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Companies in the energy sector, due to their important role in the economy and the specificity of energy sources, are exposed to many types of risk, ranging from the risk associated with the company's operations and the global economic and political situation in the world. Energy companies are usually large capital companies whose shares are listed on the stock market. The mentioned risk factors may shape the risk level of these companies. The study aims to examine the relationship between market and accounting risk measures for Polish energy companies listed on the Warsaw Stock Exchange. This paper uses market and accounting betas in the conventional and downside approach. In addition to market measures of total risk, it also examines the variability of ROA for energy companies. The study of the relationship between market risk measures and accounting risk measures was based on Pearson's correlation coefficient, standard linear regression, and quantile regression. The relationship between market and accounting measures of total and systematic risk was identified. Moreover, quantile regressions revealed that the slope for accounting variables varies across the quantiles. Our research shows that for energy companies not listed on the capital markets, for which no market risk measures can be derived, accounting betas and downside accounting can be useful tools in risk analysis. The contribution of the article to the risk analysis of energy companies is the use of unpopular accounting beta factors and a new modification of these coefficients for downside risk. [ABSTRACT FROM AUTHOR]

Exact sciences have achieved many results, validated in practice. Although their application in economics is difficult due to the human factor involved, the lack of conservation laws, and experimental difficulties, it must be highlighted that the consistent bibliography gathered in recent years in this field encourages the econophysics approach. The objective of this article is to validate and/or define a few stock strategies, based on known results from mathematics, physics, and chemistry. The scope of this research demonstrates that statistics (in portfolio theory), geometry (in technical analysis), or financial mathematics can be used in the capital market. Many of the exact science results corresponded to strategies applicable to investors. Unlike the material world, financial markets have additional components that must be considered: human psychology, sociology at the firm level, and behavioral unpredictability. The findings obtained in this research enable the enormous vastness of the exact science results that can be a fertile source for new investment strategies. This article concludes that in order for mathematical theories to be applied to the stock market, it is essential that the start-up conditions (initial assumptions) are validated in the market. [ABSTRACT FROM AUTHOR]

It is now well-established that different markets may develop different growth-supporting institutions that can give rise to public firms and set capital markets in motion. Yet, the paradigm view still holds local alternatives as merely stepping stones, a transitional passage toward achieving a deeper and more advanced market, at which point conventional legal and market institutions--modeled on Anglo-American corporate capitalism--are still held necessary. Four decades of economic development in China challenge these conventions. With modern firms with global prominence and a capital market that is the second largest in the world, corporate governance in China seems to have passed the point of an "adjust or perish" prognostic. The system that governs Chinese firms and the ways in which capital markets function sustain strong governance attributes that go against many fundamentals in economics and legal thought. Political involvement and state ownership, both assumed to stand in the way of capital market growth, remain prevalent while the market continues to advance. Most strikingly, harmonization with conventional corporate governance been pushed aside as the Chinese Communist Party has decided to exercise an ever-more expansive and direct role in market activity. Public firms in present-day China are increasingly being governed by a "politicized corporate governance." Political institutions with corporate governance capacities have been deployed both inside and outside firms. These institutions now buttress or even replace weaker traditional corporate governance mechanisms in the Chinese market. The implications are striking. First, despite justified reasons for alarm, a politicized corporate governance system in China can perform the main functions of corporate governance elsewhere, thereby offering some benefits for public firms and their stockholders. Second, these developments show how path-dependent corporate governance attributes, here political institutions, reject convergence predictions yet have enough plasticity to evolve and to support modern firms and markets beyond assumed thresholds and developmental milestones. In so doing, China's politicized corporate governance casts doubts on law and development conventions as well as on both sides of a long-standing governance convergence debate. Finally, the politicization of corporate governance in China offers a new direction in comparative corporate governance scholarship, providing evidence of an instituted reversal from outwardly convergent corporate governance toward a new form of a planned economy. [ABSTRACT FROM AUTHOR]

The embedding of Islam in capital markets has given way to the emergence of an urban Muslim culture in the West resulting from an alliance of consumerism and religious practice sometimes dubbed as "Cool Islam" or "Pop-Islam". This movement refers to young Muslims abiding by religious practices while adopting the codes of youth and pop culture. Islamic Fashion is one example of this movement. Using frameworks from value theory and drawing on empirical data from the Islamic Fashion sphere, this article explores the intricacies between the consumerist values of products associated to Cool Islam and the traditional values it subverts and reinvents, suggesting, beyond the critique of consumerism as corrupting spirituality, that it may lead in fact to the revitalization of faith for Muslims living in the West while paving the way for plural exegesis of religious scriptures for Islam as a cult. [ABSTRACT FROM AUTHOR]

After the amendment made in the Capital Markets Law, an assembly was formed under the name of the debt security holders' assembly and a special communique containing detailed provisions was published by the Capital Markets Board. This amendment Communique aims to remedy the incompetence in Turkish law due to the fact that the debt security holders' assembly, which is subject to detailed regulations in international law, was not previously regulated. However, it is observed that the regulations introduced by both the Law and the Communique include some flaws and shortcomings, especially when compared with foreign country laws. In this context, it is particularly important to analyze the provisions regarding the decisionmaking of the debt security holders' assembly, which is a more problematic area. It can be said that the current regulations are intended to serve the interests of the issuing companies rather than protecting the interests of debt security holders. In addition, in the evaluation of the regulations pertaining to the debt security holders' assembly, it would be beneficial to make comparative use of the provisions pertaining to the privileged shareholders' assembly, as the latter is similar in certain respects. [ABSTRACT FROM AUTHOR]

