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SMK Negeri 1 Pontianak is one of the vocational schools in Pontianak City that has not applied investment management knowledge in the capital market so students cannot understand the concept of capital markets in the business world. Apart from that, students' knowledge about capital markets is also very minimal due to the low level of literature and practice related to capital markets. It is hoped that this activity will trigger awareness, interest, and knowledge from the younger generation to invest in the capital market. Apart from that, this training also aims to introduce students to investment mechanisms in the Capital Market. This training starts from the preparation stage, namely surveying, determining target locations, preparing facilities and infrastructure for activities, and preparing training materials, including modules for training activities. The stages of implementing the activities are the presentation of material and investment training with simulations using the Motion Trade application.

The proliferation of FinTech apps has democratized access to financial services, empowering individuals and businesses to take greater control of their finances. These apps have catalyzed financial innovation, disrupted traditional business models, and fostered competition in the financial industry. Moreover, FinTech apps have the potential to drive economic growth, promote financial literacy, and advance financial inclusion on a global scale. FinTech applications have played an important role in the creation of an arena where information is collected, stored, and processed to make the best decisions of investment. This has boosted the investment and increased the activity in capital markets when considered from the investors’ point of view. Capital markets have always been an important place for investors to invest in long-term securities with a maturity of more than one year. Primary as well as secondary markets are part of it. People invest in securities expecting a return in the form of capital gains and/or income. The role of FinTech applications in facilitating various investment decisions has also opened doors to retail investors in capital markets. Traditionally, retail investors have been overlooked because they are perceived not to have enough capital to invest, be too risk-averse, and be too costly to service. Both quantitative and qualitative data have been used. 150 online surveys were used to gather primary data. The outcome from this study showed a major shift in stock market investors towards digital connection due to various reasons. Some cultural and behavioral effects have been found among the investors for the financial transactions.

Abstract This study explores the role of financial support in the digital transformation of Chinese A-share-listed companies from 2001 to 2020. By utilizing the moderating effect model and threshold regression model, this study finds the following results: (1) Digital transformation positively impacts innovation, and the support of banking and capital markets further strengthens this impact. (2) With the development of banking and capital markets, the impact of digital transformation on innovation changes from negative to positive, which is also reflected in the subsamples of Eastern companies, small and medium-sized companies (SMEs), and non-SMEs. (3) The study reveals that only the capital market in the non-Eastern region has no threshold, and capital market support is effective only for non-SMEs when it reaches a higher level. These findings have important implications for policymakers in promoting digital transformation through financial support and help companies understand how to use financial support to improve competitiveness.

The analysis of the current state and identification of problems of foreign investment in Ukraine are related to various factors and aspects, including the instability of the economic environment, insufficient development of the legal framework, etc. Therefore, the study aims to analyse the circulation/use of securities and identify problems and opportunities for the development of the Ukrainian stock market. To achieve this goal, various scientific methods were used, including synthesis and analysis, formal legal and other methods. It is established that due to the implemented reforms aimed at modernisation, the financial market of Ukraine is open to investors and has expanded opportunities compared to the past. It is noted that the war initiated by Russia has led to a significant increase in the investment gap between Ukraine and other countries. It is emphasised that new measures are needed that have the potential to contribute to economic recovery in the future and strengthen its resilience to possible economic shocks. To ensure the efficiency of the investment process, it is proposed to use the most appropriate and effective strategies that should be included in the provisions of the Resolution of the Cabinet of Ministers of Ukraine “On Approval of the State Strategy for Regional Development for 2021-2027”. The author proposes an integrated mechanism for attracting foreign investment, which provides for the establishment of a favourable investment climate and intensification of investment activity. Recommendations that can be used to improve legislation on attracting foreign investment in securities have been formulated and substantiated. These proposals may be useful for the practical activities of state authorities aimed at supporting foreign investment in securities in the current stock market of Ukraine

Research Question: To what extent earnings management operations are used by Romanian entities listed on a regulated market and what is the impact of these operations on the quality of reported financial information? Motivation: The financial statements reported by each entity are intended to provide useful information all the users, they are intended to describe clearly and honestly presents the financial position and performance and cash flows respectively. There are cases where, out of a desire to gain the trust of stakeholders (investors and other equity providers), some entities tend to commit manipulations in financial reporting using earnings management. Idea: The study aims to assess the extent to which the operations of earnings management are used by the Romanian entities listed on a regulated market and the impact of these operations on the quality assurance of the reported financial information. Data: This study was conducted based on the information collected from the annual financial statements of the entities that are listed on the Bucharest Stock Exchange, for the period between 2019-2021 Tools: The collected data were analyzed using the Jonse model based on the linear regression analysis. Findings: Using the Jones model based on the linear regression analysis, the results of the study indicate a distortion of the results presented by the analyzed companies, a solid reason being given by the negative effects of the Covid-19 pandemic with a strong impact on the economic environment. Contribution: This study provides an overview of the concept of earnings management based on information from the specialized literature. The analysis of earnings management practices was undertaken on the listed entities in Romania.

A holding company is a holding company that owns several shares of other companies and a non-holding company is an independent company and does not control other companies. Value leverage is understood as the ability to explain accounting number information, namely whether the accounting number has a value that is beneficial to investors, and more emphasized, whether the accounting number is indeed a relevant value explaining the stock price in the securities market. This study aims to find the relationship between the relevance of value between holding and non-holding companies using a sample of 175 manufacturing companies on the IDX through testing the usefulness of accounting profit information that affects investor decisions in the capital market. The test results show that there is a difference in value relevance between holding and non-holding companies.

ABSTRACTThis study examines the impact of capital market on the relationship between energy consumption and carbon emissions. By employing a system Generalised Methods of Moments (GMM) for a sample of 138 developing countries over the period, 1990–2020, we find a U-shaped reverse relationship between renewable energy consumption and carbon emissions. The study reveals that beyond a threshold of 71.03, renewable energy consumption tends to increase carbon emissions. Similarly, the initial levels of carbon emissions reduce the use of renewable energy but beyond a 2.5 level of carbon emissions, renewable energy consumption begins to increase. We find that both the stock market and bond market reduce carbon emissions and enhance the levels of renewable energy consumption. We provide evidence to support that the capital market enhances the negative impact of renewable energy consumption on carbon emissions, while the corporate bond market magnifies the reductive effect of carbon emissions on renewable energy consumption.

As the limit between reality and the digital field seems to blur more and more, and this fusion has an impact on several fields of study, such as accounting and audit, the similarity between cryptocurrencies and the stocks of companies has to be analysed, as investment items. In the absence of comparisons between the cryptocurrency market and the capital market, investors cannot apply the proper accounting treatment for the activity in which they are involved. Consequently, the aim of this article is setting the existing characteristics and correlations between the cryptocurrency market and the securities market. Besides, the authors consider that this article may contribute to the accounting research, providing useful information to investors and regulatory authorities in accounting. Cryptocurrencies and the prices of stocks are somehow correlated after considering the volatility of cryptocurrency. Many of the factors affecting the prices of stocks also have an impact on the prices of cryptocurrencies. Investors and traders treat cryptocurrency in the same way in which they treat the stocks, so that prices tend to have the same trend. We should be cautious when we invest in cryptocurrencies, as they are still new – the market explores its role as an asset. At the same time, the analysis and presentation of certain statistical data was pursued, like the number of companies listed at the largest stock exchange operators in the world, the stock exchange capitalization, the number of cryptocurrencies at world level, the market capitalization of cryptocurrencies, resulting in a similarity between the two studied elements.

