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Equity crowdfunding has the potential to democratize entrepreneurial finance and provide female entrepreneurs with new and equal access to early-stage financing. In this paper, we present first empirical evidence on gender stereotypes in the context of technology ventures in equity crowdfunding. Drawing on signaling and gender role congruity theory, we hypothesize that quality signals have different effects depending on whether they are sent by male or female entrepreneurs. Results taken from a sample of 263 equity crowdfunding campaigns run by technology ventures confirm our hypotheses. In line with gender stereotypes, management experience is beneficial for male entrepreneurs but detrimental for female entrepreneurs. Interestingly, media coverage as a third-party signal has the oppositive effect, being more effective for female entrepreneurs.

Over the past decade, the market for off-grid solar (OGS) systems providing affordable sources of energy has seen a remarkable expansion in many developing countries where coverage by the electricity grid is limited. The observed market growth has been fuelled by the provision of finance by a variety of foreign investors to private suppliers of such systems. The development of the OGS market plays an important part in meeting the development imperative of ensuring access to sustainable and affordable sources of energy for all. However, increasing awareness and criticism have emerged about the generation of electronic waste (e-waste) from solar products as an unintended negative side effect of their diffusion. In this paper, we explore whether and how investors of dominant OGS system providers in Kenya, a country that has experienced rapid growth in its OGS market, have reacted to concerns about solar e-waste by changing their funding modalities and practices. Our analysis is based on in-depth interviews carried out with a diverse sample of international investors and industry experts. We find that most investors have not incorporated requirements for managing e-waste beyond a mere box-ticking exercise in their due diligence and monitoring and compliance mechanisms. Hence, e-waste is currently not seen as a priority for investors, which raises questions about the overall environmental sustainability of such investments. To the extent that some investors have devoted attention to improving e-waste management, such efforts appear to have been motivated by the potential risks to their reputations. We also find that the Global Off-Grid Lighting Association – a global industry association for the off-grid solar sector – plays an important role in making investors aware of the link between their investments and the adverse environmental impacts of e-waste. Since most of the solar supplier firms are start-ups that are concerned with developing viable businesses, we find that investors do not want to impose another cost burden on them by requiring the introduction of elaborate e-waste management as part of their investment criteria. Furthermore, our interviews highlight the lack of adequate waste transport and recycling infrastructures and the lack of pressures from waste management regulation as key barriers to the management of e-waste. We discuss the relevance of these findings for strategies on how best to tackle the emerging problem of e-waste from OGS devices.

Behavioral finance aims to understand the reasoning patterns of investors, constrained by emotional processes, and how they influence the decision-making. This motivated the work, whose purpose is to evaluate individuals' decision-making behavior under risk/uncertainty. The methodological procedure adopted exploratory research through a questionnaire grounded by the prospect theory and the cognitive reflection test with 329 responses from individuals in Portugal. The results are aligned with the Kahneman and Tversky's study. Moreover, they support different behaviors between non-investors and investors, and consistency between non-familiar and familiar with the behavioral finance. Although the ratio of correct answers to the cognitive reflection test is low, it is higher in the group of investors and the male gender. The combination of the results identified groups of high and low cognitive aptitude with different responses to the effects of the prospect theory. Overall, individuals' decision-making seems to be influenced by cognitive biases and the intuitive system. The findings are important because they highlight the importance of strategic financial literacy plans

El propósito de este artículo científico es evaluar el impacto de la volatilidad del mercado de valores en Colombia debido al conflicto entre Rusia y Ucrania. Se busca analizar los cambios en los precios de las acciones, los índices bursátiles y la volatilidad del mercado como indicadores del impacto económico, identificar los factores que contribuyen a la inestabilidad del mercado y ofrecer recomendaciones prácticas para gestionar los riesgos asociados con la volatilidad durante períodos de incertidumbre geopolítica. The purpose of this scientific article is to assess the impact of stock market volatility in Colombia due to the conflict between Russia and Ukraine. It aims to analyze changes in stock prices, stock indices, and market volatility as indicators of economic impact, find factors contributing to market instability, and provide practical recommendations for managing risks associated with volatility during periods of geopolitical uncertainty. Especialista en Finanzas Especialización

Digital platforms play an increasing role in the logistics industry. In this space, new start-ups have been challenging the traditional logistics providers with new business models. It is, however, not clear whether these digital platforms have the potential to truly ‘disrupt’ the current industries. In this paper, we debate a holistic view on the notion of disruption and disruptive innovation in the context of digital platform start-ups. To distinguish between disruptive and sustained innovations, we propose a Digital Start-up Disruption (DSD) framework – grounded on the existing literature – that allows characterizing digital platforms and their disruptive potential, the ecosystem network, the value creation, and the regulatory agenda. Applying the framework of the four antecedents to a case study of a digital freight forwarder arrives at important insights pertaining to the dynamics of disruptive and sustaining technologies. This framework and methodology can help investors and funding organisations identify the opportunities for potential disruptive innovations.

The EU-funded project S3E is hosting the Start Open Day on Thursday 20th July 2023, at 10.00 CET, where the participating South European research teams and technology transfer officeswill pitch their deep tech projects.

O planeta terra tem sofrido consequências devastadoras fruto das ações levadas a cabo pelo ser humano. Reduzir as emissões de gases de efeito estufa é vital para resolver este problema, e salvar o futuro do nosso planeta. No que toca às alterações climáticas, a União Europeia assumiu uma posição de liderança global através das suas políticas, estratégias e objetivos. Com uma forte posição na luta contra as alterações climáticas, a UE promove práticas ambientais sustentáveis e responsáveis, considerações ESG, e o investimento responsável. O objetivo desta dissertação é analisar a importância da UE, dos ESG, e do investimento responsável no que toca as alterações climáticas, abordando as ações tomadas pela UE na luta contra as alterações climáticas. Esta dissertação inicia-se com uma breve introdução histórica sobre as primeiras preocupações ambientais. Destaca ainda as maiores conferências do mundo sobre o ambiente, os tratados da UE, mecanismos para regular práticas não ecológicas, os planos de ação da UE para reduzir as emissões de gases de efeito estufa, a Framework da UE relativamente a sustainable finance, e investimento responsável. The planet Earth has suffered devastating consequences from human actions (burning fossil fuels, deforestation, pollution, etc.). Reducing GHG emissions is vital for solving this problem and for saving the future of our planet. The European Union has assumed a global leadership position on climate change through its policies, strategies, and objectives. With a strong position on fighting climate change and achieving climate neutrality, the EU promotes sustainable and responsible environmental practices, Environmental, Social, and Governance considerations, and responsible investment. The objective of this thesis is to analyze the importance of the EU, ESG, and responsible investment in climate change by covering the past, present, and future actions taken by the EU to fight the problems our planet is facing. This thesis starts with a brief historical introduction to environmental awareness and concerns, highlighting the world’s major conferences and EU treaties on the environment, mechanisms to regulate non-environmentally friendly practices, EU action plans to reduce GHG emissions, EU’s sustainable finance framework, and responsible investment.

This research aims to assess the impact of accelerator programs on the innovation performance of participating firms, particularly emphasizing the roles played by peers, mentors, and investors.The study delves into how connections with others may inspire creative actions and propel new businesses forward. The data was collected using a standardized survey questionnaire, and the results were organized using statistical analysis.The results show that accelerator programs substantially affect company success, with mentors and investors showing a real correlation but peers showing no relevant association. These findings demonstrate the robust correlation between accelerator programs and successful outcomes for businesses in Pakistan.However, the results show that peers are not the only factor in determining the success or failure of a firm. Although startups play a critical role in bringing new technologies to market and stimulating economic development, their success is often predicated on drawing on the expertise of others outside the company.&nbsp

The article examines the importance of intellectual property commercialization for business and economic development. The article describes the benefits that intellectual property owners can obtain through commercialization, including the creation of new products and services, increased profits, expanded markets, and attractiveness to investors., Стаття розглядає важливість комерціалізації інтелектуальної власності для розвитку бізнесу та економіки. У статті описані переваги, які можуть отримати власники інтелектуальної власності через комерціалізацію, включаючи створення нових продуктів та послуг, збільшення прибутку, розширення ринків та привабливість для інвесторів.

With the rapid development of technology in all fields, including the financial field, people have flocked to invest in cryptocurrencies, sometimes without prior knowledge or experience. This has prompted hackers to prey on inexperienced investors through many types of fraud and attacks, especially phishing attacks. Cryptocurrency investment transactions take place without intermediaries such as banks and monetary institutions. Investing in cryptocurrencies is a form of peer-to-peer transaction and takes place without the involvement of physical wallets. This study addresses cases where people may become victims of phishing attacks due to the nature of cryptocurrency investments. The aim of this study was to understand the concepts of various phishing attacks on cryptocurrencies and to measure the awareness of cryptocurrency investors in the Arab Gulf countries regarding the security risks associated with cryptocurrency investments. This research was conducted by distributing a questionnaire among cryptocurrency investors and collecting and analyzing all the survey responses. The results reveal a lack of awareness about how to deal with the security risks associated with cryptocurrency investments. The research concludes that the majority of cryptocurrency investors are unaware of how to deal with phishing attacks. Finally, we address future research directions and recommend actions that can be taken to increase investors’ awareness of this issue.

