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The aim of this research is to clarify the repercussions of the (Covid_19) pandemic on the global and local economy, to identify some of the crises that had repercussions on the economy in general, with more focus on the Iraqi economy and reporting on it. The descriptive approach was used for the theoretical side by making use of relevant research and studies, and the inductive and deductive approach for the practical side by analyzing some items in the financial statements of the Iraqi Investment Bank, the research sample, and then suggesting solutions to help with the possibility of switching between international standards, which helps the administration to face crises and ensures the continuity of the unit. The research concluded that there is a discrepancy in the repercussions of the epidemic on the economy at various levels, by analyzing the items of debtors and the item of inventory in the Iraqi market. The most important recommendation was for management to report on the Covid_19 pandemic or similar events in accordance with IAS 8, which serves as a guide to management when applying any of the reporting standards to faithfully represent economic reality. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the performance determinants of investment banks in the Iberian Peninsula. To achieve this goal, we have studied 15 Portuguese banks and 53 Spanish banks between 2011 to 2020. To test the hypotheses we have used bank-specific variables and macroeconomic variables through the Generalized Method of Moments (GMM)-system estimation method by [1] and [2]. The results point out that internal determinants are the most important to explain bank performance in both countries. Still, the managers and shareholders have different perceptions depending on the measure of bank performance. To the best of our knowledge, this is the first study to analyze the performance determinants of the Iberian investment banks as a single joint market. [ABSTRACT FROM AUTHOR]

Financial instruments are one way of providing assistance from the European Structural and Investment Funds. They support investments that are expected to be financially viable but have insufficient funding from market sources. They may take the form of capital investments, loans, guarantees or other risk-sharing instruments. Unlike grants, they represent a return form of assistance through them the final beneficiary can access the financing of economic activities on preferential terms. The specificity of financial instruments is the fact that private capital or financial institutions, such as the European Investment Bank or the European Investment Fund, are mainly involved. The main advantage of using financial instruments is their return nature, which makes it possible to use the allocated funds repeatedly, which multiplies their potential effect. This achieves a leverage effect that allows the use of funds from other sources. Supporting activities in this form does not effectively subsidize the economic results of the activities, so that the resources used are used more efficiently and purposefully. As private sector expertise is used in the allocation of financial instruments, there is less market distortion compared to recoverable aid, mainly due to the limited public sector capacity in many areas of economic activity. The aim of this contribution is to examine and identify financial instruments as a means of repayable assistance from the European Structural and Investment Funds under the conditions of the Slovak Republic in the programming period 2014-2020. [ABSTRACT FROM AUTHOR]

This study connects research on knowledge and inequality in organizations by examining professional service workers' perceptions of their own marginality within their organization and their beliefs about the knowledge they need to succeed. Interviews with 104 senior leaders in a global investment bank reveal an association between people's feelings of marginality (on the basis of age, function, geography, position, gender, sexual orientation, race, ethnicity, nationality, class, education) and orientations to knowledge. Feeling marginal is associated with valuing technical knowledge and eschewing social knowledge. Feeling mainstream is associated with valuing both technical and social knowledge. I argue that theories about the nature of knowledge can help to explain differences between marginal and mainstream actors' valuations of knowledge. Social knowledge tends to be "tacit," transferred through people and interactions. Technical knowledge tends to be "explicit," stored online and in databases; neither its access nor acquisition requires relationships. Because literature on the properties, content, and transmissibility of knowledge is largely separate from literature on inequality, this article unites topics separately traversed in each research domain. I show that the extent to which individuals feel marginal along the aforementioned categories is associated with the kinds of knowledge they value and are likely to pursue. [ABSTRACT FROM AUTHOR]