Theoretical background: According to many behavioural studies, emotions (e.g. fear, greed, overenthusiasm) strongly influence investment decisions and are one of the main sources of irrational behaviour. Purpose of the article: The study aims at investigating the impact of fear related to the COVID-19 crisis on sector indices on the stock market, in the face of anticipatory restrictions imposed by the authorities. The paper illustrates the investors’ decisions affected by fear. Research methods: The empirical study includes statistical analyses, in particular an analysis of the coefficient of variation. Main findings: The highest increase in the implied volatility index, which is used as a proxy of fear, is noted for the period of uncertainty (before the decisive reactions of government), during which, investors’ reactions are the most strongly related to fear and the negative sentiment affects all the sectors.

Theoretical background: The crisis situation in the aftermath of the military conflict triggered by Russia’s invasion of Ukraine has caused a significant reaction from financial markets. Not only the Russian RTSI index, but also the stock indexes of neighbouring countries (Poland, Germany), as well as the U.S. indices (NDX, US30, US500), declined in value in the following months of the war, which was a direct result of the declining capitalisation of their component companies. A team of Yale University researchers undertook a classification study on a group of more than 1,000 global companies, grouping them according to the strategy (business model) they adopted in the face of the response to Russian aggression against Ukraine. These groups were, in particular: (1) Grade F – defying Demands for Exit or Reduction of Activities: companies that are just continuing business-as-usual in Russia; (2) Grade D – Holding Off New Investments/Development: companies postponing future planned investment/development/marketing while continuing substantive business; (3) Grade C – Reducing Current Operations: companies that are scaling back some significant business operations but continuing some others; (4) Grade B – Keeping Options Open for Return: companies temporarily curtailing most or nearly all operations while keeping return options open; and (5) Grade A – Clean Break – Surgical Removal, Resection: companies totally halting Russian engagements or completely exiting Russia. This work provided the basis for an in-depth analysis of how financial markets (investors) reacted to companies that used extreme responses (completely breaking business ties with Russia as opposed to maintaining the existing business model and business ties with Russia). Depending on the adopted firm strategy, according to the Yale methodology, it can be observed that the impact of war on value was not uniform, and differences in value migration could be discerned. Purpose of the article: In the article, the authors undertook to evaluate the reaction of financial markets in the period 31 December 2021 – 30 September 2022 on the basis of three stock market indices: (1) the US (Dow Jones Industrial Average); (2) the German (DAX 40 – Deutscher Aktien Index); (3) the Polish (WIG 20 – Warsaw Stock Exchange Index) with a particular focus on the date: February 24, 2022, when Russia’s military aggression in the Ukrainian area began. The authors assessed how the volatility of the shares of selected companies in these indices evolved, and whether it was influenced by the social responsibility of the business conducted, as expressed by the severance of business relations with Russia, their periodic suspension or the lack of any response to the acts of war that began. Furthermore, a significant aim of the study was to assess the phenomenon of value migration in companies based on their business relationship strategies with Russia, classified according to the criteria upon which the Yale list was built. Research methods: Critical analysis of the literature on the subject, statistical analysis, technical analysis of stock index volatility, induction and synthesis. Main findings: In view of the object of research described in this way, in accordance with the idea accompanying the CSR policy, the following research hypothesis was adopted in the study: investment sentiment toward multinational corporations that, as a result of Russia’s aggression in Ukraine, ceased business contacts with Russia altogether, differs from investor sentiment toward those organisations that did not take such action and continued business/economic cooperation with Russia.

The importance of the role played by SMEs in the global economy and their contribution to job creation, added value, innovation and growth is widely acknowledged, therefore it is extremely necessary to support their development. In order to be competitive, SMEs also rely on external financing, not only through financial institutions but also through direct participation in the capital market. Managers place great emphasis on financing their businesses, and most of the European companies relying primarily on bank loans as their most important source of founding, unlike in the United States of America, where the activity of stock exchanges is much more developed. This paper aims to study a shared analysis of the advantages and disadvantages of SMEs in Romania regarding financing through financial institutions vs direct participation in the capital market.

The purpose of this paper is to find out the success of crowdfunding in finance SMEs (Small and Medium Enterprises) and business startups during and after the Corona Virus Pandemic (Covid19) in Indonesia and Malaysia. Methodology - This research uses a quantitative approach. The questionnaire was distributed to SMEs owners or operators who already knew about crowdfunding domiciled in Indonesia and Malaysia, each country as many as 100 respondents. To find out the influence and significance of Crowdfunding perception, Social norms, Regulation, Entrepreneurship and Technology, and Capital Market on the success of Crowdfunding by using multiple linear regression analysis. Finding – in Indonesia, of the 5 variables studied all showed positive and significant influences with levels of influence varying from weak to medium correlations, except perception variables that showed weak and insignificant influences. In Malaysia, all variables have a positive and significant influence on the level of influence from weak to moderate correlation. Limitation – this study was conducted in Indonesia and Malaysia during the pandemic period with policies on social distancing, physical distancing, and work from home. Originality – This is the first paper to report research on the impact of Corona virus on crowdfunding in Indonesia and Malaysia.

The capital market was developed in order to facilitate the meeting between the capital suppliers (short or long-term investors) and those who need capital in order to fund various investment projects (companies, local or regional public institutions). At the same time, it has the role to increase the transparency of transactions made between these two large categories of market participants, but also to regulate them by imposing laws and rules of conduct. Practically, it has the role of a mediator between the market participants, being intended to maintain a high level of trust between those who assign their capital and those who receive it. The transfer of capital is made by selling-buying financial titles entailing certain rights for the one that bought them and certain obligations for the one that issued them. There are two categories of main financial titles on the market: shares and bonds. In this article we shall present the general concepts regarding shares and the ways in which they can be assessed.

This paper delves into the relationship between the volatility of the capital market and economic growth within the broader framework of the macro capital market. By employing the Heston stochastic volatility model in tandem with macroeconomic theory, we aim to analyze the stochastic control problem between the allocation trajectory of macro-capital and economic fluctuations. Our mathematical analysis reveals that the influence of capital shifts on economic growth's volatility varies across different capital markets due to diverse risk levels inherent within the macro-capital market. To validate these mathematical findings, we embark on an empirical econometric analysis tailored to the nuances of China's capital market and its macroeconomic operations. This econometric exploration yields two primary insights: 1. Distinct components of China's capital market have varying influences on macroeconomic growth. 2. The structure of China's capital market, especially in its impact on macroeconomic development, exhibits imbalances and lacks optimal configuration.