Mining, specifically, large-scale gold mining has become one of the primary economic activities that play a pivotal role in the socio-economic development of one country. But there is no consensus among scholars whether gold mining companies maintain mutual benefits with local communities. The main objective of this research is to scrutinize the mechanism to be employed in reopening Lega Dambi large-scale gold mining by maintaining mutual benefits between the company and the local community. The researcher employed a qualitative method and a case study research design. Focus group discussions and semi-structured interviews were used to collect data from the local community, elders, religious leaders, Abbaa Gadaas, Guji Zone, and Odo Shakiso Woreda investment office, land management office, social and labor affair, mineral, and energy office administrators, and Odo Shakiso Woreda health station and Adola hospital. Secondary sources and regulatory frameworks such as FDRE Constitution and Mining Operations Proclamation No. 678/2010 were used to triangulate with primary data. The finding shows that Lega Dambi's large-scale gold mining company failed to maintain mutual benefits between itself and the local community. Basic tenets such as national and regional corporate social responsibility, community development agreement, impact and benefit agreements, social and labor plan, and social license were not implemented properly to balance the mutual benefit between the company and the local community. The researcher concluded that Lega Dambi large-scale gold mining company disregarded the role of the local community during commencement time albeit it had a strong relationship with the central government. Consequently, the company was terminated because of a bad relationship it had with the local community. It is recommended that national and regional corporate social responsibility that shows the company’s specific joint administration of the central and Oromia region governments should be designed and implemented fully. It is also recommended that discussions should be held with local communities and arrived at a consensus concerning the reopening of the company.

Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management Behavioral research has developed a significant theoretical background for revealing behavioral biases, however these biases are still overlooked in the investment allocation process. The main objective of this work is to include psychological analysis in the investor risk profile. Investors typically take a questionnaire before starting to invest, but these questionnaires only survey preferences and risk profile disregarding attitudes towards risk. This can sabotage otherwise well-intentioned efforts to achieve stated financial goals. For that reason, this work applies a “behavioral questionnaire” to analyze behavioral bias in investors. More than maximizes expected return for a given level of risk, the investment strategy should suit the investors psychological preferences. The questionnaire has questions that analyze the investment objective and needs according to behavior. The results led to a sample of young investors with high education level. Only four cognitive biases, between eleven, were detected but all with close definition showing consistency in the responses. A pesquisa comportamental desenvolveu uma base teórica significativa ao revelar vieses comportamentais, no entanto, esses vieses ainda são negligenciados no processo de alocação de investimentos. O objetivo principal deste trabalho é incluir a análise psicológica no perfil de risco do investidor. Os investidores geralmente respondem um questionário antes de começar a investir, mas esses questionários apenas pesquisam preferências e perfil de risco, desconsiderando as atitudes em relação ao risco. Isso pode sabotar os esforços bem-intencionados para atingir as metas financeiras declaradas. Por isso, este trabalho aplica um “questionário comportamental” para analisar os viéses comportamentais dos investidores. Mais do que maximizar o retorno esperado para um determinado nível de risco, a estratégia de investimento deve se adequar às preferências psicológicas dos investidores. O questionário possui perguntas que analisam o objetivo e as necessidades de investimento de acordo com o comportamento. Os resultados levaram a uma amostra de jovens investidores com alto nível de escolaridade. Apenas quatro vieses cognitivos, entre onze, foram detectados, mas todos com definição próxima demostrando consistência nas respostas.

Este documento tiene como objetivo evaluar, a través de un Benchmarking, la gestión que realizan las respectivas Bolsas de Valores de Colombia, Chile y Perú en la revelación de información que los emisores listados deben realizar, para suministrar información importante a los inversionistas y al público en general, y con ello favorecer la integración de estas en un mercado único cumpliendo con esto los mandatos de la política de integración de los Estados miembros. The purpose of this document is to evaluate, through benchmarking, the management of the respective stock exchanges of Colombia, Chile, and Peru in the disclosure of information that listed issuers must make, in order to provide important information to investors and the general public, and thus favor their integration into a single market, thus complying with the mandates of the integration policy of the Member States. Profesional en Negocios Internacionales Pregrado

El presente proyecto tiene como fin analizar la gestión del marketing territorial de la ciudad de Tunja, desde la óptica de la comunicación estratégica para que mediante está se atraiga IED teniendo en cuenta que las marcas territoriales son la principal herramienta para atraer inversionistas a un lugar determinado, esta investigación tiene un enfoque cualitativo, donde se realizaron entrevistas para obtener información actualizada, detallada y concreta generando un análisis completo del contexto de la gestión de la marca, su respectivo análisis y los factores importantes que se utilizan para generar una comunicación estratégica asertiva, como resultado se encontró que el marketing territorial de la ciudad de Tunja tiene una gestión intermedia, la percepción que la marca comunica no cumple los objetivos por la cual fue creada, por esta razón no genera atracción de IED en este momento, pero se logra concluir que tiene un gran potencial y es necesario crear nuevas estrategias que promocionen y hagan cercana la marca a quienes pueden usarla, logrando un beneficio mutuo para brindar visibilidad y opciones de crecimiento para ambas partes hasta alcanzar una marca sólida que pueda traspasar fronteras y sea la imagen clara de una ciudad con gran potencial para invertir. The purpose of this project is to analyze the territorial marketing management of the city of Tunja, from the perspective of strategic communication to attract FDI, taking into account that territorial brands are the main tool to attract investors to a particular place, this research has a qualitative approach, where interviews were conducted to obtain updated, detailed and concrete information, generating a complete analysis of the context of brand management, its respective analysis and the important factors used to generate an assertive strategic communication, As a result it was found that the territorial marketing of the city of Tunja has an intermediate management, the perception that the brand communicates does not meet the objectives for which it was created, for this reason it does not generate FDI attraction at this time, but it is possible to conclude that it has great potential and it is necessary to create new strategies that promote and make the brand close to those who can use it, achieving a mutual benefit to provide visibility and growth options for both parties to achieve a solid brand that can cross borders and be the clear image of a city with great potential for investment. Profesional en Negocios Internacionales Pregrado

Transparency and disclosure (T&D) of information trigger the interest of all stakeholders, including investors in a company. Cognizance of the company’s financial health before investing is very necessary. Disclosure of information in the firm’s financial reports reflects the firm’s financial performance. A firm’s financial health protects investors’ and other stakeholders’ interests and the firm’s long-term sustainability. Owing to the importance of T&D and a firm’s financial health, this paper investigates the impact of T&D on the financial distress (FD) of non-financial firms (NFFs) listed in India. This study examines both linear and nonlinear connectivity of T&D and financial distress (FD). Their association is also investigated in a competitive scenario (under the moderating effect of competition). The panel data analysis is incorporated into the study having 78 NFFs as cross-sectional units with a timeframe from 2016 to 2020. Altman Z-score measures a firm’s FD (higher Z-score means low FD). BOS (Berger, Ofek and Swary) and AC (Almeida and Campello) scores are taken to consider investors’ perspectives of the firm’s FD. The T&D and Lerner indexes are used to assess the level of T&D and competition. The findings reveal that a higher T&D level decreases a firm’s financial stability or increases a firm’s FD. In nonlinear association, it is found that T&D has an inverted U-curved connection with financial stability or U-curved association with FD. It indicates that initially, higher T&D reduces FD, and after a threshold, it increases FD. However, under competition, T&D is not found to be significantly impactful for FD. The study is novel as no previous study has focused on such association under competition and taking investors’ perspective of a firm’s FD.

This thesis examines sustainable investment and social preferences of investors and fund managers. The first chapter examines individuals’ social preferences and the potential drivers behind such preferences. Although abundant evidence exists in psychological and sociological studies that show people demonstrate other-regarding behaviors. It is unclear how and whether this is manifested in the economic life of agents. In the first chapter of this thesis, I examine the response of philanthropic flows in the UK and the US to exogenous shocks that potentially motivate or disincentivize giving. I find humanitarian crises, such as an earthquake taking place far from the population being studied, are unlikely to induce strong social preference changes. Whereas there is some evidence that shocks related to environmental protection may result in more charitable donations. In addition, I show that the preference for “fair play” may also manifest in the form of demanding effectiveness and a good reputation from non-profit organizations as individuals reduce donations to scandalous charities. I also show that the extent to which economic agents act altruistically and make donations could depend on the financial benefits of doing so. In Chapter 3, I illustrate that social preferences do not drive sustainable investing (SI) by examining the response of SI flows to the exogenous shocks in Chapter 2 that trigger changes in donation flow. The research design of this analysis is grounded in the theory that considers a philanthropy-conventional investment bundle as an alternative to SI, given their common social preference and risk-return motives. While environmental shocks trigger altruism, as evidenced by a significant effect on granular US and UK charity flows, there is no response in SI. Adverse shocks to charities’ reputation and tax shield benefits also do not affect SI. In addition, the thesis addresses alternative explanations: risk-return effects and institutional and informational differences between SI and philanthropy. Chapter 3 contributes to the increasing body of literature on SI by presenting new evidence on a commonly-assumed argument that, compared to conventional investors, SI investors make decisions based on a different utility function modified by their social preferences. Chapter 4 of this thesis examines differences in portfolio choices between sustainable investing (SI) mutual funds and conventional mutual funds. In line with existing literature, I show preliminary evidence that SI and conventional funds share similar financial characteristics, although labeled differently. Additionally, anecdotal evidence suggests SI funds do not underweight firms that incurred well-publicized ESG scandals. To empirically examine the ESG commitment of SI funds, I employ a difference-in-differences approach to compare portfolio holding changes of SI and conventional funds after ESG controversies. I control for financial interests in rebalancing by categorizing controversies into positive, negative, and insignificant cumulative abnormal returns (CAR). I find that both SI and conventional funds hold their portfolios unchanged when there are clear market reactions to controversies (positive and negative CAR). Conventional and SI funds act in opposite directions when the market disagrees on the stock price implications of ESG controversies, with SI being buyers of controversial firms. I suggest this is because SI funds are motivated by the fact that controversies lead to an increase in ESG ratings. The novelty of this work lies firstly in using the percentage of shares (stake) in companies as an objective measure of portfolio-level ESG commitment of SI funds, as opposed to most existing literature that uses noisy and subjective fund-level ESG ratings. The research design also addresses endogeneity in portfolio decision making by SI/Conventional mutual funds by using firm level “ESG compliance” measured by an objective measure - the number of recent ESG controversies. The findings have important implications for the theoretical underpinnings for SI investing. While most theoretical models assume SI has a distinct taste for ESG, I do not find such empirical evidence regarding ESG controversies. The findings in this thesis suggest that SI fund investors and policy makers should not rely on ratings when evaluating SI fund commitment to ESG using portfolio level ESG ratings.