In the early banking era, Commercial banking and Investment banking functions were limited within their own bricks and mortar premises. But with the advent of universal banking in India, the concept of banking services has almost changed in the present scenario. The consolidation of Commercial Banking, Development Banking and Investment Banking has promised a wide range of banking services to the masses in a more convenient way under one roof. These services comprise of Merchant Banking, Mutual Funds, Factoring, Credit cards, Housing Finance, Auto loans, Retail loans, Insurance, etc. With the contributions of Universal Banking concept, Indian banks are able to attract more customers in an increasing volume as they meet the requirements of their actual and potential customers under one roof. The concept of Universal Banking has emerged as a WIN-WIN strategy in the recent scenario of banking sector. Most of the banks in Indian Banking Sector are on the verge of Universalisation. The Industrial Credit and Investment Corporation of India (ICICI) has the first mover advantage of Universal Banking in India. With the changing face of banking sector, ICICI accepted the challenge and entered the market with zeal. ICICI came out with the new strategy and concept of universal banking in India and took a bullet migration path towards Universal Banking. With the approval of Reserve Bank of India, ICICI converted itself into a Universal Bank in 2002 resulting in a reverse merger of ICICI Ltd. with ICICI Bank Ltd. The merger created India's second largest bank in terms of assets. Soon after the Universalisation, it became the market leader in retail credit in India in the year 2003. In 2005 it became the largest bank in India in terms of market capitalisation. Therefore, the main aim of this paper is to study the strategies and working of ICICI as a Universal Bank. The present paper also throws light on the performance analysis of ICICI as a Universal Bank. In order to determine the performance of ICICI, pre and post Universalisation scenario has been compared. This paper attempts to evaluate the Pre and Post Universalisation performance of ICICI Bank using certain financial ratios. To analyse the impact of universalisation paired sample t-test has been used. For this purpose, the total study period has been divided into two parts, i.e., Pre-Universalisation Period (1999-2002) and Post-Universalisation Period (2003-2013). [ABSTRACT FROM AUTHOR]

Crowdinvesting is a recently emerged business practice recognised as an alternative method of raising risk capital in the early stage financing of start-ups and small enterprises. It involves a collection of relatively small amounts of money contributions from a general public, via platform operator. In return, investors acquire equity or debt financial instruments issued either by project holder seeking finance (direct crowdinvesting) or a special purpose vehicle established by the platform operator or a third party which in turn invests in financial instruments issued by the project holder (indirect crowdinvesting). Authors provide a brief insight into business models employed by the platform operators and explore whether some of those models from the legal point of view may fall within the scope of Alternative Investment Fund Managers Directive. Having in mind the broad scope of this Directive, possible legal consequences of qualifying platform operator as a manager of alternative investment fund as well as the role of the manager as stipulated in the Directive, paper examines whether the crowdinvesting entity may be qualified as ''a collective investment undertaking'' and whether it invests in accordance with a ''defined investment policy'' which are crucial prerequisites for such qualification. Possible application of the de minims exclusion as well as holding company exemption and securitization special purpose entity exemption are taken into consideration. [ABSTRACT FROM AUTHOR]

The Swiss capital market is an extraordinary liquid and efficient market with increasing importance in times of financial instability in Europe and the world. However, there is no study that provides current evidence on IPO-pricing in Switzerland. Therefore, we analyze in this study the short- and long-run performance of Swiss IPO's from 2000 to 2014. The observed first-day underpricing is 8.4% on average, which we explain with high IPO activity and with a lack of competition between the Swiss investment banks. On the long-run, the IPO seem to be fairly priced. [ABSTRACT FROM AUTHOR]

The paper analyzes the mechanisms of interaction between technical analysis (TA) and the efficient market hypothesis (EMH). We describe how a less fundamental set of tools, developed by the early investors in the stock market is not necessarily conflicting with the more rigorous, even dogmatic approach, of the market efficiency. Building on a consistent literature developed starting with the 1950's, we show how causality between the two concepts runs in both directions with practical implications in the investment industry. [ABSTRACT FROM AUTHOR]

