Ausgestaltung und Enforcement in der Finanzberichterstattung

2020 ◽  
Author(s):  
Marc Berninger
Keyword(s):  
Information Processing ◽  
Capital Markets ◽  
Capital Market ◽  
Considerable Increase ◽  
Investment Decision ◽  
Accounting Standards ◽  
Capital Allocation ◽  
The Other ◽  
System P ◽  
The One

Steadily increasing publication requirements during recent decades have not only led to a considerable increase in associated costs for the companies in question, but it is also questionable which information is actually required for a substantiated investment decision—and thus for efficient capital allocation in capital markets. In line with these developments, this study examines the three current regulatory scenarios: the reduction of the requirements for quarterly reporting, the obligation to publish directors’ dealings and the enforcement of accounting standards within the two-tier external enforcement system and their interaction in terms of information provided by listed companies on the one hand and information processing by investors on the other in the capital market. The results show ways to simplify existing capital market regulations without jeopardising investor protection.

scholarly journals General Introduction

2021 ◽  
pp. 1-10
Author(s):  
Birgit Charlotte Müller
Keyword(s):  
Behavioral Finance ◽  
Capital Markets ◽  
Capital Market ◽  
Market Research ◽  
Efficient Market Hypothesis ◽  
The Other ◽  
General Introduction ◽  
Efficient Market ◽  
Other Hand ◽  
The One

ZusammenfassungWithin the field of capital market research, two diametrically opposed conceptions continue to be prevailing: The efficient market hypothesis by Fama (1970) on the one hand and the behavioral finance approach by Shiller (2003) on the other hand. According to Fama (1970), capital markets are efficient in a sense that current prices of securities incorporate all information available up to that point in time. Consequently, following Fama’s reasoning, there exist no possibilities to gain riskless profits by exploiting mispricings (so-called arbitrage) (Fama, 1970). Shiller (2003), in contrast, puts forward the claim that markets tend to behave irrationally, implying that there indeed exist possibilities to exploit mispricings.

scholarly journals Insider Trading Crime in Turkish Criminal Law

2018 ◽  
Author(s):  
Çetin Arslan ◽  
Didar Özdemir
Keyword(s):  
Comparative Analysis ◽  
Insider Trading ◽  
Criminal Law ◽  
Capital Markets ◽  
Capital Market ◽  
Good Faith ◽  
The Other ◽  
Public Disclosure ◽  
Crime Type ◽  
The Capital Market

Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.

Features of a Well-Working Civil Litigation System

2017 ◽  
Author(s):  
Steven P. Croley
Keyword(s):  
The Other ◽  
Civil Litigation ◽  
Civil Justice ◽  
Central Importance ◽  
Normative Framework ◽  
Other Hand ◽  
System P ◽  
The One

This chapter provides an analytical and normative framework for evaluating the civil litigation system as well as for understanding existing critiques of the system. It argues that civil justice requires, first, that courts are accessible to parties with valid legal claims and defenses and, second, that courts are capable of distinguishing between strong and weak claims and defenses, which the chapter defines as reliability. This chapter also explains the central importance of litigation costs, and notes that on the one hand litigation costs can impede access to the courts, while on the other hand some costs are crucial to the operation of the civil litigation system—in that distinguishing between strong and weak claims requires certain expenditures.

Evaluation of Operetta Songs Generation System Based on Impressions of Story Scenes

2012 ◽  
Vol 16 (2) ◽  
pp. 256-265 ◽  
Author(s):  
Kenkichi Ishizuka ◽  
◽  
Takehisa Onisawa ◽  
Keyword(s):  
Information Processing ◽  
Evolutionary Computation ◽  
The Other ◽  
Generation System ◽  
Original Theme ◽  
The One

This paper describes a system which composes operetta songs fitting to adjectives representing producer’s impressions of story scenes. Inputs to the system are original theme music, story texts and adjectives representing producer’s impressions of story scenes. The system composes variations on theme music and lyrics based on impressions of story scenes using Kansei information processing in order to convey producer’s impression of a story to audiences. Evolutionary computation is also applied to generations of variations and lyrics. Subjects experiments are performed to verify the usefulness of the system usingThe Ant and the Chrysalisin Aesop’s Fables as a story. In the experiments, two types of evaluations are considered. The one is the evaluation from the viewpoint that the system generates operetta songs fitting to story scenes appropriately or not. The other is the evaluation from the viewpoint that the system generates operetta songs giving producers and listeners the same impressions of generated operetta songs or not.