In the new ecosystem for financing the sustainable development goals (SDGs), private actors are no longer passive bystanders in the development process, nor engaged merely as clients or contractors but as co-investors and co-producers in development projects and programmes. This 'private turn' in the financing of international development and other global public goods sees the enmeshment of public and private finance that brings aid and other forms of official development finance into sharp contact with regulatory regimes commonly associated with commercial investments, capital markets and corporate activity. The shift away from public resources for financing (e.g., multilateral sovereign loans) to leveraging financial markets for development capital (e.g., equity and portfolio investments) will insert countries into global financial markets and engagements with corporate actors in ways that will change forms of regulation, accountability and transparency of public finance. Zooming in on the creation of markets for sustainable development investments (SDI), this paper explores how this broader 'reengineering of public finance' is establishing new forms of governance that are restructuring the relationship between states and markets and between transnational capital and their host communities. Specifically, the movement towards private investments and financial markets as key drivers of financing for sustainable development has two critical impacts on transnational governance: (a) the use of private markets, in their capital allocation roles, as quasi-regulatory tools for achieving the SDGs and other global public goods; and (b) the deployment of private regulatory regimes (e.g., contracts, codes of conduct, corporate governance codes) as mechanisms to govern the social and environmental externalities of transnational economic activity. These developments have wide-ranging impacts on the domestic legal, political and civic constitution of states that can paradoxically constrain fiscal and policy space for enabling the attainment of the SDGs. [ABSTRACT FROM AUTHOR]

In this paper, we introduce a new time series model with a stochastic exponential tail. This model is constructed based on the Normal Tempered Stable distribution with a time-varying parameter. It captures the stochastic exponential tail, which generates the volatility smile effect and volatility term structure in option pricing. Moreover, the model describes the time-varying volatility of volatility and empirically indicates stochastic skewness and stochastic kurtosis in the S&P 500 index return data. We present a Monte-Carlo simulation technique for parameter calibration of the model for S&P 500 option prices and show that a stochastic exponential tail improves the calibration performance. [ABSTRACT FROM AUTHOR]

This study undertook a conceptual and descriptive approach to capital market progression in Nigeria, beginning from 1985 to 2019 using number of listed securities (a proxy for market accessibility), market capitalization (a proxy for market size), All Share Index (a proxy of market efficiency) and market depth (a proxy of ratio of market capitalization to gross domestic product (GDP) in the reference period. The period analyzed was segmented into a five year period for effective descriptive reporting purposes. Findings from the study showed that the Nigerian capital market has progressed steadily in terms of market size, efficiency and depth but was retrogressive in terms of the number of listed firms in the reference period. From the analysis, the study recommends that capital market operators and regulators should do more in the areas of listing more securities by reducing the obstacle for listing, efficiency and especially the depth of the market (increase trading in the floor) for it to effectively and efficiently provide move fund from surplus sector to deficit sector. [ABSTRACT FROM AUTHOR]

The problem of goodwill bubbles is an important issue concerned by the current capital market. It is of great significance to explore the influencing factors of goodwill bubbles for effectively inhibiting goodwill bubbles and preventing and resolving financial risks. Taking A-share companies listed from 2014 to 2018 in China as samples, this study empirically tests the impact of venture capital institutions on M&A goodwill bubbles. We find that, compared with nonventure capital shareholding companies, the scale of M&A excess goodwill of venture capital shareholding companies is lower. That is, venture capital institutions can effectively inhibit M&A goodwill bubbles. The research on the impact mechanism shows that the inhibition of venture capital institutions on the M&A goodwill bubbles is mainly realized by reducing information asymmetry and easing agency conflict. Further research shows that, from the perspective of the participation of venture capital institutions, the higher the shareholding of venture capital institutions and the greater the number of venture capital institutions investing in the same company, the more they can inhibit M&A goodwill bubbles. From the perspective of internal and external governance environment, venture capital institutions are more able to inhibit M&A goodwill bubbles in enterprises with poor quality of internal control and marketization level. [ABSTRACT FROM AUTHOR]

In early 2017, a Universal Child Development Account (UCDA) was started in Israel after a similar program had been suggested by the Research Department of the National Insurance Institute (NII) following an international workshop held at the department in 2009. The NII's proposal, though accepted by the 'war on poverty' commission in 2013, was only considered by the government in 2015 following a deep cut in child benefits in August 2013 and after the Ultra-orthodox parties' insisted on the reinstalment of the amount as a universal CDA. The program that was finally implemented includes monthly deposits of NIS 50 out of the child benefit, in a dedicated savings account, either in a bank or a provident fund in one of several financial institutions, participating in the program. The program, administrated jointly by the NII and the Finance ministry, gives the children access to expected future income from the capital market. The accumulated funds after 18 years hopefully create an incentive for the grown-up child to use the benefits for human capital accumulation. Such a policy can help strengthen the child's future earnings capability and thus add to the individual’s economic success and also to the social insurance's financial sustainability. However, as shown in this paper, such a policy is not without risks. The parents are required to make several choices – they are supposed to choose a savings path for each of their children – either open a savings account in a bank or invest in a provident fund of one of the eligible investment firms. The various savings paths differ in their combination of risk and return on the investment. The investment period for a newborn child is 18 years and extendable to 21 years. Parents can add a monthly deposit of 50 NIS, out of the current child benefit. For parents, who do not choose a savings or investment path, a default decision is activated. As shown here, the design of the default has important implications on the distributional outcome of the program. The long run success depends therefore on the degree of the parents' financial literacy. The latter, depending among other things on the parents' socio-economic background. It seems that an important shortcoming of the specific implementation is that observed choices by the parents hint at the creation of an advantage for affluent families, while disadvantaged families, who happen to be in high need of social insurance, may fall behind. Opportunities and difficulties arising from a CDA policy are discussed, stressing the importance of the policy design, necessary to strengthen the program's positive effects on the children's future income mobility . [ABSTRACT FROM AUTHOR]