In 2009, Malaysia lost the case of Salvors Sdn Bhd v. Malaysia, which resulted from a dispute over an investment agreement between Malaysia and the investor, a company owned and controlled by a British citizen. The investment agreement was to locate and salvage the wreck of the ship Diana off the coast of Melaka, a state of Malaysia. The dispute arose over the investor's additional claim of RM400,000, which the various Government departments refused to entertain. The matter was first taken to ad hoc arbitration, where Malaysia got the award in her favour. Later, the investor took it to the ICSID Tribunal at the World Bank, which reversed the judgment. There are a couple of reasons why Malaysia failed to effectively manage the dispute. First, there was no coordination between the federal government and the state government agencies. The former negotiated the agreement while the latter was involved at the level of implementation. This created a gap in the understanding of its provisions by the implementers at both levels of the government. For most of the time, the negotiators and implementers are not same. Second, there arose inconsistency and conflicts in the interpretation of rules, regulations and contracts. . For example, there was a conflict as to what type of artifacts would have been considered "related to Malaysian history and culture," which was not subject to the auction and which type of artifacts were considered recovered items and could have been sold. Then, another factor that led the parties to arbitration was the lack of any initiative to resolve the dispute by other alternative dispute resolution mechanisms, such as negotiation, conciliation/mediation, etc. This paper will critically review Malaysian approach to the management of investment dispute in general and of the Salvors Sdn Bhd case in particular. It will do so against dispute management model suggested by the United Nations Conference on Trade and Development (UNCTAD). [ABSTRACT FROM AUTHOR]

Practice Enterprise is a simulated model, which serves as the perfect solution for the current demand for new ways of teaching and learning. The new work place requirements were and are still incompatible with the training in which the student is „passive recipient”. In a business simulation students are required to actively participate in company activities and be responsible by playing a central role in all aspects of company management: accounting and the preparation of a statement, organizational, administrative and fiscal charges, domestic and international trade management, financing, investment banking relationships, the application of ICT, so on. [ABSTRACT FROM AUTHOR]

The article presents research which discussed a theory concerning embedded interfirm tie formation in formal organizations. The researchers integrated the concept of embeddedness with corporate perspectives to explain how positional, structural and relational embeddedness influence tie formation. They examined the characteristics of investment banks that are most likely to receive and initiate ties. They found that network resource compatibility plays an important role in the formation of such alliances.

The purpose of this study is to assess to what extent the business model practiced by investment banks, before the beginning of the financial crisis, has influenced their performance indicators, and especially those who express shareholders' satisfaction. To this end, we have applied a nonparametric method, called Data Envelopment Analysis, which allows obtaining the efficiency scores for each financial institution considered. The sample included two pure investment banks, Lehman Brothers and Goldman Sachs, and seven international financial groups carrying out investment banking activities. The model tested assumed the maximization of selected output variables (ROE and the dividend distributed), by considering several input variables, meant to summarize the risk profile and costs arising from implementing a particular business model. The results obtained, in the form of high inefficiency scores, indicate that the business model of investment banks was not better performing than that applied by financial groups, because it failed to ensure a balance between ownership compensation and sustainable expansion of financial activity. JEL classification: C14, G24 [ABSTRACT FROM AUTHOR]

This article proposes an extension to the middle-status conformity argument and a refinement to its scope conditions. Because the likelihood of conformity/deviance by an actor is predicated on the threat of response by observing others, this article assesses whether middle-status conformity logic can be used to predict this antecedent consideration--the likelihood of response. Using a panel of investment banking firms from 1997 to 2004, I find that the likelihood of targeting of putative deviants by institutional officials does exhibit the inverted-U shape (IUS) relationship intimated in middle-status conformity arguments. However, this result is moderated by a key factor not currently considered part of the middle-status conformity argument's scope conditions--the degree of social discourse regarding deviant behaviors. The results show that as social discourse on corporate scandals increases, the IUS relationship intimated in conformity theory inverts, creating an increased probability of targeting for high-status players and a decreased probability of targeting for middle-status players. The findings suggest that future tests of middle-status conformity arguments should consider the influence of social discourse; otherwise a skewed view may arise of the relative motivations of targeters, and thusly those of potential deviants themselves. [ABSTRACT FROM AUTHOR]

The article examines the issue of small business credit and the problems of debt gaps. According to the article research exploring bank-firm relationship is overshadowed by studies exploring relationships with venture capital, and not enough attention is made to the importance of bank financing to new and small firms. It is suggested that debt gaps are not directly attributable to a firm size but it reflects problems of inadequate knowledge about firms' situations. The article analyzes whether there is an association between firm size and knowledge and attempts are made to clarify whether knowledge's theoretically inferred mediating mechanism between firm size and access to credit actually operates as proposed in previous research.