scholarly journals Do Capital Market Training, Online Facilities and Social Environment Matter in Investment Decision

2021 ◽  
Vol 16 (3) ◽  
pp. 263-303
Author(s):  
Yuni Nustini ◽  
◽  
Mohd Taufik Mohd Suffian ◽  
Nor Balkish Zakaria ◽  
Zuraidah Mohd Sanusi ◽  
...  
Keyword(s):  
University Students ◽  
Social Environment ◽  
Capital Markets ◽  
Capital Market ◽  
Random Sampling ◽  
Sampling Method ◽  
Investment Decision ◽  
Minimum Amount ◽  
On Line ◽  
The Relationship

This study aimed to determine if capital market training, on-line facilities, social environment, and a minimum amount of investment affect Indonesian and Malaysian university-students’ decisions in investing in the capital markets of each country, as they are potential smart investors. Based on 229 respondents from both countries, a survey was conducted comprising 24 questions. Respondents were selected using they random sampling method. The results found that capital market training and on-line facilities were not factors that influenced university students’ decisions in Indonesia and Malaysia in making investment in the capital markets. The other two variables, social environment and a minimum amount of investment proved influential. The mediating variable, investment interest partially influenced the relationship between social environment and a minimum amount of investment-to-investment decision, but did not mediate capital market training and on-line facilities to the investment decision. Keywords: capital market training, on-line facilities, social environment, minimum amount of investment, university-students

Voter Information Processing and Political Decision Making

2019 ◽  
Author(s):  
Alessandro Nai
Keyword(s):  
Decision Making ◽  
Information Processing ◽  
Individual Differences ◽  
Selective Exposure ◽  
Political Information ◽  
The Other ◽  
Electoral Campaigns ◽  
Political Choices ◽  
The One

Contemporary political information processing and the subsequent decision-making mechanisms are suboptimal. Average voters usually have but vague notions of politics and cannot be said to be motivated to invest considerable amount of times to make up their minds about political affairs; furthermore, political information is not only complex and virtually infinite but also often explicitly designed to deceive and persuade by triggering unconscious mechanisms in those exposed to it. In this context, how can voters sample, process, and transform the political information they receive into reliable political choices? Two broad set of dynamics are at play. On the one hand, individual differences determine how information is accessed and processed: different personality traits set incentives (and hurdles) for information processing, the availability of information heuristics and the motivation to treat complex information determine the preference between easy and good decisions, and partisan preferences establish boundaries for information processing and selective exposure. On the other hand, and beyond these individual differences, the content of political information available to citizens drives decision-making: the alleged “declining quality” of news information poses threats for comprehensive and systematic reasoning; excessive negativity in electoral campaigns drives cynicism (but also attention); and the use of emotional appeals increases information processing (anxiety), decreases interest and attention (rage), and strengthens the reliance on individual predispositions (enthusiasm). At the other end of the decisional process, the quality of the choices made (Was the decision supported by “ambivalent” opinions? And to what extent was the decision “correct”?) is equally hard to assess, and fundamental normative questions come into play.

The Spanish Electoral System

2020 ◽  
pp. 388-409
Author(s):  
Agustí Bosch
Keyword(s):  
Party System ◽  
Electoral Systems ◽  
Electoral System ◽  
European Parliament ◽  
The Other ◽  
Regional Parties ◽  
Lower House ◽  
System P ◽  
The Future ◽  
The One

This chapter examines the Spanish electoral system, meaning—first and foremost—the one used to elect the lower house (Congreso de los Diputados). After a brief description of its components, the chapter assesses how its scarce proportionality has traditionally led Spanish politics towards a two-party system. The chapter also assesses some other of its alleged outcomes (such as the malapportionment, the weight of the regional parties, or the robustness of democracy) and its prospects for the future. Finally, the chapter also examines the ‘other’ Spanish electoral systems—that is, the ones used to elect the Senate, the local councils, the regional parliaments, and the Spanish seats in the European Parliament.