The research seeks to assess whether the Indian capital market is following a sustainable equilibrium relationship with gold, oil and currency exchange in long and short intervals or not. The study uses autoregressive distributed lag (ARDL)‐unrestricted error correction model (UECM) Bounds test over 25 years from 1990 to 2016. The result indicates that equity indices are cointegrated and has a relationship for a long run with gold and currency exchange. Volatility in gold prices and currency exchange affects equity performance for a long and short interval of time. Only oil price movements affect the currency exchange rate in long‐run. No other variable makes any impact on it in short‐run. The outcome supports gold that appeared as an alternative investment asset class in the investors' community. The report features the necessity to structure policies so that currency exchange gestures and financial return volatility can be monitored and controlled with gold and oil prices as instruments. [ABSTRACT FROM AUTHOR]

Decree-law 11/2022, of 12 January introduces the participating loans (empréstimos participativos) into the Portuguese legal system, with the aim of diversifying the funding sources of the Portuguese companies and facilitate their access to the capital markets. This works aims at giving a brief overview of the respective legal regime by going through, and performing a critical appraisal of, its essential aspects. [ABSTRACT FROM AUTHOR]

Institutional investors normally define the market segments that present more opportunities for profitability based on their commitments, their financial and accounting situations and the regulations that govern the structure of their investments in equities, bonds, real estate and infrastructure. Their investment strategies consist of defining the allocation of their assets after having fixed the proportion to be invested in each segment. We will try through this work to estimate and optimize the parts of assets invested in shares of pension funds, insurance companies and UCITS (Undertakings for Collective Investments in Transferable Securities), according to their degree of integration into the Moroccan economy, weight of their assets in market capitalization and by the heterogeneity that characterizes their investment decisions on the capital market. Panel data are well suited to our analysis in the sense that they allow us to measure the impact of several actions (stimuli), alone or simultaneously, and the synergies (interactions) of data, which are numerous on investors and on market indicators on the financial market. The results obtained illustrate that the weight of equity investments in portfolios under management of institutional investors are impacted by the share of investors' equity portfolio in market capitalization and by the total assets of this category of investors compared to Morocco's GDP (Gross domestic product). [ABSTRACT FROM AUTHOR]

The article continues a series of studies analyzing the features of capital relocation (movement) and mathematical modeling of the dynamics of the world financial and economic system (FES) in the context of globalization. Structuring features of capital transfer processes in the context of a modern globalized FES and their impact on the efficiency of the investment portfolio and the economy of donor and recipient countries are considered. The relationship between the dynamic processes of the movement of borrowed capital and the Buffett indicator is established as a characteristic feature of the emergence and development of crises. The conditions have been determined whereby further capital injection, i.e., "flooding the crisis with money," ceases to be effective. [ABSTRACT FROM AUTHOR]

Purpose: The objective of this research is to verify the applicability of the local CAPM, Local Adjusted CAPM and Hybrid Adjusted CAPM models to the Brazilian market from the analysis of their respective premises and, in addition, to verify the existence of significant statistical differences between the models. Methodology: For the chosen indicators, aiming to represent the premises of each model, the history series from 2007 to 2014 is tested, comprising a sample of 94 most liquid companies in the Brazilian market evaluated according to the CAPM Local, CAPM Local Adjusted asset pricing models and Hybrid Adjusted CAPM. Statistical tests are performed (with 95% reliability), using the ASSISTAT version 7.7 beta program for the analysis of descriptive statistics, compared later using a non-parametric test and also with a correlation estimate. Results: Multiple comparisons after the assumptions indicate that the differences occur between the CAPM Local and CAPM Local Adjusted models and between CAPM Local Adjusted and CAPM Hybrid Adjusted. The results point to a positive correlation between the returns of Embi + Br and T-Bond 10 and 30 years. Theoretically, this correlation is not expected, since country risk should not be correlated to global risk-free rates. The Ibovespa has a positive correlation with the MSCI ACWI and the S&P 500, a result that shows the correlation between the returns of the local and global market. The Selic has a negative correlation with the Ibovespa, as, theoretically, the local risk-free rate should not be correlated to the local market return. Study Contributions: The contribution of this study is that the applicability of the local CAPM models, adjusted local and hybrid adjusted to the emerging Brazilian market is possible for asset pricing, having to pay attention to the fact that Local Betas have influence on these values. [ABSTRACT FROM AUTHOR]