The capital market was developed in order to facilitate the meeting between the capital suppliers (short or long-term investors) and those who need capital in order to fund various investment projects (companies, local or regional public institutions). At the same time, it has the role to increase the transparency of transactions made between these two large categories of market participants, but also to regulate them by imposing laws and rules of conduct. Practically, it has the role of a mediator between the market participants, being intended to maintain a high level of trust between those who assign their capital and those who receive it. The transfer of capital is made by selling-buying financial titles entailing certain rights for the one that bought them and certain obligations for the one that issued them. There are two categories of main financial titles on the market: shares and bonds. In this article we shall present the general concepts regarding bonds and the ways in which they can be assessed.

This research investigates the evolving nexus between sustainability practices and firm market value, with a specific focus on the rapidly growing Fintech sector. As concerns about environmental, social, and governance (ESG) issues continue to gain prominence, understanding the implications of sustainability efforts on firm performance becomes crucial. This study proposes an empirical exploration of how sustainability initiatives, embedded in ESG scores, undertaken by Fintech firms influence their market valuations. Moreover, the investigation contrasts the findings for the Fintech firms against those for their counterpart Technology firms for the period between 2011 and 2021. The results show that Technology firms are better valued than their Fintech counterparts, which might reflect a perception of higher risk for the later. By employing panel econometric techniques in the system-GMM setting, the paper finds that capital market investors include ESG factors in their valuation of Fintech and Techinology companies, but the environmental and governance-related initiatives at corporate level are most important in this process. The study seeks to contribute to both the theoretical understanding of the sustainability-market value relationship and the practical insights relevant to Fintech firms and their stakeholders.

As the limit between reality and the digital field seems to blur more and more, and this fusion has an impact on several fields of study, such as accounting and audit, the similarity between cryptocurrencies and the shares of companies has to be analysed, as investment items. In the absence of comparisons between the cryptocurrency market and the capital market, investors cannot apply the proper accounting treatment for the activity in which they are involved. Consequently, the aim of this article is setting the existing characteristics and correlations between the cryptocurrency market and the securities market. Besides, the authors consider that this article may contribute to the accounting research, providing useful information to investors and regulatory authorities in accounting. Cryptocurrencies and the prices of shares are somehow correlated after considering the volatility of cryptocurrency. Many of the factors affecting the prices of shares also have an impact on the prices of cryptocurrencies. Investors and traders treat cryptocurrency in the same way in which they treat the shares, so that prices tend to have the same trend. We should be cautious when we invest in cryptocurrencies, as they are still new – the market explores its role as an asset. At the same time, the analysis and presentation of certain statistical data was pursued, like the number of companies listed at the largest stock exchange operators in the world, the stock exchange capitalization, the number of cryptocurrencies at world level, the market capitalization of cryptocurrencies, resulting in a similarity between the two studied elements.

Investing in stocks and shares is a common strategy to pursue potential gains while considering future financial needs, such as retirement and children’s education. Effectively managing investment risk requires thoroughly analyzing stock market returns and making informed predictions. Traditional models often utilize normal variance distributions to describe these returns. However, stock market returns often deviate from normality, exhibiting skewness, higher kurtosis, heavier tails, and a more pronounced center. This paper investigates the Laplace distribution and its generalized forms, including asymmetric Laplace, skewed Laplace, and the Kumaraswamy Laplace distribution, for modeling stock market returns. Our analysis involves a comparative study with the widely-used Variance-Gamma distribution, assessing their fit with the weekly returns of the S&P 500 Index and its eleven business sectors, drawing parallel inferences from international stock market indices like IBOVESPA and KOSPI for emerging and developed economies, as well as the 20+ Years Treasury Bond ETFs and individual stocks across varied time horizons. The empirical findings indicate the superior performance of the Kumaraswamy Laplace distribution, which establishes it as a robust alternative for precise return predictions and efficient risk mitigation in investments.

The literature in business history has shown that the liquidity of company shares had implications on distribution structures of capital and decision-making power. This paper examines the share transactions of the Pombaline colonial companies in comparison to the United East India Company. It finds a more democratic distribution of capital per shareholder than in England but also a higher concentration of voting and decision-making power. It concludes that there was an increasing trend toward a more plutocratic system in both an absolutist monarchy and a parliamentary regime, showing that different legal systems had similar impacts on the distribution of power.

The latest version of directive regarding markets in financial instruments, Directive 2014/65/EU of the European Parliament and of the Council of 15 may 2014, known as MiFID II, lists trading venues in EU jurisdictions as the regulated markets, multilateral trading facilities (MTFs) and organised trading facilities (OTFs). The differences between these three trading places are laying down through European secondary legislation. European approach on markets do not follow the American model on trading markets: stock exchanges and alternative trading systems (ATS). Although the names differ, the essence has been preserved for alternative trading systems and multilateral trading facilities. Trading venues include regulated markets and multilateral trading facilities. Both trading places involve a multilateral system „which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments”. In both cases the pairing of orders is done in a way that results in a contract. In both cases the orders are issued in respect of the financial instruments admitted to trading under markets rules which is authorised by competent authority (Financial Supervisory Authority, FSA). Both places are operated regularly and in accordance with national and European law. The difference between the types of trading places will be quantitative, not qualitative. MTF – multilateral trading facility, the alternative market – although it is not a regulated market in the strict sense, it looks very similar. Still, it differs from regulated market by the lack of regulated procedures for admission to the market, simplified authorization and more relaxed market operation. The difference is only about a level - missing or different - of regulation, not about the essence of the concepts. Fundamentally, although more relaxed, alternative markets create the same particular framework for the formation of legal acts and operations regarding the financial instruments accepted by the system (market).

Purpose – The purpose of this research is to investigate the short-term capital markets' reactions to the public announcement first local detection of novel corona virus (COVID 19) cases in 12 major Asian capital markets. Design/methodology/approach – Using the constant mean return model and the market model, an event study methodology has been implied to determine the cumulative abnormal returns (CARs) of 10 pre and post-event trading days. The statistical significance of the data was assessed using both parametric and nonparametric test statistics. Findings – First discovery of local COVID 19 cases had a substantial impact on all 12 Asian markets on the event day, as shown by statistically significant negative average abnormal return (AAR) and cumulative average abnormal return (CAAR). The single factor ANOVA result has also demonstrated that there is no variability among 12 regional markets in terms of short-term market responses. Furthermore, there is little evidence that these major Asian stock market indices differ significantly from the FTSE All-World Index which might suggest possible spillover impact and co-integration among the major Asian capital markets. The study further discovers that market capitalization and liquidity did not have any significant impact on market reaction to announcement. Research limitations/implications – The study's contribution might have been compromised by the absence of socio-demographic, technical, financial and other significant policy factors from the analysis. Practical implications – These findings will be considerably helpful in tackling this unprecedented epidemic issue for personal and institutional investors, industrial and economic experts, government and policymakers in assessing the market in special circumstances, diversifying risk and developing financial and monetary policy proposals. Originality/value – This paper is the first to examine the effects of local COVID 19 detection announcement on major Asian capital markets. This study will add to the literature by investigating unusual market returns generated by infectious illness outbreaks and the overall market efficiency and investors' behavioral pattern of major Asian capital markets.