Most construction projects carry a certain level of risk, and in order to determine and manage them, it is necessary to know their essence, causes, carefully plan the construction process and ensure the ability to quickly make the right decisions at each stage of the construction process [1]. Therefore, determining the essence of risks, their causes and effective methods of their management is extremely important to ensure the successful implementation of construction projects [3; 4; 5].During the construction process, several types of risk factors may arise simultaneously, in particular, an unexpected increase in the cost of construction materials, completed works, delays in meeting the deadlines of construction projects caused by the investor, contractor, environment, etc. As shown by the feedback of investors and contractors, the impact of COVID-19 on construction projects is significant, in particular, quarantine restrictions led to delays in the completion of projects and an increase in the cost of their completion.Analyzing the research data, it can be noted that construction projects regularly suffer from significant incidents, which are related to both the financial component and a large number of emergency situations. Effective construction risk management requires persistent attention to detail and training of the workforce to avoid undesirable situations during construction, including quality construction, accident prevention. International risk management standards vary widely, and there is almost always room for improvement. Infrastructure projects are becoming more and more complex and require morecomplex methods of control over them. When design work does not meet construction standards, the cost of repairs and associated risks can be extremely high. Therefore, insurers, contractors and clients should be interested in minimizing losses and perceive risk engineering as a way of positive contribution to the process of achieving a better result and as a result of a worthy investment in the future project.According to the PMBoK international standard, the risks of construction projects, their causes and solutions must be recorded, that is, timely response to negative risks contributes to the smooth execution of construction works without financial losses., У статті досліджено фактори ризику, що виникають на різних етапах будівництва інженерних споруд. Визначені проєктні ризики, які впливають на ефективність виконаних будівельних робіт. У результаті дослідження визначені найбільш значущі види ризиків та фактори, що впливають на якість виконаних будівельних робіт. До таких факторів, зокрема, належать досвід та кваліфікація працівників, фінансові ризики (незаплановані витрати), дотримання графіку будівництва, ведення проєктної документації, людський фактор тощо. Надані рекомендації щодо уникнення різних видів ризиків під час проєктування та будівництва.

The article considers the likely consequences of innovative re-engineering and approaches to their forecasting. Among the various variables, the variable states that characterize the current, past or future state of the production and technological system and which are very important for evaluating the effectiveness of innovative transformations are highlighted. It is justified that the normal law of error distribution is often used to predict the behavior of intensity variables. This determines the simplicity and convenience of calculations. The output variables are determined by the forecast model and the degree of its limitations. In order to build effective models for forecasting innovative transformations, initial data are needed, which are a sample of observation results or a posteriori data of other successful enterprises for some time periods (time series). Approaches to forecasting decisions regarding the financing of a general project of technological reengineering of production based on taking risks into account are considered. Critical and catastrophic financial risks are highlighted. It is noted that risks for investors and the company's management may arise in the event of changes in the organizational forms of interaction between partners, which occur with the transfer of intangible assets - temporary or permanent assignment of rights to intellectual property to investors in exchange for investments and return of rights to the owners of the enterprise after payment of the principal debt and profit to the investors. One of the main types of risk after carrying out technological reengineering of production based on innovative transformations is the risk of promoting innovative products created on a new technological base and the unpredictable reaction of potential consumers. The structure of the reserve for covering unforeseen costs is given., В статье рассмотрены вероятные последствия инновационного реинжтринга и подходы к их прогнозированию и предотвращению. Среди различных переменных выделены переменные состояния, характеризующие текущее, прошлое или будущее состояние производственно-технологической системы и очень важные для оценки эффективности инновационных преобразований. Обосновано, что для прогнозирования изменений переменных интенсивности часто используют нормальный закон распределения погрешностей. Это обуславливает простоту и удобство вычислений. Исходные переменные определяются моделью прогноза и степенью ее ограничений. Для построения эффективных моделей прогнозирования инновационных преобразований необходимы исходные данные, составляющие выборку результатов наблюдений или апостериорных данных других успешных предприятий за некоторые периоды времени (временные ряды). Рассмотрены подходы к прогнозированию решений по финансированию общего проекта технологической санации производства на основе учета рисков. Выделены критический и катастрофический финансовые риски. Отмечено, что риски для инвесторов и менеджмента предприятия могут возникать при изменении организационных форм взаимодействия партнеров, происходящих с передачей нематериальных активов-временная или постоянная уступка прав на интеллектуальную собственность инвесторам взамен на инвестиции и возврат прав владельцам предприятия после выплаты инвесторам основного долга и прибыли. Одним из основных видов риска после проведения технологической санации производства на основе инновационных преобразований является риск продвижения инновационных продуктов, созданных на новой технологической базе и непредсказуемая реакция потенциальных потребителей. Приведена структура резерва на покрытие непредвиденных затрат., У статті розглянуто вірогідні наслідки інноваційного реінжтнірингу та підходи щодо їх прогнозування. Серед різних змінних виділено змінні стани, які характеризують поточний, минулий чи майбутній стан виробничо-технологічної системи і які дуже важливі для оцінки ефективності інноваційних перетворень. Обґрунтовано, що для прогнозування поведінки змінних інтенсивності часто використовують нормальний закон розподілу похибок. Це обумовлює простоту і зручність обчислень. Вихідні змінні визначаються моделлю прогнозу і ступенем її обмежень. Для побудови ефективних моделей прогнозування інноваційних перетворень необхідні вихідні дані, які становлять вибірку результатів спостережень або апостеріорних даних інших успішних підприємств за деякі періоди часу (часові ряди). Розглянуто підходи до прогнозування рішень щодо фінансування загального проекту технологічного реінжинірингу виробництва на основі врахування ризиків. Виділено критичний та катастрофічний фінансові ризики. Зазначено, що ризики для інвесторів і менеджменту підприємства можуть виникати при зміні організаційних форм взаємодії партнерів, які відбуваються з передачею нематеріальних активів-тимчасова або постійна поступка прав на інтелектуальну власність інвесторам взамін на інвестиції та повернення прав власникам підприємства після виплати інвесторам основного боргу й прибутку. Одним з основних видів ризику після проведення технологічного реінжинірингу виробництва на основі інноваційних перетворень, є ризик просування інноваційних продуктів, створених на новій технологічній базі й непередбачувана реакція потенційних споживачів. Наведено структура резерву на покриття непередбачених витрат.

The article considers the likely consequences of innovative re-engineering and approaches to their forecasting. Among the various variables, the variable states that characterize the current, past or future state of the production and technological system and which are very important for evaluating the effectiveness of innovative transformations are highlighted. It is justified that the normal law of error distribution is often used to predict the behavior of intensity variables. This determines the simplicity and convenience of calculations. The output variables are determined by the forecast model and the degree of its limitations. In order to build effective models for forecasting innovative transformations, initial data are needed, which are a sample of observation results or a posteriori data of other successful enterprises for some time periods (time series). Approaches to forecasting decisions regarding the financing of a general project of technological reengineering of production based on taking risks into account are considered. Critical and catastrophic financial risks are highlighted. It is noted that risks for investors and the company's management may arise in the event of changes in the organizational forms of interaction between partners, which occur with the transfer of intangible assets - temporary or permanent assignment of rights to intellectual property to investors in exchange for investments and return of rights to the owners of the enterprise after payment of the principal debt and profit to the investors. One of the main types of risk after carrying out technological reengineering of production based on innovative transformations is the risk of promoting innovative products created on a new technological base and the unpredictable reaction of potential consumers. The structure of the reserve for covering unforeseen costs is given., В статье рассмотрены вероятные последствия инновационного реинжтринга и подходы к их прогнозированию и предотвращению. Среди различных переменных выделены переменные состояния, характеризующие текущее, прошлое или будущее состояние производственно-технологической системы и очень важные для оценки эффективности инновационных преобразований. Обосновано, что для прогнозирования изменений переменных интенсивности часто используют нормальный закон распределения погрешностей. Это обуславливает простоту и удобство вычислений. Исходные переменные определяются моделью прогноза и степенью ее ограничений. Для построения эффективных моделей прогнозирования инновационных преобразований необходимы исходные данные, составляющие выборку результатов наблюдений или апостериорных данных других успешных предприятий за некоторые периоды времени (временные ряды). Рассмотрены подходы к прогнозированию решений по финансированию общего проекта технологической санации производства на основе учета рисков. Выделены критический и катастрофический финансовые риски. Отмечено, что риски для инвесторов и менеджмента предприятия могут возникать при изменении организационных форм взаимодействия партнеров, происходящих с передачей нематериальных активов-временная или постоянная уступка прав на интеллектуальную собственность инвесторам взамен на инвестиции и возврат прав владельцам предприятия после выплаты инвесторам основного долга и прибыли. Одним из основных видов риска после проведения технологической санации производства на основе инновационных преобразований является риск продвижения инновационных продуктов, созданных на новой технологической базе и непредсказуемая реакция потенциальных потребителей. Приведена структура резерва на покрытие непредвиденных затрат., У статті розглянуто вірогідні наслідки інноваційного реінжтнірингу та підходи щодо їх прогнозування. Серед різних змінних виділено змінні стани, які характеризують поточний, минулий чи майбутній стан виробничо-технологічної системи і які дуже важливі для оцінки ефективності інноваційних перетворень. Обґрунтовано, що для прогнозування поведінки змінних інтенсивності часто використовують нормальний закон розподілу похибок. Це обумовлює простоту і зручність обчислень. Вихідні змінні визначаються моделлю прогнозу і ступенем її обмежень. Для побудови ефективних моделей прогнозування інноваційних перетворень необхідні вихідні дані, які становлять вибірку результатів спостережень або апостеріорних даних інших успішних підприємств за деякі періоди часу (часові ряди). Розглянуто підходи до прогнозування рішень щодо фінансування загального проекту технологічного реінжинірингу виробництва на основі врахування ризиків. Виділено критичний та катастрофічний фінансові ризики. Зазначено, що ризики для інвесторів і менеджменту підприємства можуть виникати при зміні організаційних форм взаємодії партнерів, які відбуваються з передачею нематеріальних активів-тимчасова або постійна поступка прав на інтелектуальну власність інвесторам взамін на інвестиції та повернення прав власникам підприємства після виплати інвесторам основного боргу й прибутку. Одним з основних видів ризику після проведення технологічного реінжинірингу виробництва на основі інноваційних перетворень, є ризик просування інноваційних продуктів, створених на новій технологічній базі й непередбачувана реакція потенційних споживачів. Наведено структура резерву на покриття непередбачених витрат.