The present paper investigates the linkages among the G7 equity markets using MSCI whole index data for the period from 1993:1 to 2006:1. Applying Johansen's Cointegration Analysis, we provide evidence for financial integration by identifying a long run equilibrium relationship among the underlying markets, in support of existing literature and market sentiment. We extend previous empirical literature by considering the presence of regime shifts in the short run dynamics. The results show significant regime dependent short run relationships between the markets under examination. The Markov switching representation uncovers significant adjustment towards the common equilibrium in the case of the second regime which is associated with US economic contraction periods, not captured previously by the linear VECM. Finally, we provide evidence on the regime transitional mechanism explaining it according to the markets' expectations on the state of the US economy. [ABSTRACT FROM AUTHOR]

Previous studies of status dynamics show that firm performance and social factors, such as affiliations, are associated with changes in status. Inter-firm affiliations exhibit status transfer from the higher status to the lower status party; because this exchange is unavoidable industry affiliations are often characterized by status homophily. Prior research has focused on affiliations in which both firms continue to maintain independent identities in the marketplace. Relationships which constitute a combination of actors have been largely overlooked. This study explores status dynamics in the context of firm combinations, specifically intra-industry mergers. These relationships are complex because they require the integration of two distinct firms. A framework for evaluating the status outcomes of mergers is developed. Outcomes are defined along three dimensions¿how the status of the post-merger firm compares to that of a given focal firm, its merger partner and the expected status outcome. Status outcomes for focal firms are hypothesized to be dependent on the firm¿s status position relative to its merger partner, the degree of status homophily between firms, and the firms¿ total status. Hypotheses are empirically tested using data from the investment banking industry during the years 1980-2000. Results provide evidence of status transfer between firms. However, unlike previous findings, status homophily is associated with worse status outcomes than is status dissimilarity between merger partners. Dyads characterized by high total status also have a negative impact on status outcomes for focal firms. These results are explained by the challenges of integration which are unique to firm combinations. [ABSTRACT FROM AUTHOR]

This study examines some factors that influence the effectiveness of multisource feedback that has been facilitated by an executive coach. Participants were 89 senior managers from a globally operating investment bank. The study was a longitudinal in which the raters at Time 1 and Time 2 were matched. Results indicated that the quality of the relationship between executive coaches and their coachees had positive impact on individual change. The gender similarity of the coaching dyad (coach and coachee) was positively related to the improvement of senior manager's feedback ratings at Time 2. None of the Big-Five personality traits were related to positive individual change, but results indicate that this may require further investigation. [ABSTRACT FROM AUTHOR]

This article discusses a study which is motivated by the observation that inter-organizational partner selection research and learning theory share a common emphasis on uncertainty and risk. Uncertainty and risk reduction is the principal rationale offered to explain organizations' preference for their past partners and their partners' partners when forming new collaborations. By concentrating on uncertainty and risk reduction as an underlying logic, however, partner selection research does not help specify the conditions under which organizations' decisionmakers are willing to take on the uncertainty and risk of unfamiliar partners. The researchers employ performance feedback models to specify conditions under which organizations' decisionmakers are more or less likely to forego the certainty of the status quo to pursue risky change. These models suggest that performance gaps relative to aspirations may prompt organizational decision makers to accept the uncertainty and risk of partnering with strangers from beyond their local networks. The researchers' analysis of partner selection among Canadian investment banks shows a clear sensitivity to historical and relative performance feedback.

This section presents several organization and management theory conference symposia abstracts, including a debate session that addresses the contradiction and tensions between managerial and academic discourse on collaboration, a discussion of the practice of strategy or strategizing within organizations, and an examination of alliances as a phenomenon among new ventures.