The Indonesian Composite Index (ICI) experienced a critical session, the data showed the ICI fell by 6.58% which was the biggest decline in the last 9 years. The prevailing notion was that this pressure stemmed from the prevalence of the Covid-19 concern and is anticipated to be alleviated once Covid-19 disseminates further. The purpose of this study is to determine the causality and long-term cointegration relationship between sharia stock in Indonesia and the Organization of Islamic Cooperation (OIC) member countries, as well as to determine the contribution of shares of OIC member countries, such as Egypt, Oman, Saudi Arabia, Kuwait, Turkey, Bahrain, and Malaysia in the collapse of the Islamic capital market in Indonesia. The method used in this research is quantitative by using secondary data in the form of daily prices of the Sharia index sourced from the website www.investing.com. The population of the countries related to this research is 56 members of the OIC that are active until 2021. For data analysis, several tests were conducted, such as; Testing Time Series Data, Vector Autoregressive (VAR), Granger Causality Test, Johansen Model Cointegration Test, and Contagion Effect Test. The study found that; has not been able to prove the existence of cointegration between the Indonesian Islamic stock exchange and the stock exchanges of OIC member countries other than the Malaysian stock exchange. However, this study proves the interdependence between the Malaysian and Indonesian Islamic stock exchanges, but in the long term, the contribution of the Indonesian stock exchange is greater than the Malaysian Islamic stock index. In addition, another finding was that during the Covid-19 shock, the Malaysian stock position index showed more independence, whereas the decline that occurred at the beginning of the pandemic was caused without the JII or ISSI intervention index.

Research aims: This study aims to create an early detection model to predict events in the Indonesian capital market. Design/Methodology/Approach: A quantitative study comparing ensemble learning models with imbalanced data handling detected early capital market events. This study used five ensemble learning models—Random Forest, ExtraTrees, CatBoost, XGBoost, and LightGBM—to detect early events in the Indonesian capital market by handling imbalanced data, such as under sampling (RUS), oversampling (SMOTE, SMOTE-Broder, ADASYN), and over-under sampling (SMOTE-Tomek, SMOTE-ENN), weighted (class weight). Global and regional stock markets, commodities, exchange rates, technical indicators, sectoral indices, JCI leaders, MSCI, net buys of foreign stocks, national securities, and national share ownership all predicted the lowest return of Crisis Management Protocol (CMP) binary responses. Research findings: Hyperparameters and thresholds were tuned to produce the optimum model. The best model had the highest G-mean. ExtraTrees with SMOTE-ENN predicted the highest number of one-day events, with a G-Mean of 96.88%. LightGBM with SMOTE handling best predicted five-day events with an 89.21% G-Mean. With a G-Mean of 89.49%, CatBoost with SMOTE-Border handling was the best for a 15-day event. In addition, LightGBM with SMOTE-Tomek handling and 68.02% G-Mean was best for 30-day events. Further, performance evaluation scores decreased with increased prediction time. Theoretical contribution/Originality: This work relates more imbalance handling methods and ensemble learning to capital market early detection cases. Practitioner/Policy implication: Capital markets can indicate economic stability. Maintaining capital market efficacy and economic value requires a system to detect pressure. Research limitation/Implication: This study used ensemble learning models to predict capital market events 1, 5, 15, and 30 days ahead, assuming Indonesian working days. The model's forecast results are expected to be utilized to monitor the capital market and take precautions.

Aim and Introduction The development of financial markets is critical for economic growth. One of the most important financial markets is the capital and stock market, where the prosperity of the stock market and financing through the stock market can develop any country's economy. Capital market development requires the efficient performance of financial intermediaries, including mutual funds. Iran’s economy has always faced the problem of insufficient liquidity and financing for production sectors. As a financial tool, mutual funds can moderate this problem with their existing potential. Therefore, the study aims to investigate the probable effect of mutual funds on economic growth. Methodology In the previous studies that have been done in this field, the descriptive-analytical aspect of the subject has been discussed. But these studies didn't provide an appropriate framework for analyzing the effect of mutual funds on economic growth. For this purpose, in the present study, based on the theoretical literature, a general equilibrium model has been designed, and the output of this model is obtained according to the optimization of different sectors of the economy. Assume a closed economy where mutual funds are investors with information and allocate capital to high-productivity firms. The economy has a single period with two production components, a representative mutual fund, and a representative household. We assume a high-productivity firm (H) and a low-productivity firm (L) with an equal number of producers. Both firms can obtain funds by issuing new stocks in the primary market. There is one representative mutual fund in the economy that can invest on behalf of the representative household. Therefore, the fund can invest as much as the fund flows (F) received from the household at the beginning of the period. We assume the mutual fund has sufficient access to information and production technology and can detect high-productivity firms. The household seeks to maximize utility, and the proposed utility function consists of only consumption. As utility and consumption are positively related, utility maximization is equivalent to consumption maximization. However, since the present study adopted a single-period economy, consumption equals income. Thus, maximum utility is represented by maximum income. Initial capital (W) can be directly invested in the primary market or indirectly invested in the secondary market by the mutual fund. This framework is a new aspect and the main contribution of research in this field. The output of the model is estimated using the GMM method for the period 2010:2 to 2020:4. Findings According to Table 5, most coefficients are statistically significant. The first lag of GDP was expectedly found to have a positive, significant impact on the GDP level and, thus, economic growth. Mutual fund investment was observed to have a positive, significant impact on GDP; a 1% rise in fund investment, on average, leads to a 0.473% increase in GDP. This finding is consistent with our theoretical framework. We expect mutual funds’ investments in the primary market, positively impact GDP since mutual funds have an information advantage over individual investors. Thus, they can optimally allocate resources to high-productivity firms (i.e., mutual funds have a higher ability than individual investors to identify high-productivity firms in light of their information advantage). The household wealth coefficient was estimated to be 0.255, suggesting that a 1% increase in the household’s wealth raises GDP by 0.255% on average. This finding is consistent with economic theories. The interaction of wealth and fund investment was estimated to have a coefficient of 0.257, implying a significant relationship. This coefficient was expectedly found to be positive, consistent with modeling. The interaction of fund flows and fund investment significantly affects GDP with a coefficient of -0.174. This coefficient was expectedly found to be negative, consistent with modeling. Fund flows were estimated to have no significant impact on GDP. Although it was found to have the expected sign, it has an insignificant impact on GDP and thus cannot be interpreted. The coefficient of the secondary market return was found to be significant only at a confidence level of 90%. Discussion and Conclusion Overall, mutual funds have a positive impact on GDP. These funds may improve the performance of Iran’s financial markets if they acquire an appropriate position in the financial market. A large number of individual traders have begun to trade on Iran’s stock market without financial knowledge and suffered massive losses in 2020-2021. If the mutual fund sector is active in Iran, in addition to the optimal allocation of resources, it can also help people for investment in the stock market and prevent crises such as 2020-2021. Eventually, the policy recommendation is that policymakers pay more attention to the development of mutual funds in short- and long-term policies. Keywords: Mutual fund, Capital market, Economic growth, Primary market, GMM JEL Classification: G11, G23, G51