The acceleration of technological developments, effective promotional and advertising campaigns and great promises to achieve higher profits increase the popularity of cryptocurrencies. Therefore, more real and legal persons are preferring to acquire cryptocurrencies day by day in the world and in Turkey. However, the lack of sufficient, concrete and clear regulations on cryptocurrencies on a national and international scales, the inability of national regulatory institutions and legislators to create clear and unified regulations bring along some legal and financial uncertainties and risks. This situation also poses a problem even in largest economies in the world like the United States of America, and the legal statuses of cryptocurrencies are being discussed even in cases that attract worldwide attention. Since the legal statuses of cryptocurrencies are not defined in Turkish legislation and their places are not known in terms of contracts, Turkish companies and citizens that possess cryptocurrencies are more vulnerable to such risks. Until now, some opinions in the Turkish legal and financial doctrine and jurisprudence have been purported that cryptocurrencies are capital market instruments, goods, financial services products or investment instruments. However, such definitions and opinions could not terminate legal uncertainties and reveal the need for legal regulations to be made as soon as possible. [ABSTRACT FROM AUTHOR]

As a set of globally accepted financial reporting rules, IFRSs are primarily intended for economically developed countries with adequate legislation, developed capital markets and quality financial reporting practices. Developing countries are motivated to use IFRS to improve the quality and reliability of the financial reporting procedures in order to attract foreign investments, enable unhindered international financial flows and stimulate economic growth. The key problem in this regard is the inconsistency of their local economic, legal and social infrastructure with the requirements of the successful implementation of IFRS, which requires numerous preparations and adjustments. The purpose of this paper is to consider the possibilities and preconditions for the application of IFRS in Sudan, as a country with an underdeveloped economy, inadequate legislation, weak accounting profession and numerous cultural specificities. The key question that arose during the survey of academics' perceptions on this topic was not whether Sudan should apply IFRS, but whether it is currently possible to apply IFRS in this country at all, given the numerous difficulties preventing that. Therefore, this process should be approached very carefully, with the necessary thorough preparation of the local economic and legal environment and with constant analysis of the costs and benefits of such an endeavor. The potential benefits of applying IFRS in Sudan are undeniable, but it is important that they outweigh the required high initial investment and possible negative effects from possible inadequate implementation. [ABSTRACT FROM AUTHOR]

The adoption and implementation of International Financial Reporting Standards (IFRS) are anticipated to enhance the quality and credibility of financial statement in terms of reliability, transparency and comparability. Consequently, it presupposes improving the functioning of the capital market and influence foreign investments to flow into adopting countries. This study examines the effect of the adoption of IFRS on foreign portfolio investment (FPI) in Africa. Annual FPI data from the Balance of Payments and International Investment Position from 1994 to 2015 were employed. The panel data regression considered fixed-effects and random-effects models. Besides, the system generalised method of moments estimator is employed for the robustness of the model and to address the problem of endogeneity. In correspondence with the decision-usefulness theory, our findings indicate that FPI is promoted in the African countries that apply IFRS-based financial statement. The adoption of IFRS is assumed to be an informational change that would eliminate information barriers facing the users of financial statements. Therefore, the development of IFRS is aimed at improving the usefulness of financial reporting by facilitating the comparability and reliability of financial information in African countries. This will influence foreign investors to shift their capital to such an economy, consequently increasing the inflow of FPI. [ABSTRACT FROM AUTHOR]

Fractal Market Hypothesis was developed as an alternative to Efficient Market Hypothesis, as it encompassed liquidity as a determinant factor for price. R/S Analysis is a robust tool for testing whether a historical price series, for certain time interval, follows a brownian motion or there is some memory effect over it. Determining the Hurst exponent for company ALRO S.A., for a the period of time since listing, until 16/07/2021 was the aim of this paper. Values obtained for Hurst exponent applied on the time series of ALRO S.A offer precise information about the presence of the memory effect inside the stock market. As a conclusion, as Alro S.A. is one of the most representative stocks traded at Bucharest Stock Exchange, Romanian capital market has evolved from a very low stability market to a more stable investment environment. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has led governments to implement policies that affect households and companies. In this study, we analyze the impacts of government policies and COVID contagion rates on stock market returns for the countries that belong to the Latin America Integrated Market through robust OLS regressions. We find evidence that the daily growth rate of confirmed COVID-19 cases and social distancing measures negatively influence the financial performance of stock indexes, while public awareness campaigns and contact tracking test policies are seen to have had positive effects. These findings are helpful for evaluating government policy impacts and portfolio performances. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine plausible determinants of the firms' export intensity from the perspective of the heterogeneity of its resources. We developed and tested empirically a research model by applying structural equation modeling techniques to a sample of 133 exporting SMEs. The findings suggest that the export intensity exhibited by firms appears to lie in its degree of managerial export commitment along with the intense use of cross-national-border partners. A firm's resource availability to deal with foreign markets impacts export intensity indirectly. Export commitment seems to play a mediating role between a firm's resource availability and the export intensity. [ABSTRACT FROM AUTHOR]

This article documents the long-term relationship among juvenile conviction, occupational choices, employment, wages, and recidivism. Using data from the National Longitudinal Survey of Youth 1997 (NLSY97), we document that youth convicted at or before age 17 have lower a full-time employment rate and lower wage growth rate even after 10 years in the labor market. Merging the NLSY97 with occupational characteristics data from the Occupational Information Network (O*NET), we show that youth with a juvenile conviction are less likely to be employed in occupations that have a high on-the-job training requirement and that these occupations have higher wages and wage growth. Accumulated occupation-specific work experience, general experience, and education are important for explaining the gaps in wage and recidivism between youth with and without a juvenile conviction. Our results highlight the important role of occupational choices as a human capital investment vehicle through which juvenile crimes have a longterm impact on wages and recidivism. [ABSTRACT FROM AUTHOR]