The main purpose of this paper is to draw attention to conflicts of interest as a fascinating phenomenon in its own right, from an empirical as well as an analytical point of view. A conflict of interest, it is suggested, can be defined as a situation in which there is an actor for whom a private interest threatens to overtake a public interest. To fully understand the clash between these two interests you need to go beyond a pure interest analysis and approach the situation with a sociological perspective. The empirical part of the paper consists of an analysis of the conflicts of interest that are associated with the recent financial scandals of corporations such as Enron and WorldCom. The public interest that was at stake in these events was that of the small investor; and the precarious situation of small investors in the U.S. is presented. Two types of conflicts of interest are analyzed: those in the world of accounting (with Arthur Andersen as the case study) and those in investment banking (with Merrill Lynch as the case study). A conflict of interest, the paper ends, can also be seen as a distinct social mechanism, similar to those constitutional devices that are common in a democracy such as separation of powers or checks and balances more generally. As such, it has deep roots in American life. [ABSTRACT FROM AUTHOR]

This article presents several conference paper abstracts about organization and management theory. The conference paper entitled "Multiple Logics in the Decision-Making Process," by Sergio Janczak, is a qualitative empirical study that reveals the multiple logics which managers, in undertaking projects, used to influence other employees. This paper seeks to contribute to the literature decision-making process by exploring further the often ignored area of middle management's processes. In addition, as an exploratory approach this paper aims to reveal the factors that influence such processes. The design of this qualitative study includes the identification of a sample of 59 projects undertook by 39 middle managers in 35 complex multidivisional organizations in Canada. The conference paper entitled "The Ecology of Strategic Positioning: Mutualism, Competition, and Inertia," by Stanislav D. Dobrev, Tai-Young Kim, and Glenn R. Carroll develops an ecological theory of the strategic positioning of all firms in an organizational population across its evolution. Drawing on established ecological theories and notions of strategic positioning from the management literature, we contend that processes of mutualism, competition, and inertia shape the propensity of firms to move in the market space.

This research looks into marketing relationships and social networking as it related to market entry. The authors comment on how prior market relationships increase access to customers and the effect that prior market relationships have on success in the new market. Also of importance is networking relationships and how they affect market entry. Network status is discussed as it relates to the development of new customers. As an example, the authors look at commercial banks that are entering the investment banking sector which is a new entry with an existing but different customer base. [ABSTRACT FROM AUTHOR]

Prior research on interorganizational relationships suggests that firms tend to choose past partners for future alliances because experiential information from past ties can reduce uncertainty surrounding whether potential partners are capable and reliable. However, the types of information utilized to reduce uncertainty and choose a future partner from the set of past ties have not been articulated. Using a social network framework, we model how firms evaluate and differentiate among past partners for future alliance opportunities. Using data on relationships formed among U.S. investment banks, we examine the role experiential information from a firms ego network of past ties (reciprocity, past alliance success and industry-specific collaborative experience) and non-experiential information from the network of ties in the industry (status) play in alliance selection decisions. [ABSTRACT FROM AUTHOR]

This research tested a theory of comparative advantage in venture capital risk management based on previous specific investments in risk-reducing information. It confirmed that venture capital firms invest more in information related to market factors and business angels invest more in information related to agency factors. Implications for entrepreneurs and researchers are discussed. [ABSTRACT FROM AUTHOR]