AbstractThis study investigates the effect of pension funds (PF) and institutional quality (IQ) on capital market development in 48 African countries. Using a system GMM regression, the study found that the interaction between PF and IQ significantly negatively affects capital market development. The results of the study suggest that PF in Africa contributes positively to overall financial development, and pension fund managers (PFM) seem to be focusing more on other financial market assets than capital markets. It was concluded that IQ may act as a risk management tool. It is therefore recommended that policies on strong IQ should be put in place to enable fund managers to meet their obligations towards the principal (contributor) during retirement. The study recommends that policymakers should integrate the capital markets by ensuring the cross-listing of some of the national exchanges and cross-border investment and also encourage investments in alternative asset classes.

providing a model for better identifying the pattern of exchange rate effects on the capital market and forecast the next one and two years of the Iranian capital market is The purpose of this study. In this regard, using 4 specification criteria (Maximum likelihood, Akaik, Schwartz and Hannan Quinn) we compare the fitness of two-regime Markov switching Model(2R-MSM) with three-regime Markov switching model(3R-MSM) relating to exchange rate fluctuations and the relationship between exchange rate fluctuations and capital market. Afterward we forecast the regime for relationship of exchange rate and capital market. results show in recognizing the pattern of exchange rate effects on the capital market, 3R-MSM outperforms 2R-MSM. According to the research findings, if the foreign exchange market fluctuates severely, an increase in the exchange rate will certainly increase capital market return, but when foreign exchange market is almost stable, the effect of this variable on the capital market can be positive or negative. According to the estimated probabilities, in the coming years we are expected to see a positive effect of the exchange rate on the capital market in a low volatility environment.

The economic and financial state of an emerging European country is undeniably closely related to the evolution and mechanisms that engage the European Union markets. The objective of this paper is to analyze in parallel the macroeconomic and capital market evolution of the Czech Republic, in the context of integration at European level, in order to highlight these connections and compare the path of these indicators with those of other emerging European countries. This paper studies the contagion of emerging markets to events that create inflections of markets at international level, as well as the correlations between the stock market and macroeconomic indices, in order to highlight those factors that lead to a direct influence of the macroeconomic and stock market environment. Through a descriptive analysis of the most relevant capital market indicators and macroeconomics, the study empirically addresses the evolution of the Prague stock exchange in parallel with the economic condition of the Czech Republic, finding similarities and differences in the behavior of these indices. For this analysis, the following indicators were selected: the total value of the traded shares, the number of domestic companies listed on the stock exchange, GDP per Capita, the annual evolution of GDP, the consumer price index, foreign direct investments, net inflows, as well as the current account balance. The study may represent a starting point in a broader analysis of the correlations of the economic and financial mechanisms that are based on the phenomenon of globalization, leading to the determination of common factors that affect the emerging markets in similar stages of development.

In the study, the impact of five macroeconomic factors on the capital market of the Republic of Serbia was explored. The focus was on factors that have been identified as significant for the development of the capital market but with differing opinions regarding their direction of influence. Specifically, the focus was on GDP, inflation, money supply, interest rate, and exchange rate. The research results indicate that the Belex15 index does not show long-term cointegration with GDP, IPC (inflation), and M3 (money supply). However, there is a significant influence of previous interest rate values and the exchange rate on the capital market of the Republic of Serbia. More precisely, there is a positive impact on interest rates and a negative impact on the exchange rate.

We are witnessing the transformation of the financial instruments industry and the processes taking place in the capital market, which have initiated a new trend in securities business. The contemporary progress of the global digital securities market is characterized by interactions between rapid technological innovations, changes in investor habits and competition among technology giants. The research subject is supported by the fact that digital securities offering becomes a profitable business model available on blockchain platform, making securities the most interesting financial instruments in the 21st century. The aim of the research is to overview characteristics of digital financial instruments as a consequence of the difference in territorial areas and legislation, as well as how this affects the potential and challenges of development in the capital market. Description method, analysis and synthesis technique, as well as the documents content analysis in the relevant area, were used for the purposes of the research. The result of the research confirms further development of digital securities in a very challenging environment and resources mobilization through alternative funding methods.

PURPOSE: The first objective of this study is to identify the factors that contribute to the success of equity crowdfunding (ECF) campaigns in Japan. We examined what makes a campaign successful using data from 217 campaigns conducted on FUNDINNO, Japan’s largest ECF platform, between February 2017 and May 2021. The second objective is to assess individual investors’ financial literacy based on the ECF campaign’s success or failure. This study is unique in that it focuses on funding method differences as well as the contents of the business plans disclosed in the ECF campaigns. In Japan, a common equity campaign and stock acquisition rights campaign are run on the same ECF platform, as if they were the same type of funding. Common stock and stock acquisition rights are treated differently by venture capitalists and other professional investors. By comparing the success or failure of the two Japanese projects, we can assess individual investors’ financial literacy after taking into account the project signals. METHODOLOGY: The “Signaling Hypothesis” and the “Lack of Financial Literacy Hypothesis” were tested. Nine and four variables were set as proxy variables for the Signaling Hypothesis and the Lack of Financial Literacy Hypothesis, respectively. This study first divides the qualitative data into success/failure dichotomies for the proxy variables that comprise the hypotheses and then uses a chi-square test to examine the composition ratio of each. The quantitative data among the hypotheses’ proxy variables are then tested for differences in means (t-test) and medians (Wilcoxon signed-rank test). Subsequently, we perform a probit analysis with the explained variable being “success (1)/failure (0)” and the explanatory variable being a proxy variable for the hypothesis. We begin with a probit analysis, and the Logit model is then introduced. Finally, a multiple regression analysis is run with the explained variables “fundraising rate” and “number of investors” and the hypothesized proxy variables as explanatory variables. FINDINGS: We found that the “number of directors” is an effective management ability indicator of ECF success. In terms of start-up fundamentals, investors appear to accept the signals “intellectual property”, “product releases” and “tax incentives.” Awards affected the size of the final funding round. In contrast, B2C companies negatively signaled to private investors. The proxy variable “in final year sales” was supported concerning the lack of a financial literacy hypothesis. Individual investors can be assumed to be financially literate if they perform due diligence. However, since “expected rate of return (Internal Rate of Return, hereafter abbreviated as IRR)” and “common stock dummy” are uncorrelated, we can conclude that they do not demonstrate financial literacy in “valuation,” nor whether or not the investment is profitable. Thus, individual investors’ financial literacy in the Japanese ECF can be considered to be limited. IMPLICATIONS: We have demonstrated which signals investors in Japan’s ECF campaigns respond to. These guidelines will be useful for future start-ups planning ECF campaigns. We were able to identify the lack of financial literacy among ECF individual investors. Therefore, for Japan’s equity capital market to grow in the future, individual investors’ financial literacy must be improved. ORIGINALITY AND VALUE: With very limited analysis in Asia, home to the world’s second- and third-largest stock markets, we have identified the factors behind the success of Japan’s ECF. Identifying success factors in a country like Japan, where many individual investors are extremely risk averse, will provide new insights. By comparing the success or failure of the two types of Japanese ECF projects (common equity projects and stock acquisition rights), we could test the financial literacy of individual investors, taking into account the project signals.