This thesis examines whether gender impacts venture capitalists' decision-making. Based on a literature review, this study poses the hypothesis female founders receive less venture capital funding than male founders. Further, it is hypothesized there is an interaction effect between founder and investor gender on the funding such that founder-investor gender congruence will lead to more funding than founder-investor gender incongruence. The analysis does not show a significant relationship between gender and venture capital decision-making. Still, insignifi cant mean comparisons can be made to aid later considerations. This contributes to the literature on the existing gender gap in venture capital funding.

Perspectives on how more transparancy on sustainability information can lead to better investment decisions and eventually a more sustainable society. How is transparency impacted by recent European legislation, what information becomes available to investors and why is assurance on sustainability information relevant.

The carrying of business activities results in the development of relationships with stakeholders. The stakeholders are the consumers, employees, investors, and suppliers. Hence, the stakeholders are the individuals with which the business encounters in many forms. CSR is a complicated and multidimensional organizational phenomenon understood to be the scope for how an organization is consciously responsible for its actions and non-actions and their impact on its stakeholders; hence, organizational performance directly influences its stakeholders (Jamil & Al-Aina, 2017). The research problem is to investigate whether the Bank Dhofar manages its stakeholder and considers their inputs in decision-making. The general purpose of the research is the elaboration of stakeholders' and organizational performance. The quantitative research design is used for the analysis of the relationship between stakeholder management and the organizational performance of Bank Dhofar. The Pearson correlation of the independent variable (stakeholders' management) with the dependent variable (organizational performance) is 0.441. The correlation of 0.4112 emphasizes a strong positive relationship between the dependent and independent variables. The R square change is .195; this depicts that the independent variable (Stakeholders' management) changes the organizational performance by 19%. The minimum significant value of Cronbach's Alpha is 0.5; hence the Cronbach's Alpha rate of this research study is 0.710, which means the variables of this study are measured reliably in questionnaire responses. The valid percentile is 74; the rate tells us about the validity of the questionnaire and questions asked by participants. Hence, the researchers can rely on the study and its questionnaires because of high-reliability statistics. There is the suggestion for banking sector and organizations that they should develop a plan to enhance employees' input in organizational decision-making. Bank Dhofar can help onboard its employees and their input through various methods such as the inauguration of performance evaluation programs, circulating questionnaires, or developing a direct communication mechanism with executive members of the organization. The banks must allow and enhance the cooperation with the state's financial and legislation institutions by following the central bank or capital market guidelines and giving the Bank's input in financial decisions of the banking sector. Keywords: stakeholders, consumers, employees, investors, banking sector. Title: ANALYZING THE RELATIONSHIP BETWEEN STAKE HOLDER MANAGAMEENT AND ORGANIZATIONAL PERFORMANCE IN BANK DHOFAR Author: Jalal Mohammed Al Azri International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 10, Issue 2, October 2022 - March 2023 Page No: 373-385 Research Publish Journals Website: www.researchpublish.com Published Date: 30-January-2023 DOI: https://doi.org/10.5281/zenodo.7584842 Paper Download Link (Source) https://www.researchpublish.com/papers/analyzing-the-relationship-between-stake-holder-managameent-and-organizational-performance-in-bank-dhofar, International Journal of Management and Commerce Innovations, ISSN 2348-7585 (Online), Research Publish Journals, Website: www.researchpublish.com

В статье рассмотрены вопросы функционирования паевых инвестиционных фондов в строительной отрасли. Проанализированы законодательные изменения, произошедшие в сфере развития паевых инвестиционных фондов в строительстве, а также основные тенденции их использования в России на современном этапе. Сделан вывод о возможности эффективного привлечения денежных средств через паевые инвестиционные фонды недвижимости., The article deals with the issues of functioning of mutual investment funds in the construction industry. The legislative changes that have taken place in the development of mutual investment funds in construction, as well as the main trends in their use in Russia at the present stage, are analyzed. The conclusion is made about the possibility of effective attraction of funds through mutual real estate investment funds., Экономика и предпринимательство, Выпуск 4 (153) 2023, Pages 869-871

To redirect capital flows towards sustainable investments, the European Union (EU) has implemented the EU Taxonomy, a classification system with definitions for sustainable economic activities. The Taxonomy constitutes a part of the European Green Deal, which is an initiative to transition the EU towards sustainability and competitiveness. The EU Taxonomy is intended to be used by investors when assessing companies to identify sustainable investment opportunities. Investors have great significance in what impacts the EU Taxonomy will have since the regulation relies on investors using it as a tool when assessing whether to invest in a company or not. Additionally, many companies rely on investors for financial support, and it is therefore essential for companies to have information about to what degree investors will integrate the EU Taxonomy in their investment decisions. There is an information gap between companies and investors where companies lack knowledge about how investors will use the Taxonomy to select which companies to invest in. The aim of the study is to investigate how the EU Taxonomy is affecting investment decisions of Nordic investment firms and institutional investors. Furthermore, the aim is to examine in what ways the EU Taxonomy will shape the future of sustainable investments and how companies utilize the EU Taxonomy to enhance their attractiveness to investors. A qualitative approach has been used in the thesis, and data constituting the results was collected through 12 semi-structured interviews with investors. In conclusion, all interviewed investors have an interest in promoting sustainable investments. The EU Taxonomy has, moreover, been positively received by investors since many of them have been requesting a tool to define sustainable economic activities. 11 of 12 investors in the study, use the EU Taxonomy when evaluating companies to make investment decisions. However, investors are currently evaluating a variety of factors when assessing companies, such as additional ESG performance indicators. Further, investors consider that the Taxonomy cannot exclusively be used when analyzing companies since it is a narrow tool, excluding multiple economic activities and sectors. A high Taxonomy alignment will be a considerable factor for some investors as they believe that companies with high alignment will be more successful. Other investors will continue to invest in companies with low alignment because these companies have potential to become more sustainable over time. All investors are, however, united in that the most important thing is that companies have an ambition to reach a higher alignment. Further, investors have varying approaches when it comes to prioritizing the environmental objectives when assessing companies' sustainability performance. Some investors value how many and which environmental objectives a company contributes to depending on the company´s operations, while others have not yet considered it. The EU Taxonomy´s significance in the future for sustainable investments will depend on different factors, for example the reporting of alignment. Provided that investors integrate the Taxonomy in their decision making, the framework will likely increase the share of investments which take sustainability aspects into account. However, since the EU Taxonomy only covers companies in the EU and exclude sectors, it is questionable how great significance the regulation will have for sustainable investments on a global scale. Lastly, there are several opportunities for companies to become more attractive to investors by working strategically with the EU Taxonomy and communicate ambitions to reach a higher alignment. The results highlight the importance of companies adapting their business model to the Taxonomy and establishing long-term plans for how to reach a higher share of alignment. Companies can, moreover, improve their attractiveness to investors by improving their Taxonomy data collection and presenting the data in an easily accessible way.

El estudio tuvo como propósito principal diseñar una estrategia orientada a interesar posibles inversionistas, nacionales e internacionales, para llevar a cabo un negocio de tecnología financiera (FinTech) para Mipymes no bancarizadas, en la ciudad de Bogotá. Para ello se efectuó el levantamiento de los antecedentes de la tecnología financiera (FinTech) y la descripción de la empresa Todosistemas STI, se caracterizó el negocio de tecnología financiera (FinTech) para Mipymes no bancarizadas en la ciudad de Bogotá, se exploraron estrategias de búsqueda y consecución de inversionistas, nacionales e internacionales, bajo la aplicación de innovación tecnológica FinTech en Colombia, se determinaron los principales aspectos de interés de los inversionistas, nacionales e internacionales, junto con una matriz de riesgos, para financiar capital de trabajo para Mipymes, utilizando tecnología financiera (FinTech) en Colombia, y se elaboró una propuesta de presentación de estrategias para los inversionistas nacionales e internacionales, con sus principales aspectos de interés, para la realización de préstamos de capital de trabajo mediante la tecnología financiera (FinTech). A partir de lo anterior, se efectuó un proceso de revisión documental y de entrevistas semiestructuradas que condujeron al planteamiento de la propuesta indicada, a partir de los principales elementos que tienen en cuenta los inversionistas para evaluar propuestas de inversión, de tal manera que se puedan adquirir los inversionistas y el capital para poner a funcionar la FinTech Tyque., The main purpose of the study was to design a strategy aimed at attracting potential national and international investors to carry out a financial technology (FinTech) business for unbanked MSMEs in the city of Bogotá. For this, the background of financial technology (FinTech) and the description of the Todosistemas STI company were carried out, the financial technology business (FinTech) for unbanked MSMEs in the city of Bogotá was characterized, search strategies were explored and achievement of national and international investors, under the application of FinTech technological innovation in Colombia, the main aspects of interest of national and international investors were determined, along with a risk matrix, to finance working capital for Mipymes, using financial technology (FinTech) in Colombia, and a proposal was prepared to present strategies for national and international investors, with their main aspects of interest, for making working capital loans through financial technology (FinTech). Based on the above, a documentary review process and semistructured interviews were carried out that led to the approach of the indicated proposal, based on the main elements that investors take into account to evaluate investment proposals in such a way that they can be acquired. investors and capital to get FinTech Tyque up and running.