This study analyzes the determinants of financing sources of the largest Brazilian manufacturing companies, focusing on privately held companies. We conduct the analysis considering a single sample of 153 companies, 64 publicly traded and 89 privately held. Moreover, we classify the corporate debt into five categories, namely: a) bank debt; b) subsidized debt; c) capital market debt; d) leasing debt; and e) others. According to the results, the determinants of financing sources vary depending on the source and the type of company analyzed (listed or privately held). In addition, our results also show that most of the variables identified in the literature as determinants of the capital structure cannot explain the variation in the financing sources of the privately held companies. [ABSTRACT FROM AUTHOR]

This research aimed to identify the prevailing marketing systems for grape crops in the Nubaria region, as well as to identify the results of farmers' participation in conducting marketing operations for the grape crop that would be reflected in a higher return from their productive activities, at an estimated rate of 243%. It was found that there is a direct relationship between the rate of return to costs and the conduct of more marketing operations. Whereas the rate was about 1.6 in the case of collecting and selling at the farm gate, it rose to about 1.72 in the case of collecting, packaging, and transporting to wholesale markets, with an increase of about 52.5%, while the rate of return to costs reached a maximum of about 2.11 after carrying out collection, packaging, and transportation operations to the retail markets, and the rate of increase was about 31.2%. The previous results reflect the feasibility of farmers' participation in the process of marketing their products in general, although the relative decrease in the rate of return to costs indicates a rise in marketing costs, which with it entails the importance of providing the necessary capital for the marketing process for small farmers because of the possibility of their participation in the marketing process and the improvement of the return on their activity. The research also recommends the importance of activating the contractual agriculture law with the implementation of fixed outlets in densely populated urban areas and retail markets in cities, in addition to encouraging the establishment of collection, sorting, and packaging stations, and establishing factories for the manufacture of grapes and horticultural crops. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the challenges experienced by managers in adopting competency modeling (CM) and recommends an approach to overcome these challenges in promoting competency-based intellectual capital in organizations. Design/methodology/approach: Using in-depth interviews with organizational practitioners in India, this study identifies the challenges of competency modeling in emerging market economies. Findings: This study identified nine contextual and eight non-contextual challenges in implementing CM practices in organizations. The framework addresses the CM challenges using direction setting, negotiation and selling, and monitoring and control dimension of implementation with behavioral, operational and change alignment aspects of CM. The framework proposes a checklist for stakeholders to help them diagnose and analyze the gaps in effective CM implementation. Research limitations/implications: This article contributes in the concept of competency-based intellectual capital and adoption of CM practices. Practical implications: This framework will assist the change management practitioners, human resources leaders, organizational development consultants and practitioners as a toolkit to address the challenges in the people management intervention. Originality/value: The framework suggests a checklist for stakeholders to help diagnose and analyze the gaps in effective CM adoption. [ABSTRACT FROM AUTHOR]

Investor relations are also the subject of research in the academic field with the increasing importance of corporate governance, corporate social responsibility, publicly traded companies and information sharing in capital markets. Sharing information of companies with all stakeholders, not just one associated party; it has become easier, faster and more functional in the digitalized world. Together with financial reports, activity reports and other important statements, the integrated use of the possibilities offered by digitalization can also be characterized as financial public relations. These prominent developments in business activities attract attention in the academic field and become the subject of research. In this context, the study seeks to answers to the questions of the extent to which the concept of investor relations is considered in the academic field and in what aspects it is studied. Bibliometric analysis was conducted in the context of various criteria determined in the Scopus database (covering the years 1980-2020) and the results were presented. According to the results, academic studies have shown an increase trend over the years and the most published type of writing in academic studies is the article. The highest share of the fields in which the studies are related belongs to the field of business, management and accounting. In addition to these results, academic studies belong to which countries, which institutions and which authors, etc. results are also included. [ABSTRACT FROM AUTHOR]

Vulnerability means a sense of insecurity resulting from exposure to the threat of the effects of social and environmental changes. The inability to adapt to such changes puts external environmental pressures and uncertain risks on households and communities. The purpose of this study is to identify the multidimensional vulnerability factors of B40 households in the southern region of Kelantan. The respondents consist of 385 heads of B40 households. Data collection was conducted face-to-face through questionnaires. Data were analysed using exploratory factor analysis. The results of the study found that B40 households face multidimensional vulnerability in terms of economic, social/physical and environmental vulnerabilities. The three components of economic vulnerability factors are (1) job and source of income loss, (2) rising prices and production costs, and (3) lack of capital and marketing. Meanwhile, social/physical and environmental vulnerabilities are explained by one component factor only. In conclusion, B40 households in the southern region of Kelantan need to diversify their income portfolio and not rely on one source of income only. They also need to take precautions against seasonal and environmental changes that will threaten and affect their daily activities. This study can be expanded by using other multidimensional aspects of vulnerability, such as health, market, politics, demographics and agricultural vulnerabilities. The study may also involve M40 and T20 households as respondents for future studies. [ABSTRACT FROM AUTHOR]