The objective of this study was to examine the implications of financial inclusion on capital market liquidity in Nigeria. Therefore, we applied Vector Autoregression (VAR) technique to the analysis of the quarterly time series data obtained from Central Bank of Nigeria’s statistical bulletin and World Development Indicators for the period, 2008Q1 to 2018Q4. Findings of this study reveal that deposit penetration, bank penetration and credit penetration have positive but non-significant impact on stock market turnover ratio in Nigeria. Furthermore, unlike deposit penetration which exerts negative and non-significant influence on the value of shares traded ratio; bank penetration and credit penetration have positive but non-significant impact on the value of shares traded ratio in Nigeria. The study posits that financial inclusion exerts no significant influence/implications on stock market liquidity in Nigeria with a very negligible variation in the latter (stock market liquidity) explained by the former (financial inclusion). It is therefore recommended that accounts and bank penetrations should be re-engineered towards their translations to high volume and value of capital market transactions rather than mere financial penetration without any capital market implications in Nigeria.

The capital market development in a national economy has an important influence on its economic growth and development and how successfully it will follow the economic trends on a world level. Especially important segment for encouraging the capital market development is the emergence of the investment funds. In the developed market systems, the investment funds are dominant by their participation in the financial system due to the risk diversification, the working transparency, the liquidity and the possibility to invest smaller amount of funds. In the developing countries, as it is a case with Republic of North Macedonia, the investment funds have existed for several years and they are at the beginning of their development. The legal framework establishment and the possibility for forming these kinds of collective investors which will enrich the financial market, and which has already been a world practice, have not brought significant changes in the financial system. The insufficient maturity of the capital market, the weak economic base, the limited competition and the closed market towards other countries, as well the fear of investing in something unknown significantly made the conditions for progress difficult. This research aim is through method of analysis to determine the real situation and the limiting factors, and the possibilities and the necessity for the investment funds development in RN Macedonia towards the economic development advancement.

The purpose of this study was to investigate the possibility of using principal component analysis method as a tool for data reduction of the proxies of stock liquidity in Tehran Stock Exchange (TSE). First, the initial set of proxies of stock liquidity (8 variables) was identified and after the initial validation tests, the method was implemented at 2 levels: 1) all companies and 2) companies with much data. According to the obtained results, applicability of using this method to reduce the initial set of variables was concluded. The results showed that in both levels of analysis, the method could be used successfully for data reduction of liquidity proxies. Depending on the purpose of different researches, the initial set of liquidity proxies could be appropriately reduced by extracting 2 or 3 main components, while explaining the acceptable part of the total data variance.IntroductionSo far, many variables have been introduced as proxies of stock liquidity in the research literature of capital market. It is impossible to use all these variables in regression models for several reasons, such as excessive reduction of the degree of freedom or high correlation of the variables; thus researchers are forced to choose among them. When selecting among the variables, researchers are faced with some econometric problems like the problem of omitted variables. Therefore, data reduction methods, which have fewer econometric problems, are highly regarded in the research literature. The “principal components analysis” is one of the most reliable data reduction methods that have been introduced. The purpose of this research was to investigate the possibility of using the “principal component analysis” method as a tool to reduce the proxies of stock liquidity in Tehran Stock Exchange (TSE). Method and DataTo carry out this research, first, the initial set of variables introduced as proxies of the stock liquidity (8 variables) were created by deeply studying the professional research literature. For more validity, the analyses were performed at two different levels. In the first level, all the companies (515 companies with 47.153 months of data) were used in the analysis. In the second level, the companies that did not have much data were excluded from the analysis and only those with 100 months of data and more were analyzed. The second category of companies included 312 companies (38.458 months of data).By creating correlation matrices and performing Bartlett and MSA tests, the dataset suitability for implementing the “principal component analysis” was tested, and then the “principal component analysis” method was implemented on the two datasets. Finally, sensitivity analyses were carried out to confirm the validity of the obtained results. According to the results, a conclusion was drawn about the possibility of using "principal component analysis" in reducing the proxies of stock liquidity. FindingsIn the validation phase, Bartlett and MSA statistics confirmed appropriateness of the data correlation for implementing the “principal component analysis” method. The MSA statistics of both levels was about 66%, which was interpreted as the data appropriateness for analysis. The results of the implementation of the “principal components analysis” method at the level of ‘all companies’ showed that this method could be successfully used for reducing the liquidity proxies. By forming 3 components (one component had a borderline significance level), the initial set of liquidity proxies could be reduced appropriately, while explaining an acceptable part of the total data variance.Similar to analysis of the first level, the results obtained for companies with more than 100 months of data also confirmed usefulness of the "principal component analysis" method in the reduction of liquidity proxies. In the validation dimension, there was not much difference between the results of the two levels, but only two components were extracted in the implementation dimension.The sensitivity analysis also showed that the correlation matrix of the investigated variables was stable over time and the results could be extended to all studied periods. Conclusion and discussion Considering the multitude of variables introduced as the proxies of stock liquidity and the econometric issue of choosing among them, this research used the method of "principal component analysis" as an efficient tool with strong theoretical foundations for data reduction of liquidity proxies and reported the results of its application. By confirming applicability of the “principal component analysis” and stability of the correlation matrix over time, it was claimed that this method, regardless of time and topic, could be used for reducing liquidity proxies and helping avoid the econometric issues related to the unsystematic selection of variables. Comparison of the method implementations in the two levels of companies showed that it was possible to perform the analyses by extracting fewer components when the “principal components analysis” was performed on the companies with lots of data..

This paper deals with the historical development of the legislation of the capital markets of the USA and the EU. It is divided into two parts: the general part contains a brief history of the development of the capital market in this context and I identify several milestones that had a significant impact on the development of the capital markets. The special part, first dealing with the development of the legislation of the capital market in the USA from the Great Depression to date and further by the development of the EU capital market from the foundation of the European Economic Community in 1957 to the implement of the MIFID 2 Directive and MIFIR Regulation, concludes with a comparison of both legislative systems and their common objectives and the interests pursued by individual regulations. The main sources for this paper are in particular the relevant laws regulating the area in question, Czech and foreign scientific papers on the given topic and online economic platforms.