Over the past decades, investing and saving in mutual funds has become a popular alternativefor generating returns. Interest continues to grow and is widespread among different types ofinvestors, ranging from small-scale savers to professional investors, as well as differentgeographic markets. As interest and investment has grown, so has the range of fundsavailable, and with it the range of focused funds. Among these are real estate funds, fundsconsisting of holdings in the real estate market including different types of real estatecompanies and property-related assets. The ownership of funds is associated with a fee to cover various costs associated withoperating the fund. These fees can vary greatly in size across fund types and managers andaffect the fund’s performance and returns. Fees in relation to return have been researchedwith varying results and with the rise of focused funds, the authors felt that it should befurther investigated. The purpose of this study was thus formulated to investigate whetherthere is a relationship between fund fees and returns for real estate funds. This in turn toanswer whether it is justified for fund managers to charge a higher fee and to examine if theTheory of an Efficient Market holds or not. For this, a total sample of 69 real estate fundsfrom the Swedish, Norwegian and Finnish markets during a 3 year period from 1th of January2020 to the 31th of December 2022 was examined. In summary, based on the conducted regression analyses, it can be inferred that the results,similar to previous research, vary. However, it can be observed that there is a negativerelationship between fund fees and the risk-adjusted returns of real estate funds whenanalysing funds that have been active throughout the examined period. The analyses alsoreveal that the age and size of the funds have an impact on the risk-adjusted returns, whereyounger funds with large assets generate higher returns. This means that young real estatefunds with large assets and lower fees generate higher returns compared to older funds withsmall assets and higher fees. Consequently, it is not justified for managers to charge higherfees, nor for investors to pay them. Investors seeking to maximise their returns are thereforeadvised to choose real estate funds with low fees. Finally, based on this, it can be assumedthat the Theory of Efficient Markets holds for real estate funds in the Swedish, Norwegian,and Finnish markets.

Из постсоветских стран активное развитие возобновляемой энергетики (ВЭ) осуществляется в России и в Казахстане. Приведены значения установленных мощностей электрогенерации в 2022г. на основе ВИЭ: России по данным системного оператора ЕЭС РФ, экспертных оценок; в Казахстане по данным Минэнерго РК. Анализируются особенности госрегулирования рынка ВЭ указанных государств в проведении аукционов, функционирования госоператоров, формирования «зеленых» тарифов, налоговых и прочих преференций. Отмечены особенности локализации производства оборудования СЭС и ВЭС в России, многоступенчатая структура «зеленых» тарифов Казахстана. Приведены основные национальные законы, оценки потенциалов ВЭ, результаты подготовки научных, инженерных кадров, работы ведущих научных и проектных организаций., Among the post-Soviet countries, the active development of renew-able energy (RE) is carried out in Russia and Kazakhstan. The values of installed power generation capacities in 2022 on the basis of RES are given: in Russia according to the system operator of the UES of the Russian Federation, expert assessments; in Kazakhstan according to the Ministry of Energy of the Republic of Kazakhstan. The features of the state regulation of the VE market of these states in the conduct of auctions, the functioning of state operators, the formation of "green" tariffs, tax and other preferences are analyzed. The peculiarities of localization of the production of SES and WPP equipment in Russia, the multi-stage structure of "green" tariffs of Kazakhstan are noted. The main national laws, potential assessments, results of training of scientific and engineering personnel, work of leading scientific and design organizations are presented.

На постсоветском пространстве возобновляемая энергетика (ВЭ) активно развивается в России и Казахстане. Приведены значения установленной мощности электрогенерации на основе ВИЭ: в России электрогенерация на основе мощных ГЭС достигла 55,3 ГВт, ВЭС, СЭС, МГЭС, ГеоЭС, БиоЭС — 5,3 ГВт; в Казахстане на основе мощных ГЭС – 24 ГВт, СЭС, ВЭС, МГЭС — 2,01 ГВт. Проанализированы особенности государственного регулирования рынка ВЭ указанных государств в проведении аукционов, функционировании госоператоров, формировании «зелёных» тарифов, налоговых и прочих преференций. Отмечены особенности локализации производства оборудования СЭС и ВЭС в России, многоступенчатая структура «зелёных» тарифов Казахстана. Приведены основные национальные законы, оценки потенциалов ВЭ, результаты подготовки научных, инженерных кадров, работы ведущих научных и проектных организаций., In the post-Soviet space, renewable energy (RE) is actively developing in Russia and Kazakhstan. The values of the installed capacity of electricity generation based on renewable energy sources are given: in Russia, electricity generation based on powerful hydroelectric power plants reaches 55.3 GW, WPP, SPP, SHPP, GeothPP, BioPP ‒ 5.3 GW; in Kazakhstan, based on powerful hydroelectric power plants – 24 GW, SPP, WPP, SHPP ‒ 2.01 GW. The features of the state regulation of the RE market of these states in the conduct of auctions, the functioning of state operators, the formation of "green" tariffs, tax and other preferences are analyzed. The peculiarities of localization of the production of SPP and WPP equipment in Russia, the multi-stage structure of the "green" tariffs of Kazakhstan are noted. The main national laws, assessments of the potential of RE, the results of the training of scientific and engineering personnel, the work of leading scientific and design organizations are presented., Энергетик, Выпуск 3 2023, Pages 42-45

Los países, las ciudades y las regiones han visto la oportunidad de trabajar un mercadeo exógeno y endógeno para promover sus oportunidades y ventajas para la atracción de empresas, turistas y visitantes que impactan el desarrollo territorial de un lugar destino. La dinámica mundial ha puesto los ojos en las ciudades, países y regiones para que ofrezcan beneficios e incentivos que son llamativos para que las empresas extranjeras instalen sus operaciones y generen empleo de calidad. De igual modo, los lugares trabajan actualmente para exaltar sus bondades y con ello desarrollar una región que facilite la promoción de su identidad cultural, económica, geográfica y tecnológica. El Oriente antioqueño busca ser identificado como una región competitiva y productiva que es apta para estimular mecanismos de ingreso de turistas y posibles inversionistas para estimular el desarrollo local, la integridad regional y la reactivación económica. Las agencias regionales de promoción de inversión han sido creadas en Colombia y hoy día se consideran una buena herramienta de posicionamiento global que catapulta los aspectos positivos del país y su región. Todo lo anterior estará enmarcado en un plan de mercadeo que permite diagnosticar, analizar, formular estrategias y verificar si lo visualizado para el Oriente antioqueño es exitoso y de esta manera lograr conectarlo con el mundo., Countries, cities and regions have seen the opportunity to work on exogenous and endogenous marketing to promote their opportunities and advantages to attract companies, tourists and visitors that impact the territorial development of a certain destination. Global dynamics have set eyes on cities, countries and regions so that they offer benefits and incentives that are appealing to foreign companies to settle their operations and generate quality employment. In the same way, the places are currently working to exalt their benefits and thereby develop a region that facilitates the promotion of their cultural, economic, geographical, and technological identity. Eastern Antioquia seeks to be identified as a competitive and productive region that is apt to promote mechanisms for the entry of tourists and potential investors to stimulate local development, regional integrity, and economic reactivation. Regional investment promotion agencies have been created in Colombia and today have been considered a good global positioning tool that catapults the positive aspects of the country and its region. All of the above will be framed in a marketing plan that allows diagnosing, analyzing, formulating strategies and verifying if what is envisioned for Eastern Antioquia is successful and, in this way, connect it with the world.