The time has never been better for the Securities and Exchange Commission (SEC) to regulate climate change disclosures; however, the agency has a poor track record in mandating climate and other specialized disclosures from public corporations. Its 2010 guidance on climate-related disclosures was sparsely enforced. Its 2012 conflict minerals rule was partially invalidated by the courts, and in 2019 and 2020, the agency failed to include climate disclosures when modernizing rules and guidelines on corporate disclosures. These past failures were due to agency inertia, which was facilitated by a combination of a lack of political feasibility, strong business resistance to specialized disclosures (despite investor enthusiasm), and rising judicial hostility to the SEC. These past failures should not dictate agency approaches to climate disclosures moving forward. Regulating climate change is high on the agenda of the Biden Administration. Investors are demanding that public corporations be more transparent about climate-related risks. The SEC is starting to act, issuing a call for public input on climate-related disclosures and enhancing its focus on climate-related disclosure in public company filings. These political, investor, and agency shifts are primarily due to the rising awareness of the potential systemic nature of the risks of climate change to financial systems, both in the U.S. and internationally. This article assesses the policy feasibility of climate-related disclosure rules. It argues that past SEC failures can and should inform SEC rulemaking on climate change disclosures moving forward. Regulating climate disclosures benefits not only investors and capital markets, but also companies, due to the systemic nature of climate risk. This article argues that robust cost-benefit analysis and industry-specific, flexible but firm regulatory approaches will improve policy feasibility. [ABSTRACT FROM AUTHOR]

This Article offers a novel perspective on the implications of increasingly autonomous and "black box" algorithms, within the ramification of algorithmic trading, for the integrity of capital markets. Artificial intelligence (AI) and particularly its subfield of machine learning (ML) methods have gained immense popularity among the great public and achieved tremendous success in many real-life applications by leading to vast efficiency gains. In the financial trading domain, ML can augment human capabilities in price prediction, dynamic portfolio optimization, and other financial decision-making tasks. However, thanks to constant progress in the ML technology, the prospect of increasingly capable and autonomous agents to delegate operational tasks and even decision-making is now beyond mere imagination, thus opening up the possibility for approximating (truly) autonomous trading agents anytime soon. Given these spectacular developments, this Article argues that such autonomous algorithmic traders may involve significant risks to market integrity, independent from their human experts, thanks to self-learning capabilities offered by state-of-the-art and innovative ML methods. Using the proprietary trading industry as a case study, we explore emerging threats to the application of established market abuse laws in the event of algorithmic market abuse, by taking an interdisciplinary stance between financial regulation, law and economics, and computational finance. Specifically, our analysis focuses on two emerging market abuse risks by autonomous algorithms: market manipulation and "tacit" collusion. We explore their likelihood to arise in global capital markets and evaluate related social harm as forms of market failures. With these new risks in mind, this Article questions the adequacy of existing regulatory frameworks and enforcement mechanisms, as well as current legal rules on the governance of algorithmic trading, to cope with increasingly autonomous and ubiquitous algorithmic trading systems. We demonstrate how the "black box" nature of specific ML-powered algorithmic trading strategies can subvert existing market abuse laws, which are based upon traditional liability concepts and tests (such as "intent" and "causation"). We conclude by addressing the shortcomings of the present legal framework and develop a number of guiding principles to assist legal and policy reform in the spirit of promoting and safeguarding market integrity and safety. [ABSTRACT FROM AUTHOR]

Facing increasingly severe longevity problems, traditional longevity risk management methods are no longer the final answer. Longevity risk securitization provides a good hedging method, which transfers the longevity risks to a wider capital market and realizes the cross-market transfer of risks. The pricing process of longevity derivatives depends on the underlying risk factors (stochastic processes of mortality and interest rate). We adopt an affine-jump-diffusion process to model the dynamics of mortality and estimate the model parameters with the actual mortality data in China. The measure implied by the annuity market price is chosen as the risk-neutral pricing measure. We use the Chinese annuity market price to calculate the concrete form of the measure transformation and use the risk-neutral pricing measure thereby to price the longevity bond designed by Denuit et al. (2007). [ABSTRACT FROM AUTHOR]

Attitude towards money depends from person to person. Each person behaves differently towards savings according to his income level. Some people believe that we need to spend money on present requirements, they don't bother about the future. But on the other hand, some people believe that there should be some savings for the future. They think that some money should be held for future requirements because the future is uncertain. The present study analyzes the saving behavior of Village People. The analysis discloses that maximum villagers are agriculturists because they do agriculture activities and that impacts the hold they are earning for future savings. The purpose reserve money may be used for their household requirements, live hood, or for farming purposes and future necessities which automatically helps in national savings. This national savings use the way as economic development as well as investment in the infrastructural of the country. [ABSTRACT FROM AUTHOR]

We develop a DSGE model with cash deposits and digital currencies to study the economic stability of two potential central banking policies in China, a Loan Prime Rate (LPR) policy function and central bank digital currency (CBDC) implementation. We Bayesian-estimate both a benchmark model and a "Post-CBDC world". In the post-CBDC world, although the introduction of CBDC appears to deepen the procyclicality of macroeconomic variables to real shocks, a potential LPR-setting policy appears to have some degree of policy complementarity with CBDC to mitigate this. We also uncover an optimal policy combination of the LPR rule and Taylor-style CBDC rule. • A DSGE policy experiment between current versus post-CBDC world in China. • Macroeconomy displays a greater procyclicality to shocks in the post-CBDC world. • A potential LPR-setting policy improves stabilization in the post-CBDC world. • An optimal LPR policy function should target more on housing and capital markets. • An optimal LPR policy function should also target more on the growth in CBDC. [ABSTRACT FROM AUTHOR]