The purpose of the paper is to analyze current trends in the gas futures market and the prerequisites for their spreading in Ukraine. The analysis is based on scientific research results, search query time series provided by Google Trends, and statistical databases of derivative markets. The paper reveals the trends in the reshaping of the commodity derivatives market after 2008 in favor of commodity derivatives and the fast-growing volume of gas futures in the EU after 2017. The dual reason for these trends comes from the growing energy challenges and the tightening of financial derivatives regulation. Both reasons depend on real economic activity. This determines the presence of economic prerequisites for the spread of gas futures in the world.The paper identifies the main institutional prerequisites for the spread of gas futures in Ukraine: an active gas exchange with growing volume of the spot trading and a situational factor of the energy market reforming. Initiatives of the gas market liberalization in Ukraine correspond to the energy market reform in EU. The identified trends, prerequisites, advantages and obstacles for the spread of gas futures allow to generalize proposals for state regulation, such as organizing the Ukrainian energy market as a hub to attract participants from other countries, as well as supporting the spread of gas futures on the capital market through the implementation of clearing mechanisms. AcknowledgmentThe paper was funded as part of the “Determination of institutional conditions for the development of the exchange segment of the gas market” research project (No. 0122U002205), conducted at the State Institution “Institute for Economics and Forecasting of the NAS of Ukraine”.

Governments need income to be able to perform their main tasks such as providing health, education, and security for society. This income can be provided in different ways, each of which has its effects. One of the ways to earn a stable income for the government is to use the tax capacity. The government can provide its income by designing tax systems in the asset markets, and the capital market will be one of the government's target markets. Therefore, the central question of the research is designed as follows: What is the appropriate mechanism for collecting taxes from the traders of the Tehran Stock Exchange?To answer this question, while examining the historical course of the research topic in Iran and the successful experiences of the target countries, by designing a questionnaire, the opinions of public finance and capital market experts were obtained in the form of separate interviews, and by using the method of thematic analysis of the proposed ideas in the form of the basic themes of the data. It provided the requirements for the design of the tax collection mechanism in the Tehran Stock Exchange. In the end, the research results were categorized into ten domains and formed organizing themes. Then, the mentioned topics were categorized in the form of mandatory considerations for the implementation of the proposed mechanism in 3 sections short-term, medium-term, and long-term measures. In the end, according to the mentioned considerations, the proposed mechanism was explained in 3 separate categories of tax bases.

One of the areas of investment that has been neglected in our country, of course, is investing in the capital market (stock exchange) and buying shares of public companies. According to the available information to identify the strengths and weaknesses of investment in the capital market and in comparison with other common and popular areas of investment, a comparative study has been conducted and the necessary conclusions have been presented.

ABSTRACT The Financial Services Authority has issued the latest regulation in the Capital Market sector, namely the Financial Services Authority Regulation Number 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market Sector. This paper aims to conduct a more specific analysis regarding the mandatory elements for a company that will conduct a public offering to list its equity securities on the stock exchange. The initiation of the obligation to conduct equity securities listing is carried out in order to reduce the intensity of backdoor listing or efficient efforts towards Initial Public Offering activities by acquiring a company whose shares have been listed on the Stock Exchange. This article was compiled using a normative legal research method. Based on Financial Services Authority Regulation Number 3/POJK.04/2021, the Financial Services Authority through the Depository and Settlement Institution conducts electronic securities listing which is not part of the securities collective custody. The Depository and Settlement Institution checks the conformity of the Securities records in the Depository and Settlement Institution with the records in the Securities Administration Bureau or the Public Company which conducts its own Securities administration. The mandatory to be listed for the equity securities of a public company closes legal loopholes for companies that wish to become public company using a procedure that is not in accordance with the provisions of the prevailing laws and regulations. Keywords: registered; capital market; public company; securities

The stock market, be it cryptocurrencies or securities, is meant to bring a passive income from investments, so we recommend that when investing in the stock market you have a solid financial base and a steady source of income in case of losses. The market is also very unpredictable, the analyses and theories presented are quite accurate and are based on thorough research, but the market can be unpredictable at times, which is why we consider these predictions to be pure speculation. The purpose of this paper is to point out that most of the time if you invest without a solid basis on how the charts work and when to enter the market, you will most of the time come out at a loss, or, you will not make a profit that matches your expectations.

This paper analyzes the capital market and the evolution of Romania's economic growth, examining the correlation between the main indicators of the two economic and financial mechanisms. The purpose of this paper is to examine the relationship between financial development and economic growth in the period 2000-2020, using indicators for the development of the stock market sector and the macroeconomic environment. Most of the existing studies on this topic address the markets of developed economies, but we believe that the degree of correlation may differ in the case of less developed countries. This paper tries to bring its contribution to the specialized literature by studying the indicators in the case of Romania, during the period when this developing market aspires to the status of an emerging market and in the context in which this promotion took place in 2020.

Background & Purpose: Nowadays, there are different generations of employees in the workplaces. Each generation has its own characteristics and effective management of these generations is a major challenge for organizations. Therefore, recognizing and understanding these characteristics is essential in order to managing these generations. Performance management is one of the most important functions of human resource management, which in this research has been investigated in generation Z as the generation after generation Y that few studies have been done about it. Therefore, the purpose of this research is to identify the essentials of performance management system of generation Z employees in the capital market. Methodology: For this purpose, thematic analysis method has been used as one of the qualitative research methods. The research paradigm is interpretive and semi-structured interviews were used as a research tool to collect raw data from Generation Z employees in the capital market. These employees were selected by purposive sampling of the type of maximum diversity. Findings: Total of 26 interviews after analysis led to the identification of 4 main themes, 12 secondary themes and 114 basic themes, which are based on the four main phases of performance management. Conclusion: The results show the importance of all four phases of the performance management system for generation Z employees, and if organizations continue to fail to implement the standard of this system, it will bring about destructive outcomes like turnover. Finally, research limitations and suggestions for future research are provided.

The Financial Services Authority (OJK) issued OJK Regulation Number 22/POJK.04/2021 concerning the Application of Stock Classification with Multiple Voting Rights by Issuers with Innovation and High Growth Rates conducting Public Offerings of Equity Securities in the form of Shares (POJK 22/2021). The problem raised in this research is the implications for investors on the regulation of the implementation of stock classification with multiple voting rights by issuers in the capital market. This research is a normative or doctrinal legal research, which describes, explains, and analyzes the optional policies carried out by OJK through POJK 22/202. The analysis is carried out using a qualitative descriptive approach that begins with collecting legal materials, qualifying them, connecting theories related to research problems, drawing conclusions to determine results and recommendations. The results of this study indicate that issuers who exercise multiple voting rights in the capital market can make the majority shareholder unable to control the company. Investors who will own shares in issuers that implement this policy only have the advantage of enjoying dividends only if the issuer makes a profit. However, if the issuer suffers a loss, the investor will suffer the biggest loss.