This study contributes to the literature about the impact of institutional and individual investors' buy and sell trades on stock market volatility. Our dataset also allows to investigate the trading behavior of domestic vs. foreign and active vs. passive institutional investors. This is supported by a finer partition of institutional investors into insurance companies, mutual funds, investment banks, commercial banks, savings banks, and other companies. We estimate the two main parameters driving the degree of persistence in volatility and its uncertainty using a univariate Generalized ARCH (GARCH) model that is Fractionally Integrated (FI) in both the Autoregressive (AR) mean and variance specifications. We refer to this model as the ARFI-FIGARCH. This provides a general and flexible framework with which to study complicated processes like volume and volatility. To examine the volume-volatility relationship, we estimate the dual long memory model with lagged values of the trading volume included in the mean equation of volatility. Institutional investors have a negative impact on volatility through their purchases and sales in the pre-crisis period, while after the crisis their buy and sell trades are positively associated to volatility. Avramov et al. (2006) find that contrarian trades decrease volatility while herding trades increase volatility. Here, the buy and sell trades, especially in the pre-crisis period, signal either the contrarian nature of their trades or the continuous under-reaction to new information. The buy and sell trades of individual investors exacerbate volatility, supporting the argument that their trade decisions carry little information and are possibly affected by psychological biases and market trends/momentum (Barber and Odean, 2011). As regards foreign investors, their buy (sell) trades have a negative (positive) effect on volatility in the pre-crisis period. In the post crisis one, both buy and sell trades affect volatility positively. Active institutional investors' trades have an asymmetric effect on volatility, with buy orders having a stabilizing effect and sell orders a destabilizing one in the pre-crisis period. Passive institutional investors' buy and sell trades have a positive effect on volatility for all samples considered. Overall, buy orders are more informative and value motivated, while sell orders are less informative and possibly more market phase (or momentum) driven. Finally, our results have important implications as to how the motives, access to information and instruments affect trader type behavior and, in return, stock price volatility. [ABSTRACT FROM AUTHOR]

In this paper we present a new dataset incorporating a number of alternative measures of financial fragility in 124 countries over the period 1998-2012. This dataset covers a wider range of financial institutions than existing datasets; it includes data from investment banks and mortgage banks, which are thought to have played a pivotal role in the recent financial crisis, plus co-operative banks, savings banks and Islamic banks, whose risk preferences may well differ from those of commercial banks. These other financial institutions account for approximately one third of all bank assets in the dataset. We show that the new fragility measures can help to explain the incidence of recent financial crises. [ABSTRACT FROM AUTHOR]

In this paper we address identity issues in relation to senior employees in the UK investment banking sector. Drawing on in-depth material, the study demonstrates their marginal concerns about identity issues or engagement in what is typically viewed as identity work. Instead they had what we refer to as an identity minimalism orientation and met potential challenges to identity with what we conceptualize as teflonic identity manoeuvring. In so doing they were able to deflect attention away from themselves, enabling them to circumvent identity concerns. These employees drew upon material resources, specifically money to rationalise this disposition and social (in particular dress codes) and discursive resources (around professionalism) to bolster and sustain this disposition. [ABSTRACT FROM AUTHOR]

The article offers news briefs involving the Institution of Civil Engineers (ICE). The ICE has led a dedicated campaign for the development of a national Green Investment Bank in Great Britain. The organization has reported that the nation's proposed approach to funding local flood schemes must be extended to ensure critical infrastructure assets are not left vulnerable. ICE has raised concerns on the localism bill that was introduced by the British government.

This presentation focuses on Jerome Kerviel, the French trader who in January of 2008 allegedly caused the investment bank Societe General to lose 7.2 billion dollars, the largest trading loss in financial history. The presentation provides a journalistic account of the scandal as well as an updated report on the investigation into Kerviel and the bank's internal control system which allowed a single mid-ranking trader to build an unprecedented 73 billion dollar position on three European futures markets. The presentation will also open up a broader discussion of the implications of this case for the global economy, the banking industry in particular, and perhaps conservative theories of free market capitalism and human nature. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]

How should we conceptualize markets? Sociologists and economists have complained that this question is mostly not addressed in the disciplines concerned with markets. When markets are the topic of investigation in sociology they tend to be conceptualized as producer markets, as for example in Harrison White's work. Financial markets, however, are not producer markets: in the paper, I show how they depart from them; we need to start from a multiple market hypothesis and deal with the reality of market differentiation observed in capitalism. I propose a notion of financial markets that takes its lead from ethnographic observations on the trading floors of large investment banks. My argument will be that financial markets can be linked to promises and the forms of engagement promises imply. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]