Throughout this scientific article we aim to analyse the prodigious and large-scale evolution of the financial crime in the Ponzi schemes, especially, the concept of the Ponzi scheme and its fundamental features. Moreover, we reflect the damage caused to people who invest their financial means in these schemes, but also on the economy of the states. A fortiori, the proper functioning of the system and the fight against crime in this area depend on the effective adoption and application of the legal-criminal norms., {"references":["Securities and Exchange commission v. Stanford International Bank, LTD., Stanford Group Company, Stanford Capital Management, LLC, r. Allen Stanford, James M. Davis, Laura Pendergest-Holt, defendants, and Stanford Financial Group, Stanford Financial Group BLDG INC, relief defenants, nr. 3:09-cv-0298-N, 27 februarie 2009, United States District Court, Northern District of Texas Dallas Division. [Accesat 24.12.2022] Disponibil:https://www.sec.gov/litigation/complaints/2009/stanford-first-amended-022709.pdf","2.\tThe United States, Department of Justice, United States v. Robert Allen Stanford et al. Court Docket Number: H-09-342. [Accesat 24.12.2022] Disponibil: https://www.justice.gov/criminal-vns/case/stanfordr","3.\tThe United States, District of Utah, Defendant Charged In Connection With Fraudulent Silver Trading Program Pleads Guilty To Money Laundering.[Accesat 24.12.2022] Disponibil: https://www.justice.gov/usao-ut/pr/defendant-charged-connection-fraudulent-silver-trading-program-pleads-guilty-money","4.\tCommodity Futures Trading Commission and State of Utah Charge Salt Lake City Precious Metals Dealer and His Company with Engaging in $170 Million Precious Metals Ponzi Scheme. [Accesat 24.12.2022] Disponibil: https://www.cftc.gov/PressRoom/PressReleases/7842-18","5.\tCommodity Futures Trading Commission and State of Utah Division Of Securities, through Attorney General, Sean D. Reyes, v. Rust Rare Coin Inc., a Utah Corporation, Gaylen Dean Rust, nr. 2:18cv00892, 13 noiembrie 2018, United States District Court, District of Utah, Central Division.[Accesat 24.12.2022] Disponibil: https://www.cftc.gov/sites/default/files/2018- 11/enfrrarecoincomplaint111318.pdf","6.\tDonell v. Kowell, nr. 06-55544, 1 iulie 2008, United States Court of Appeals, Ninth Circuit. [Accesat 21.12.2022] Disponibil: https://casetext.com/case/donell-v-kowell","7.\tThe American Cancer Society v. Karen L. Cook, nr. 10-10989, 20 martie 2012, United States Court of Appeals, Fifth Circuit. [Accesat 19.12.2022] Disponibil: http://www.ca5.uscourts.gov/opinions/pub/10/10-10989-CV0.wpd.pdf","8.\tIn re John C. ROSE, Roberta A. Deangelis, Acting United States Trustee, v. John C. Rose, nr. 1-08-bk-00317 RNO, 22 martie 2012, United States Bankruptcy Court, M.D. Pennsylvania, [Accesat 21.12.2022] Disponibil: https://www.courtlistener.com/opinion/1883356/in-re-rose/","9.\tRalph S. Janvey v. James R. Alguire; Victoria Anctil; Tiffany Angelle; Sylvia Aquino; Jonathan Barrack; et al. 1; Teral Bennett, Susana Cisneros; Ron Clayton; James Fontenot; Mark Groesbeck; et al. 2; and Jason Green, nr. 10-\t10617, 22 iulie 2011, United States Court of Appeals, Fifth Circuit. [Accesat 21.12.2022]Disponibil: https://www.courtlistener.com/opinion/221659/janvey-v-alguire/","10.\tIn re Evergreen Security, Ltd., nr. 01-00533-6B1, 6 iunie 2003, United States Bankruptcy Court, M.D. Florida, Orlando Division. [Accesat 23.12.2022] Disponibil: https://casetext.com/case/in-re-evergreen-security-13#p249","11.\tIn Re Manhattan Investment fund LTD., Bear, Stearns Securities Corp., v. Helen Gredd, Chapter 11 Trustee for Manhattan Investment Fund Ltd., nr. 00-10922 (BRL), 00-10921(BRL), 07 Civ. 2511(NRB), 17 decembrie 2007, United States District Court, S.D. New York. [Accesat: 23.12.2022] Disponibil: https://www.courtlistener.com/opinion/1927542/in-re-manhattan-inv-fund-ltd/","12.\tU.S. Securities and Exchange Commission. Ponzi scheme. [Accesat 21.12.2022] Disponibil: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme","13.\tHistory's Infamous Swindler. [Accesat 21.12.2022] Disponibil: https://internationalfinance.com/historys-infamous-swindler/","14. U.S. Securities and Exchange Commission. Ponzi scheme. [Accesat 21.12.2022]. Disponibil: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme"]}

La sostenibilidad financiera de las empresas depende de su capacidad de generar valor, esto es, utilidades, rendimiento superior a la tasa de retorno y flujo de caja libre positivo, por lo que sus ventas deben superar las unidades de punto de equilibrio, base este para establecer metas de ventas, por lo que debe estar correctamente calculado. Con ese propósito se presenta el modelo punto de equilibrio avanzado (Pea), el cual corrige los defectos del modelo tradicional. Se construyó al investigar la capacidad emprendedora en Colombia, mediante el método logit, observando el éxito o fracaso de los proyectos financiados durante 2006-2017 por el Fondo Emprender. El Pea se orienta a corregir y remplazar el modelo tradicional asegurando la sostenibilidad y desarrollo empresarial. The financial sustainability of companies depends on their ability to generate value, that is, profits, performance above the rate of return and positive free cash flow, so that their sales must exceed the breakeven point units, based on this for set sales goals, so it must be correctly calculated. For this purpose, the advanced equilibrium point model (Pea) is presented, which corrects the defects of the traditional model. It was built by investigating the entrepreneurial capacity in Colombia, through the logit method, observing the success or failure of the projects financed during 2006-2017 by the Emprender Fund. The Pea is aimed at correcting and replacing the traditional model, ensuring business sustainability and development Nas empresas, a sustentabilidade financeira depende da sua capacidade de gerar valor, ou seja, lucros, rentabilidade acima da taxa de retorno e fluxo de caixa livre positivo, pelo que as suas vendas devem exceder as unidades de break-even, a base para estabelecer objectivos de vendas, e portanto devem ser calculadas correctamente. Para este efeito, é apresentado o modelo avançado de ponto de equilíbrio (Pea), que corrige as deficiências do modelo tradicional. Foi construído através da investigação da capacidade empresarial na Colômbia, utilizando o método logit, observando o sucesso ou fracasso dos projectos financiados durante o período 2006-2017 pelo Fundo Emprender. O Pea visa corrigir e substituir o modelo tradicional, assegurando a sustentabilidade e o desenvolvimento empresarial

Today, Ukraine remains an investment-attractive country. The state has the potential to adequately respond to all these challenges, both new and inherited. Throughout the period of our struggle for independence, with the losses we suffered: human, industrial, loss of sales markets and traditional partners, the economy of Ukraine continues to work. Having lost some traditional advantages, we have gained new ones. The sphere of investments was and remains an object of joint interests of both the state and business. This is manifested in the search for sources and ways to increase the efficiency of investments, optimization of investment activities, analysis of investment success in various industries and in the economy as a whole. In this regard, the key importance in the development of the investment process belongs to the state. A necessary condition for the recovery of Ukraine's economy is high investment activity. It is achieved by increasing the volume of realized investment resources and their most effective use in priority areas of the economy and social sphere. Investments form production potential on a new scientific and technical base and increase Ukraine's competitive position on the world market. The problem of creating a favorable investment climate for attracting investments to the Ukrainian economy has become particularly acute in recent years. The relevant investment policy is supposed to play a decisive role in its solution. The government approved the draft law on simplifying the permitting procedures for acquiring the right to land and for starting construction during the implementation of projects aimed at restoring the economy. Also, Law of Ukraine No. 1116 dated February 17, 2022 "On State Support of Investment Projects with Significant Investments in Ukraine" (Law on Investment Nurses) entered into force, the purpose of which is to attract significant investments to the economy of Ukraine. In accordance with the Law and relevant amendments to the Tax and Customs Codes of Ukraine, a package of special investment incentives will be available for investment projects that meet certain requirements., На сьогодні Україна залишається інвестиційно-привабливою країною. Держава має потенціал, щоб гідно відповісти на всі ці виклики, як нові, так і успадковані. Увесь період нашої боротьби за незалежність із втратами, яких ми зазнали: людськими, промисловими, втратою ринків збуту та традиційних партнерів, економіка України продовжує працювати. Втративши деякі традиційні переваги, ми здобули нові. Сфера інвестицій була та залишається об'єктом спільних інтересів як держави, так і бізнесу. Це виявляється у пошуку джерел та шляхів підвищення ефективності інвестицій, оптимізації інвестиційної діяльності, аналізу інвестиційної успішності у різних галузях та в економіці, в цілому. У цьому ключове значення у розвитку інвестиційного процесу належить державі. Необхідною умовою відновлення економіки України є висока інвестиційна активність. Вона досягається за допомогою зростання обсягів реалізованих інвестиційних ресурсів та найбільш ефективного їх використання у пріоритетних сферах економіки та соціальної сфери. Інвестиції формують виробничий потенціал на новій науково-технічній базі та підвищують конкурентні позиції України на світовому ринку. Проблема створення сприятливого інвестиційного клімату для залучення інвестицій в українську економіку в останні роки набула особливої гостроти. Визначальну роль її вирішення покликана зіграти відповідна інвестиційна політика. Уряд схвалив законопроєкт про спрощення дозвільних процедур для набуття права на землю і для початку будівництва при реалізації проєктів, спрямованих на відновлення економіки. Також набрав чинності Закон України № 1116 від 17.02.2022 р. «Про державну підтримку інвестиційних проектів із значними інвестиціями в Україні» (Закон про інвестиційних нянь), метою якого є залучення значних інвестицій в економіку України. Відповідно до Закону та відповідних змін до Податкового та Митного кодексів України, пакет спеціальних інвестиційних стимулів буде доступний для інвестиційних проектів, що відповідають певним вимогам.

The objective of financial statements as according to the Conceptual Framework is that financial statements are prepared so as to provide useful information for decision making to their users. However, there has been a growing dissatisfaction with financial statements and disclosures particularly shown by investors. The aim of this desktop research is to investigate IFRS compliance, disclosure and relevance of financial statements as perceived by investors with regards to their decision making. The research findings according to literature reviewed showed that investors still perceive financial statements to be useful and relevant in their decision making. There is need for companies to maintain credibility and reliability of financial statements and also ensuring quality disclosures so as to best provide investors with relevant information for decision making.