Teoria neo-keynesiana e aspettative razionali in economia aperta*

1985 ◽  
Vol 3 (2) ◽  
pp. 109-123
Author(s):  
Enrico Colombatto
Keyword(s):  
Open Economy ◽  
Capital Market ◽  
Rational Expectations ◽  
The Other ◽  
Closed Economy ◽  
Classical Economics ◽  
Other Hand ◽  
Goods Market ◽  
The One

Abstract The introductory paragraph is devoted to the outline of the role of the rational expectations (r.e.) element within the Keynesian, the Monetarist and the New-Classical-Economics framework; in all such cases the closed-economy version only is taken into account.The second part of the article, on the other hand, is devoted to the analysis of an open-economy framework, where the consequences of the r.e. hypothesis are analysed in greater depth. In short, two groups of aspects are stressed: on the one hand, considerable attention is given to the importance and the analysis of the velocity of anticipation and of adjustment, both on the goods market and on the capital market; on the other, the dimensions and the frequence of the eventual distortions which arise in the neo-Keynesian and in the Monetarist cases are examined. The results yielded by the analysis carried out within both groups of aspects are then compared with the results obtained from a New-Classical viewpoint. The role of the alternative classes of expectations - apart from the r. e. case - is taken into account as well.

Prediction and Accommodation: The Acceptance of Mendeleev’s Periodic System

2019 ◽  
Author(s):  
Eric Scerri
Keyword(s):  
Periodic System ◽  
Periodic Table ◽  
Scientific Community ◽  
The Other ◽  
Periodic Systems ◽  
Scientific Theories ◽  
Scientific Culture ◽  
System P ◽  
History Of ◽  
The One

Although periodic systems were produced independently by six codiscoverers in the space of a decade, Dmitri Mendeleev’s system is the one that has had the greatest impact by far. Not only was Mendeleev’s system more complete than the others, but he also worked much harder and longer for its acceptance. He also went much further than the other codiscoverers in publicly demonstrating the validity of his system by using it to predict the existence of a number of hitherto unknown elements. According to the popular story, it was Mendeleev’s many successful predictions that were directly responsible for the widespread acceptance of the periodic system, while his competitors either failed to make predictions or did so in a rather feeble manner. Several of his predictions were indeed widely celebrated, especially those of the elements germanium, gallium, and scandium, and many historians have argued that it was such spectacular feats that assured the acceptance of Mendeleev’s periodic system by the scientific community. The notion that scientific theories are accepted primarily if they make successful predictions seems to be rather well ingrained into scientific culture, and the history of the periodic table has been one of the episodes through which this notion has been propagated. However, philosophers and some scientists have long debated the extent to which predictions influence the acceptance of scientific theories, and it is by no means a foregone conclusion that successful predictions are more telling than other factors. In looking closely at the bulk of Mendeleev’s predictions in this chapter, it becomes clear that, at best, only half of them proved to be correct. This raises a number of questions. First of all, why is it that history has been so kind to Mendeleev as a maker of predictions? As historian of chemistry William Brock has pointed out, “Not all of Mendeleev’s predictions had such a happy outcome; like astrologers’ failures, they are commonly forgotten.”

INTEGRATION OF GLOBAL CAPITAL MARKETS: AN EMPIRICAL EXPLORATION

2004 ◽  
Vol 07 (04) ◽  
pp. 385-405 ◽  
Author(s):  
MALAY BHATTACHARYYA ◽  
ASHOK BANERJEE
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Cointegration Analysis ◽  
The Other ◽  
Causal Relationships ◽  
Global Capital ◽  
Fund Managers ◽  
Emerging Stock Markets ◽  
The Usa

It is generally argued that with lifting of barriers to the flow of capital across countries by respective governments, the capital markets have come closer and are now more integrated. This paper examines the existence (or absence) of integration among stock indices of 11 developed and emerging stock markets from three continents: Asia, Europe and America. Using synchronous weekly closing index values from November, 1990 through December, 2001, the study found that all the 11 stock markets are cointegrated. The cointegration analysis was carried out using an error correction vector autoregression (VECM) model. The study goes further to test whether there are any causal relationships among the indices and has used a hitherto empirically untested methodology to explore the causal relationships. Results show that capital market indices from European countries and the USA are not Granger caused by any index. On the other hand, causality effects are much pronounced in Asian capital markets. The capital market in Hong Kong "leads" the other markets in Asia. This learning would help fund managers in managing their exposure in Asian capital markets. The regulators may use the causality results to identify the markets driving movements in a country's capital market and take corrective measures.

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