Through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a positive link between firms' financial technology (Fintech) business and their corporate social responsibility (CSR) practices. Such a link can be more pronounced among firms of stronger political connections, lower agency costs, and better internal control. Enhanced supply of bank loans, internal capital market, public scrutiny, and firms' strategic differences are underlying the link. Fintech business may also effectively curb firms' corporate social irresponsibility (CSI) behaviour. Fintech business may have become a strategic endeavor to sustain long-term economic growth in the digital age. • Fintech business positively contributes to firm CSR practices. • The impact is strengthened by political connections, lowered agency costs, and internal control. • Bank loans, internal capital market, public scrutiny, and strategic differences are underlying elements. • Fintech business also curbs corporate social irresponsibility behaviour. [ABSTRACT FROM AUTHOR]

Thousands of prospectuses offered shares to British investors at the turn of the twentieth century. We find evidence that there were informed investors who participated in the market at this time. Firms that attracted additional investor demand were more likely to be listed on the London Stock Exchange, survive longer, and achieve better long-run equity returns. We find that the exchange screened lower quality firms away from the main board. The lowest quality firms sorted themselves and did not apply to either the London Stock Exchange main or second board. [ABSTRACT FROM AUTHOR]

The inevitable trend of global aging results in relevant needs being gradually emphasized by enterprises and it reflects on the performance of domestic capital market. Current health care industry is facing various challenges to result in profound effects on the development. Along with accelerating step of market changes, health care industry is not catching up with the step and it would fall into the crisis of being eliminated or lose the motive of economic development. Aiming at health care industry, the research object is the employees of the Thai medical industry, as the research subjects, are distributed 500 copies of questionnaire in this study. Total 366 valid copies are retrieved, with the retrieval rate 73%. The research results show remarkable effects of 1. Forgetting learning on sustainable innovation and 2. Slack resources on sustainable innovation, and 3. Forgetting learning could enhance the effect of slack resources on sustainable innovation. According to the results, suggestions are proposed, expecting to provide health care organizations with the comprehensive structure for the definite guidance of sustainable innovation. [ABSTRACT FROM AUTHOR]

Accurate poverty alleviation (APA) is crucial to building a well-off society in an all-round way. Companies and the capital market are implementers of APA. In the context of stock price collapse risk (SPCR), this paper verifies whether the APA by state-owned listed enterprises (SOLEs) could effectively suppress SPCR. Empirical results show that SOLEs engaging in APA and investing heavily in APA have a relatively low SPCR. This conclusion holds after the control of robustness and endogenous factors. Information disclosure system mediates the effect of APA on SPCR. Besides, APA suppresses SPCR more significantly in central state-owned enterprises (SOEs) and public welfare SOEs. Further analysis indicates that good institutional environment, strong poverty alleviation pressure, poverty experience of executives, and model of party organization governance can effectively enhance the influence of APA on SPCR. The research results suggest that SOLEs actively engaging in APA can effectively suppress SPCR by disclosing APA information. This is an organic manifestation of APA effectiveness in the capital market. [ABSTRACT FROM AUTHOR]

Whether capital market opening improves the price discovery efficiency of stock market is an important issue. Shanghai-Hong Kong Stock Connect (hereafter, SHKSC) is a milestone event in the opening up of China's capital market. Based on SHKSC, using the method of PSM + DID, we study the impact of capital market opening on the price discovery efficiency from two dimensions-stock price information content and price reaction speed to information. Our research shows that capital market opening did not increase stock price information content, but speed up the reaction of price to information. Therefore, capital market opening improves capital market's price discovery efficiency in terms of response speed of stock price to information. Further analysis shows that capital market opening affects stock price reaction speed through improving market information environment and reducing insider trading, but it has not yet had a substantial impact on listed companies' earnings quality, which is the main participant in the capital market, and therefore has failed to influence the stock price information content. In order to maximize the effectiveness of capital market opening, it is necessary to introduce more effective policies to improve the information disclosure quality of listed firms and reduce the level of insider trading. [ABSTRACT FROM AUTHOR]

The protection of minority shareholders is an essential requirement for a viable and strong capital market. Enhanced protection of minority shareholders provides assurance to investors that their investments will not be expropriated by corporate insiders or lost through regulatory inefficiency. Despite diverse provisions that accord protection to minority shareholders, there are still legal, economic and institutional impediments that stultify effective enforcement. Consequently, it is contended that the public enforcement of minority shareholders' rights should transcend the existing approach and literally 'encroach' on the traditional sphere of private enforcement to promote greater confidence and participation in the capital market. [ABSTRACT FROM AUTHOR]

Enlightening the consumer is the basic condition of protecting the consumer. This condition is valid in capital markets as well as in real markets. In derivative transactions that may contain more than one complex-multiple transaction, the information asymmetry between the investor subject to the general customer class and the investment institution is eliminated with the obligation of clarification. Therefore, the obligation to inform plays a key role in the safe and stable functioning of the capital market. It is of great importance to reveal the rules and principles within which the general investor should be enlightened and to explain the legal consequences that will occur in the case of violation. [ABSTRACT FROM AUTHOR]