Purpose: Indian stock markets are channelizing financial resources for the economic progress of the country. The Indian Financial Services sector is the subset of the stock market which is playing a key role in stock trading. The Indian Financial Services industry is multifaceted and is growing rapidly both in terms of the robust growth of existing firms and the entry of new players playing a stellar role. This surge in growth of the Financial Services sector led many investors to divert their investment towards the financial services segment. To construct an attractive portfolio, the individual investor should perform a risk-return analysis well in advance. This will assist the investor in determining the risk-return relationship in various securities. Given this background, the study is undertaken to evaluate the risk-return patterns of the Indian Financial Services sector securities. Design/Methodology/Approach: The risk and return of sample group of companies belonging to the Indian Financial Services sector are analyzed to arrive at a monthly return by taking the monthly closing price of five financial investment companies belonging to the Standard & Poor’s BSE Finance Index for the period January 2020 to July 2021. To achieve the objectives various statistical tools such as descriptive statistics, correlation, and Beta are adopted. Also, a paired t-test is performed to check the validity of the hypothesis. Findings: The study has brought to light that India Infoline Finance Ltd (IIFL Finance) has provided the highest monthly returns with a high beta value. Further, the tested hypothesis reveals that there exists a significant difference in the monthly returns of the S&P BSE Finance Index and JSW Holdings. Originality/value: The study emphasizes the risk-return analysis of selected stocks of the Indian Financial Services sector. Potential investors will benefit from this equity analysis because it will enable them to make more intelligent and accurate investment decisions. Paper Type: A case study of the Indian Financial Services Industry

PurposeThis paper investigates the quality and quantity of climate-related information disclosed by public interest entities (PIEs) in the non-financial disclosure scenario. Thus, this paper aims at drafting the state of the art on what is climate-related information disclosed by PIEs in the changing EU non-financial regulation assuming the Italian scenario and the industrial industry as significant in achieving the research aims.Design/methodology/approachThe authors used the content analysis composing the sample of 34 large listed companies (i.e. PIEs) belonging to the industrial sector in Italy. The authors choose the Italian PIEs’ sustainability reports published in 2019 after the adoption of the EU directive and its guidelines. The authors adopted a coding and classification system, investigating the climate-related information through a systematic, objective and reliable method. The authors defined 99 indicators along the structure of the European Commission's guidelines and the indicator of disclosure, climate-related information indicator (CII). The framework mainly derives from the corporate disclosure theory and legitimacy and stakeholders' theories.FindingsThe results show the lack of several required climate-related information or a not in-depth presentation of information. Thus, findings are interesting in emphasizing that the current climate-related disclosure is at an early stage in complying with the European Commission's guidelines. Additionally, the findings enlarge previous theories on corporate disclosure, proposing new insights in the light of the recent interest in climate-related information.Research limitations/implicationsEvidence contributes to extending the existing literature, drafting the state of the art of what is the quality and the quantity of the climate-related information in the corporate disclosure in the European scenario.Practical implicationsThis paper is directed to propose the state of the climate-related disclosure following the EU directive guidelines, proposing some evidence to support the path toward the integrations of information by several parts (e.g. companies, regulators and so on).Originality/valueThe paper is a useful baseline for academics, practitioners, policy-makers and regulators in understanding actions to adopt in the climate-related disclosure and what could be the impact of forthcoming regulations in the field, also having some metrics (e.g. score value of disclosure, the indicator of climate-related information disclosure – CII).

Although Nigeria has the largest economy in Africa, it has been bedeviled by various issues in recent times, which has led to its experience of an economic recession. Its over-dependence on foreign products, the activities of militants and pipeline vandals in the Niger-Delta, poor economic planning and the delayed budget signing are some of the issues that have being credited to the fall into recession. However, some economists have suggested that Nigeria’s economy has the potential to rise from the recession and have identified the inflow of foreign direct investments as one of the key factors that will contribute to the rise. On the other hand, the media’s reporting of Nigeria’s recession seems to have caused mixed reactions from among the public who worry about their daily bread. Potential investors, both local and foreign, are also not left out in the expression of uncertainty. Since they rely on the media to provide information on the situation of the Nigerian economy, the power of the media in the making or marring of the government’s encouragement of FDI to boost the economy cannot be underestimated. The power of the media, which appears to be able to determine or construct the position and perception of individuals/organisation follow it can be relat-ed to the theory of social constructionism. So-cial constructionism suggests that the media’s have the capacity to selectively reproduce and construct the reality of any situation – in this case, Nigeria’s recession. However, it also acknowledges that the meanings offered by the media can be negotiated or rejected by those to whom it is directed. This study explores the capacity of the media’s construction of Nigeria’s economic recession to influence the inflow of foreign direct investments., Iako Nigerija ima najveće gospodarstvo u Africi, u posljednje vrijeme bila je opterećena raznim problemima, što je dovelo do ekonomske recesije. Prevelika ovisnost o stranim proizvodima, aktivnosti militanata i naftovodnih vandala u delti Nigera, loše ekonomsko planiranje i odgođeno potpisivanje proračuna neka su od pitanja koja se pripisuju padu u recesiju. Međutim, neki su ekonomisti sugerirali da nigerijsko gospodarstvo ima potencijal porasta nakon recesije i identificirali su priljev stranih izravnih ulaganja kao jedan od ključnih faktora koji će pridonijeti rastu. S druge strane, čini se da su medijski izvještaji o recesiji u Nigeriji izazvali pomiješane reakcije javnosti koja brine o svom svakodnevnom kruhu. Potencijalni investitori, domaći i strani, također nisu izostavljeni u izražavanju nesigurnosti. Budući da se oslanja-ju na medije da će pružiti informacije o stanju nigerijskog gospodarstva, moć medija u stvaranju ili ometanju vladinog poticanja izravnih stranih ulaganja ne može se podcijeniti. Moć medija, za koje se čini da mogu odrediti ili konstruirati položaj i percepciju pojedinaca/organizacije nakon toga, može se povezati s teorijom društvenog konstrukcionizma. Društveni konstrukcionizam sugerira da mediji imaju sposobnost selektivne reprodukcije i konstruiranja stvarnosti svake situacije - u ovom slučaju, recesije u Nigeriji. Međutim, također se priznaje da se o značenjima koja nude mediji mogu pregovarati ili odbaciti oni kojima su upućena. Ova studija istražuje sposobnost medijske konstrukcije gospodarske recesije Nigerije da utječe na priljev izravnih stranih ulaganja.

The banking industry is being overhauled by robots. Artificial intelligence (AI) is the most recent technological breakthrough made in the banking industry. There is a wide range of variables that influence investor risk tolerance which has previously been examined, however, the influence of technological advancements on investor risk tolerance in a South African context remains unsolved. This paper aims to investigate the influence of technological advancements on investor risk tolerance. The results of this study found technological factors contributed significantly towards explaining high risk tolerance behaviour to a rather moderate degree. Evidence suggests investors employing Roboadvisors for assistance when making investment decisions, tend to become more risk-tolerant. The results of this study procured that certain demographic variables included in this study have a significant influence on the individual investor risk tolerance levels of South African investors. It is recommended that the research study be utilised by individual investors, financial planners, investment companies and current or future researchers originating from both frontiers to be acquainted with how technological advancements influence investor risk tolerance. Therefore, ensuring technological advancements are used accordingly, to the benefit of the investor privately or in practice.

The aim of this work is to study the main behavioral biases and their impact on the performance of traders in financial markets, as well as the impact of these behavioral biases in the financial decisions of investors, through purely theoretical aspects. The existing literature confirms the existence of behavioral biases and demonstrates their impact on investment and financing decisions. In fact, recent research on behavioral finance has shown that investors are sensitive to the main behavioral biases: cognitive biases that can modify their beliefs and preferences, and emotional biases that emphasize the role of emotions in market decision-making. This work therefore aims to understand the main behavioral biases and their impact on the financial decisions and performance of investors in trading. Theoretical studies show that there are multiple behavioral biases that influence investors' decisions, namely imitation, disposition effect, representativeness, anchoring, framing, overconfidence, aversion, risk aversion, loss aversion and optimism. As such, this work challenges the assumption of investor rationality and inferences about the efficiency of financial market information. Keywords : Financial decisions ; behavioral finance ; behavioral biases; financial markets; investors. JEL Classification : G41 Paper type : Theoretical research., Le but de ce travail vise à étudier les principaux biais comportementaux et leur impact sur la performance des traders dans les marchés financiers, ainsi que l'impact de ces biais comportementaux sur les décisions financières des investisseurs, à travers des aspects purement théoriques. La littérature existante confirme l'existence de biais comportementaux et démontre leur impact sur les décisions d'investissement et de financement. En fait, des recherches récentes sur la finance comportementale ont montré que les investisseurs sont sensibles aux principaux biais comportementaux : des biais cognitifs qui peuvent modifier leurs croyances et leurs préférences, et des biais émotionnels qui mettent l'accent sur le rôle des émotions dans la prise de décision sur le marché. Ce travail vise donc à comprendre les principaux biais comportementaux, et leur impact sur les décisions financières et les performances des investisseurs en trading. Les études théoriques montrent qu'il existe de multiples biais comportementaux qui influencent les décisions des investisseurs, à savoir l'imitation, l'effet de disposition, la représentativité, l'ancrage, le cadrage, l'excès de confiance, l'aversion, le risque, l'aversion aux pertes et l'optimisme. En tant que tel, ce travail remet en question l'hypothèse de rationalité des investisseurs et les inférences sur l'efficacité de l'information des marchés financiers. Mots clés : Décisions financières ; finance comportementale ; biais comportementaux ; marchés financiers ; les investisseurs. Classification JEL : G41 Type de l’article: Recherche théorique.