Introduction to The Problem: Symmetric information is an essential factor in the capital market. Symmetric information will create an efficient capital market. Insider trading is one of the things that makes asymmetric information. The regulations on the capital market determine the criteria for insider trading. Insider trading is people who have non-public information on the company and earn financial benefits from non-public information.Purpose/Objective Study: This research aims to determine the insider trading criteria on the Indonesian Capital Market Law Number 8 of 1995.Design/Methodology/Approach: This research uses the normative juridical method. The study utilizes several cases that occur in countries as a discussion.Findings: This research concludes that the definition of insider trading consists of stakeholders who have interests and non-public information on public companies. The scope of insider trading is also extended to family members of stakeholders. Stakeholders include management, related companies' employees, officials, suppliers, shareholders, and their family members. The definition of family members is the spouse, children, and parents. The definition of insider trading should be extended to the current regulations. The related individuals must carry out the obligation to report share ownership.Paper Type: Research Article

Capital market is considered one of the most important channels in appropriating the financial resources optimally, and any disruption occurs in it will encounter the appropriation of financial resources in the economics of each country with a serious problem. The economic bubble is one of the reasons disrupting capital appropriation. Generally, when there is a difference between the price of a share and its expected price in the future, the economic bubble issue is considered. The economic bubble will face investors by choosing the best investment opportunities. It will finally deviate the process of equipping and appropriating the resources optimally from its principled path. The present study aims at investigating the relationship between earnings management and economic bubble. To achieve this purpose, the number of 109 companies has been studied from 2008 to 2018. The study's hypothesis was tested through a multivariate regression method and panel data method and utilizing Eviews9. The findings show a significant relationship between earnings management and economic bubble, which shows that besides the external factors, the managers' behavior may influence the generation of the economic bubble.

Experts and scholars are increasingly discussing the trend of US–China decoupling in the context of the two countries’ intensifying strategic conflict. This inevitable trend, though only in the early stages, has already had a significant impact in a variety of fields, including technology, investing, and banking, and is predicted to continue to grow in the future. In areas including capital markets, financial services, investments, and financial institutions, the paper clarifies the financial decoupling between the US and China. As a result of the two countries’ intense competitiveness with one another in a wide range of industries, there was a financial decoupling between the US and China. China is seeking to create its own system which includes independent financial institutions from the US-established or US-based institutions, thereby, creating independence and competing with US’s position. The US, for its part, has been proactive in conducting strong decoupling in the stock market by restricting investment in China and increasing scrutiny of the presence of some Chinese military-related companies on the US stock market. However, due to mutual interests, both countries seem to have the dilemma of separating from each other. The two countries continue the trend of decoupling but at the same time, increase cooperation in various areas including financial services. The decoupling process between the world’s two leading powers has a direct, multi-dimensional, lasting and profound impact not only on the two countries but also on the global system of institutions, rules and standards, in which the challenge side is bigger than the opportunity side. As a partner of both the US and China, Vietnam also faces direct challenges from the financial decoupling of these two powers.

Indonesia as a sovereign country guarantees and provides protection for every citizen. This is a reflection of the State of Indonesia as a state of law. It is the same as the supporting profession of legal consultants in the capital market who have the right to have all their rights protected while carrying out their profession. The supporting profession of legal consultants in the capital market has an important role. Provisions of Article 67 of Law no. 8 of 1995 concerning the Capital Market which reads "In carrying out business activities in the Capital Market sector, Capital Market Supporting Professionals are required to provide an independent opinion or assessment. However, according to the author's careful review, in the capital market legal consultant profession, legal immunity has not been found while carrying out their profession. While in the Advocate Law there is immunity for an Advocate who carries out his functions as contained in Article 16 of Law Number 18 of 2003 concerning Advocates. The Capital Market Law does not explicitly describe legal protection for capital market legal consultants. For this reason, in this paper the author finds about preventive legal protection for capital market legal consultants in Indonesia with a Comparative Study of Indonesian and Singapore Laws. Legal Consultants in the Capital Market in Indonesia, one of the fundamental things to avoid legal sanctions is obedience to existing legal norms. While in Singapore it was found that since the beginning according to the country's constitution there has been legal immunity for professions related to Advocates, Lawyers or legal consultants. To answer the problem of this paper, the writer uses normative juridical method with progressive legal theory (Prof. Satjipto Rahardjo) and Legal Protection Theory (Philipus M. Hadjon).

Whether the contributory pension scheme (CPS) has addressed the shortage of capital for investments, the challenge of full compliance with the system and the shortage of investment outlets spurred the interest to investigate the impact of the CPS on capital market development and economic growth from 2005 to 2021. Secondary data was adopted for this study, and the data were extracted from the National Pension Commission and world development indicators. The study employed the auto-regressive distribution lag (ARDL) model as an estimation technique. The empirical results show that among the proxies for gross domestic product, total pension fund asset (TPFA) was significant in both the short and long run, which showed that a 1% increase in TPFA would produce a 0.0028% increase in the GDP. Also, among the proxies for capital market development, total pension fund asset (TPFA) was significant in both the short and long run, which showed that a 1% increase in TPFA would produce a 0.024% increase in capital market development. Based on these findings, the study concluded that CPS influenced capital market development and economic growth. Consequently, this study recommended, among others, that the NPC should continue to partner with relevant stakeholders such as pension fund administrators and custodians by making its investment regulations more flexible and encouraging increased pension fund investments.

Classical statistical and econometric theory, intended to provide functional forecasting models in capital markets, is the mathematical foundation for a number of theories - efficient market theory, Harry Markowitz's optimized portfolio theory, the CAPM model developed by Sharpe, and the modern theory of portfolio - Modern Portfolio Theory (MPT). Although capital markets are considered at their best to be efficient, in real world, testing their efficiency proved eroneous. As the concept applies normally to random processes, or Brownian motions. But in very rare moments markets are efficient (weak or strong form of efficieny), rather than they follow fractional Brownian motions. In other words, for this particular type of process, the memory effect over the price is encompassed. For determining which cathegory of process the price may follow, R/S Analysis is a robust tool for testing whether a historical price series, for certain time interval, follows a Brownian motion or there is some memory effect over it. Determining the Hurst exponent for company ALRO S.A., for a the period of time since listing, until 16/07/2021 was the aim of this paper. Values of the Hurst Exponenent indicate important information regarding memory effect inside the stock market, or appearance of some random process. As a conclusion, Romanian capital market has evolved from a very low stability market to a more stable investment environment, meaning increasing liquidity over the market.

An open-ended mutual fund is an institution designed to provide both diversification and professional management at a relatively low cost. The directors consider issuing new shares or withdrawing old shares at any time, depending on the evolution of the capital market. In this context, in the article we started from identifying the possibilities to consider mutual portfolios as diversified ones, being included, as a rule, over 100 different titles. This is due more to the size of the fund than to the desire to minimize risk. In these circumstances, given that most funds diversify extensively, volatility should provide a good arrangement for variability to ensure a fairly high return on capital market placement. The purpose of this article was to clarify the issues related to these mutual funds, so that the analysis focuses on determining what is the prospect of achieving a reasonable return from the point of view of the holder of the invested portfolios. The methodology used was, by taking brief but important examples, what the situations are and how the mutual portfolios placed on the market behave. We used the graphical representations, but also a method of analysis by using the Dow-Jones portfolio, consisting of 23 funds with low rates. We also used the logical method of interpreting and comparing the results obtained in different circumstances, indicating through some models what should be the analytical capacity of investors of asset portfolios on the capital market.