ◽  
Critical Mass ◽  
Real Life ◽  
Inside Information ◽  
Share Prices ◽  
Market Abuse ◽  
Related Information ◽  
Insider Dealing ◽  
The Impact ◽  
Information Regime

Abstract The rise in ESG investing has been characterized as an “investor revolution” and a manifestation of “social change”. The current coronavirus pandemic will arguably intensify the impact of such social change, with the “S” and “G” components of ESG, in particular, having been brought into sharper focus during the crisis. The issue of the extent to which ESG factors are (currently) of considerable importance – and, in particular, are likely to become even more so in the future – for the performance of share prices remains a highly controversial one in financial economics. However, where an empirically substantiated impact of ESG-related information on the prices of financial instruments can be shown, the question of whether such information is also of relevance to the inside information regime of the Market Abuse Regulation (“MAR”) arises and must be answered. This article explores the potential impact of ESG-related information and an increase in ESG-compliant investments on the prohibition on insider dealing and the obligation to publicly disclose inside information. We believe that the ESG preferences of a critical mass of real-life investors and, as a corollary, ESG-related information, are and will continue to be of great importance to the inside information regime. However, the intense debate regarding the precise depiction of the ‘reasonable investor’ within the meaning of Art. 7 MAR indicates that the relevance of ESG-related information to the inside information regime of the MAR is by no means clear. In light of these uncertainties, and given its efforts to promote sustainable finance, the EU legislature would be well advised to further specify the concept of inside information with a particular focus on ESG-related information.

Short Selling and Inside Information

2013 ◽  
Author(s):  
Fernando Chague ◽  
Rodrigo De-Losso ◽  
Alan De Genaro ◽  
Bruno Cara Giovannetti
Keyword(s):  
Short Selling ◽  
Inside Information

Loomis on Inside Information

1972 ◽  
Vol 28 (3) ◽  
pp. 20-25 ◽  
Author(s):  
Philip Loomis ◽  
George S. Bissell ◽  
John G. Gillis ◽  
Walter P. Stern
Keyword(s):  
Inside Information

scholarly journals Story character, news source or vox pop? Representations and roles of citizen perspectives in crime news narratives

Journalism ◽  
2021 ◽  
pp. 146488492199406
Author(s):  
Kobie van Krieken
Keyword(s):  
Multiple Roles ◽  
Inside Information ◽  
Societal Values ◽  
News Sources ◽  
Crime Narratives ◽  
News Source ◽  
Crime News ◽  
Story Character ◽  
News Events ◽  
Over Time

This study analyzes citizen representations in a corpus of 300 Dutch newspaper narratives published between 1860 and 2009. Results show that citizen perspectives are more frequently represented than authority perspectives, although the perspectives of authorities have become somewhat more frequent over time. In-depth analyses of the citizen perspectives show that citizens may fulfil multiple roles in the crime narratives, leading up to a functional typology of citizens as (1) story characters experiencing the news events, (2) news sources providing inside information about the events, and (3) vox pops expressing opinions and evaluations of the events. The variety of citizen perspectives included in crime news narratives and the multitude of roles they fulfill may help audience members to become informed as well as engaged and to explore their personal emotions, which may ultimately reinforce moral, cultural and societal values.

AN OUTSIDER INSIDE INFORMATION: USA 1961–1962

1962 ◽  
Vol 14 (11) ◽  
pp. 380-391 ◽  
Author(s):  
R.A. FAIRTHORNE
Keyword(s):  
Inside Information

Searching for a Tide Table for Business:

2021 ◽  
Vol 53 (6) ◽  
pp. 139-174
Author(s):  
Laetitia Lenel
Keyword(s):  
Statistical Inference ◽  
Historical Context ◽  
The United States ◽  
Economic Research ◽  
Inside Information ◽  
Mechanical Working ◽  
Cast Doubt ◽  
Business Forecasting ◽  
History Of ◽  
General Business

The article investigates the methods and conceptions of statistical inference used in business forecasting in the United States and in Europe in the 1920s. After presenting the methods and arguments used by the members of the Harvard Committee on Economic Research in the first years after its establishment in 1919, the article explores the far-reaching changes in method and conviction from 1922 on. The members’ realization that the future evolved differently than predicted prompted them to give up their hope for mechanical means of forecasting and to revoke their calls for the employment of the mathematical theory of probability in economics. Instead, they established an extensive correspondence with economic and political decision-makers that allowed them to base their forecasts on “inside information.” Subsequently, the article traces European attempts to adopt the Harvard Index of General Business Conditions in the early 1920s. Impressed by the seemingly mechanical working of the Harvard index, European economists and statisticians sought to establish similar indices for their countries. However, numerous revisions of the Harvard index in the mid-1920s cast doubt on the universality of the index and the existence of stable patterns and led European researchers to pursue different paths of investigation. The article complicates the larger history of statistical inference in economics in two meaningful ways. First, it argues that statistical inference with probability was not the long-sought solution for the problem of objectivity but a long-contested, and repeatedly discarded, approach. Second, it shows that these contestations were often triggered by deviations between forecasts and the conditions actually observed and by this means argues for the importance of the historical context in the history of economics.

Ad-hoc-Pflichten im deutschen Profifußball

2021 ◽  
Author(s):  
Patrick Waldecker
Keyword(s):  
Ad Hoc ◽  
Stock Exchange ◽  
Professional Football ◽  
Inside Information ◽  
Legal Literature ◽  
Football Clubs ◽  
Comprehensive Compilation ◽  
The Eu

If German football clubs list their shares or bonds on a stock exchange, the obligation of Art. 17 (1) MAR to public disclose inside information may apply to them. The author outlines a number of case groups for professional football clubs, which serve as a guideline for use in practice. This is the first comprehensive compilation in the European legal literature. The author compares his results with the previous ad hoc disclosures of Borussia Dortmund, SpVgg Unterhaching and FC Schalke 04. The results of this dissertation are applicable to all professional football clubs based in the EU. Furthermore, most of the conclusions can be applied with respect to any issuer.

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