Investors are often inclined to keep losing stocks too long, despite this being irrational. This phenomenon is part of the disposition effect (“people ride losers too long, and sell winners too soon”). The current research examines the role of hope as a potential explanation of why people ride losers too long. Three correlational studies (1A, 1B, and 2) find that people's trait hope is positively associated with their inclination to keep losing stocks, regardless of their risk-seeking tendency (Study 2). Further, three experimental studies (3, 4, and 5) reveal that people are inclined to hold on to losing (vs. not-losing) stocks because of their hope to break even and not because of their hope to gain. Studies 4 and 5 provide process evidence confirming the role of hope and indicate potential interventions to decrease people's tendency to keep losing stocks by reducing the hope. The findings contribute to the limited empirical literature that has investigated how emotions influence the disposition effect by providing empirical evidence for the role of hope. Moreover, the findings add to the literature of hope by revealing its role in financial decision-making and show a “dark side” of this positive emotion.

This dissertation consists of four independently written essays dealing with inference and prediction of financial data sets. The first part of this dissertation focuses on the inference element and contains two chapters that explore the question of how financial markets priced companies’ stocks during the market collapse caused by the COVID-19 pandemic in the beginning of 2020. As the COVID-19 pandemic and the subsequent economic lockdown represented one of the most impacting exogenous shocks to financial markets in recent history, it led to a huge increase in uncertainty about a firm’s future cash flows. This environment thus allowed us to examine the drivers and characteristics that may make firms more resilient to crises and help to reduce investor uncertainty. The last two essays of this dissertation move away from the inference element and deal with the prediction of financial time series data using unsupervised machine learning methods. In the finance literature so far, machine learning models are mainly used for discriminative tasks, such as point forecasts or classifications. However, in this dissertation, we show how the finance literature can be extended by using generative probabilistic models, which aim to learn the underlying distribution of the data and are able to generate realistic artificial samples. Since time series in the real world are highly stochastic, probabilistic sampling has the advantage of providing a complete distribution of possible scenarios instead of a single prediction.

A financial and industrial group consists of several legal persons, registered with the relevant governmental authority, that have joined under contract their tangible or intangible assets and function as business subjects of equal rights with a view to accomplishing investment projects and programmes aiming at increasing their competitiveness in local production and expansion of markets of goods and services. The Republic of Moldova is also committed to this global system, but research in this area is insufficient. Thus, in this article, the authors decided to analyze some considerations the groups of entities, the reporting performed by them, initially determining the scope of consolidation. We used the study of special literature, regulations and the presentation of the generalization of the research results.

This study aims to examine the use of the momentum strategy of domestic investors who trade small order sizes on IDX. The data used in this study is intraday trade transaction data from the LQ 45 Index for March, April and May 2017 obtained from The Indonesia Capital Market Institute. The method of data analysis used is the market-adjusted model approach. The results of this study indicate that domestic investors who trade in small order sizes tend to use the momentum strategy in government and non-government stock issuers. This finding implies that when IDX is in a good performance, investors should take advantage of this condition because buying stocks that have already been performing well provides a significant short-term abnormal return.

The article shows that junk securities never demonstrate a smooth trend to rate growth and any jump or drop usually happen by sharp change in the trend. The investor making deals on OTC call-boards should realize that 95% of dark market shares cannot pass analysis and the majority of investors who deal with dark market shares would lose money. Sometimes after good results shares on dark market can go ‘darker' and are not reported for a long time. It resembles ‘leaving on a high pitch'. But occasionally figures can become worse, therefore the company would not like to acknowledge the fact. Junk shares always imply high risk, as in the majority of cases there is no reliable information about the organization issuing shares and securities themselves. The authors point out that in case of placement at outside markets external audit is not carried out and real quotation could differ from those presented. At the same time it is rather difficult to analyze junk shares because of low exchange purchase, as few investors buy securities with low rating.

The published financial statements are considered one of the most important sources of information that investors rely on in forecasting stock performance or even judging the organization’s ability to cover short-run liabilities. Cash flows play a core role in maintaining a high market value for its shares. Hence, this study came to analyze the explanatory value of the cash flow statement in explaining stock volatility (SV) in the Qatar financial market. Study data were collected using published financial statements from a sample of 44 Qatari-listed companies throughout 2013–2019. A panel cross-sectional data technique using the E-views program was used to analyze the data. The study results show there is a positive and significant impact of cash flows from operating CFO activities on SV, indicating that the higher change in CFO increases stock volatility. This means that operating cash flows give significant information to investors, and it is reflected in the stock price movements directly. Also, the cash flow from CFF financing activities has a positive and significant effect on SV. This means that CFF affects stock prices, causing greater changes and fluctuation in stock returns. This is because one of the major components of CFF is dividends, which affect directly stock prices and stock returns. In contrast, there is an insignificant effect of CFI on SV, which may indicate that investors do not build their investment decisions based on CFI. Accordingly, the cash flow from investing activities failed to explain the stock volatility of the listed Qatari companies.

The concept of investment attractiveness of enterprises and the factors influencing it are considered. The factors of decision–making of investors from the point of view of the expediency of financing enterprises have been determined. The state of enterprises has been investigated in the context of capital investments by types of assets and sources of financing. The international experience of improving investment attractiveness is presented. The catalysts for the development of the level of investment potential have been identified. The ways of increasing the investment attractiveness of enterprises are proposed.

[Abstract] Recently, corporate information disclosure has been gradually increasing to achieve Sustainable Development Goals (SDGs). However, only limited research has been conducted on what sustainability information stakeholders prefer and how, and this has not yet been fully understood. Among the studies that clarify the preferences of individual investors for sustainability information, this study reviews the literature using choice experiments and clarifies future research issues.

This paper uses unique and detailed transaction data to analyze herding behavior among pension funds. We distinguish between weak, semi-strong, and strong herding behavior. Weak herding occurs if pension funds have similar rebalancing strategies. Semi-strong herding arises when pension funds react similarly to other external shocks, such as changes in regulation and exceptional monetary policy operations. Finally, strong herding means that pension funds intentionally replicate changes in the strategic asset allocation of other pension funds without an economic reason. We find empirical evidence supporting all three types of herding behavior in the asset allocation of large Dutch pension funds. Whereas weak herding can contribute to financial stability, strong herding may present a risk for financial stability.

This paper uses unique and detailed transaction data to analyze herding behavior among pension funds. We distinguish between weak, semi-strong, and strong herding behavior. Weak herding occurs if pension funds have similar rebalancing strategies. Semi-strong herding arises when pension funds react similarly to other external shocks, such as changes in regulation and exceptional monetary policy operations. Finally, strong herding means that pension funds intentionally replicate changes in the strategic asset allocation of other pension funds without an economic reason. We find empirical evidence supporting all three types of herding behavior in the asset allocation of large Dutch pension funds. Whereas weak herding can contribute to financial stability, strong herding may present a risk for financial stability.

Svijet se danas suočava s brojnim ekološkim problemima kao što su onečišćenje zraka, gubitak bioraznolikosti, klimatske promjene i slično. Proces globalizacije dodatno pogoršava te probleme. Države i poduzeća postaju sve više svjesni tih izazova i potrebe da ih se riješi. Jedan od načina ublažavanja klimatskih promjena i prelaska na niskougljično gospodarstvo uz posredovanje financijskih tržišta je izdavanje zelenih obveznica. Riječ je o dužničkim vrijednosni papiri koji se izdaju s ciljem financiranja ekološki održivih projekata. Ovaj diplomski rad daje sustavni pregled osnovnih karakteristika zelenih obveznica i analizira tržište zelenih obveznica u Europskoj uniji. Cilj rada je usporediti zelene i klasične obveznica te utvrditi potencijale za izdavanje zelenih obveznica u Republici Hrvatskoj., The world is facing many environmental problems such as air pollution, biodiversity loss, climate change and so on. The process of globalization has an additional negative impact on these issues. Countries and companies are becoming more and more aware of these challenges and the need to solve them. One way to mitigate climate change and move to a low-carbon economy through financial markets is to issue green bonds. These are debt securities issued with the aim of financing environmentally sustainable projects. This thesis provides a systematic overview of the basic characteristics of green bonds and analyzes the green bond market in the European Union. The aim of this paper is to compare green and classic bonds and to determine the potential for issuing green bonds in the Republic of Croatia.

International audience; D’après la Fédération des promoteurs immobiliers, les ménages investisseurs acquièrent chaque année entre 35 et 45% des logements produits par les promoteurs. Pourtant, rares restent les travaux de géographie portant sur leur rôle dans la production de la ville [Kadi, Hochstenbach, Lennartz, 2020]. Ce thème revêt une importance particulière en France, où les ménages disposent d’un quasi-monopole dans le secteur du logement locatif libre. Objectiver les comportements des ménages investisseurs se heurte au problème de la rareté des données sur le sujet [Coulondre, 2018]. Cette étude s’appuie ainsi sur des bases de données construites et exploitées par le cabinet d’étude Adéquation, dont l’exhaustivité en zone urbaine dense est supérieure à celle des données publiques (ECLN et SITADEL) [Juillard, 2019]. Elles renseignent en particulier la localisation exacte des programmes (latitude / longitude) et l’usage (investissement ou propriété-occupation) fait par l’acquéreur de chaque logement. Cette communication porte ainsi sur la répartition et l’évolution des volumes de logements acquis par les ménages investisseurs dans les métropoles de Lyon, Nantes, Clermont-Ferrand et Toulon entre 2008 et 2020. Son ambition est d’objectiver la « respiration » de la production urbaine, c’est-à-dire le déploiement géographiquement différencié de ses cycles locaux. Il s’agira de montrer que si la demande des ménages investisseurs est davantage volatile que celle des propriétaires-occupants, elle reste en revanche très nettement concentrée dans le centre des métropoles. L’usage rentier de l’immobilier par les ménages alimente en cela la différenciation géographique des cycles de production de logements dans l’espace urbain.