Foreign capital inflows are an important factor that affects stock market performance as well as the economy of any country. This study aims to determine the nexus between foreign capital inflows and stock market performance in Nigeria, Kenya, Egypt and South Africa. The study used annual time series data from four African countries for the period 1990 to 2018. The Autoregressive distributed lag (ARDL) approach to cointegration relationship modelling was used in the empirical analysis. The findings of the study revealed that FDI and FPI have a significant positive relationship with market capitalization rate among the countries in Africa. FDI and FPI have an insignificant relationship with stock market volatility in African countries. The study recommends that countries should devise effective policies and standards to effectively obtain more foreign capital into the market. Inflows of foreign should be strongly based on internal developments or factors within the stock market such as high liquidity or structural depth of the market and not on investor-determined factors that are usually extraneous to the characteristics of the capital market. Finally, in as much as the study focuses on the role of foreign capital inflows in the stock market, domestic development of the market is critical for long-run sustainability. [ABSTRACT FROM AUTHOR]

Purpose: This paper adopts an intellectual capital perspective to investigate the role of owners who are ethnic minorities in the foreign market expansion performance of SMEs, and in particular considers the human capital dimension of intellectual capital. Design/methodology/approach: Based on the empirical investigation of a sample of 10,326 small- and medium-sized US high-tech manufacturing enterprises, the authors' results reveal a positive relationship between the number of foreign markets where these SMEs operate and their financial performance, and that this effect is reinforced by the presence of ethnic minority owners, as ethnic minorities constitute a valuable source of intellectual capital which bring value to firms. Findings: The authors' findings reveal the importance of intellectual capital in an SME's leadership position, specifically in terms of having individuals from normally disadvantaged groups as owners. In this sense, policymakers are crucial in supporting the inclusion of ethnic minorities in SME ownership, through advantageous treatment in firms, for example. Practical implications: The study presents practical implications for managers seeking foreign market expansion. In addition, when defining ownership structure (e.g., in the start-up phase), the role of human capital, in the form of ethnic minorities, should not be neglected, especially if an SME intends to operate or is already operating in different national contexts. Originality/value: The authors' results provide important insights into the positive effect of human capital on SME foreign market performance. The idea of a moderating role played by owners from ethnic minorities suggested here contributes to the literature on human capital and is one of the first attempts to consider this moderating factor in this relationship, especially in the SME context. [ABSTRACT FROM AUTHOR]

This work assesses whether certain indicators constructed from unstructured information published in newspapers contain useful information regarding dynamics of Argentina's country risk volatility, estimated from a GARCH(1,1) model. The analysis covers the period 1998-2019. One standard deviation increment in the indicator that captures manifestations of pessimism is followed by an increment of approximately 0.2% in expected country risk volatility in the consecutive quarter. Out-of-sample exercises confirm that these non-traditional indicators allow for gains in forecast accuracy. These findings are robust to changes in the set of predictors, the specification of the model and the incorporation of new media content. [ABSTRACT FROM AUTHOR]

This paper investigates whether small firms affiliated with business groups that operate in rural regions grow faster through conservative working capital management. Conservative working capital management refers to granting long payment delays to customers and holding high levels of inventories to prevent stockouts. Small firms affiliated with business groups have access to the groups' internal capital markets to finance conservative working capital management. They can therefore provide liquidity to their customers in rural regions where access to banking debt is more difficult compared to that in urban territories. Using a firm random effects model on a large panel of French small firms operating in the trade industry, we report that business group affiliation positively moderates the positive effect of working capital management on firms' growth in rural contexts. Our results challenge a commonly held view that states that small firms grow faster as "light" organizations as we present evidence that growth is also achieved by firms holding larger inventories and granting more trade credit to their customers, at least in the French context. [ABSTRACT FROM AUTHOR]

Purpose -- The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Second, this study intends to examine the asymmetric link between IPO variability and the aforementioned determinants, namely the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Design/methodology/approach -- Data from 1992 to 2018 were gathered from the country of Pakistan in order to achieve the above objectives. Augmented Dickey--Fuller (ADF) and Phillips Perron (PP) unit root tests were employed to determine the data's stationarity properties. The Auto Regressive Distributive Lags (ARDL) model was utilized to examine the symmetric links, and the Non-Linear Auto Regressive Distributive Lag Model (NARDL) was employed to determine the asymmetric links. While the long-run co-integration was examined using the ARDL bound test, the short-run dynamics were tested using the error correction method (ECM). Findings -- The macroeconomic variables of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment are found to pose significant short-run and long-run symmetric and asymmetric effects on IPO variability. These results indicate the significance of the aforementioned variables in enhancing IPO variability. The findings also demonstrate the typical reactions of inflation, GDP and FDI towards negative and positive shocks in IPO variability and inflation. This evidence implies that Pakistan's poor capital market development is reflected in the country's weak macroeconomic factors. At the same time, the reduced IPO variability in the country also reflects the lack of confidence among prospective issuers and investors due to Pakistan's weak macroeconomic indicators. Originality/value -- This is the first study of its kind to properly investigate the symmetric and asymmetric effects of the macroeconomic variables on Pakistan's IPO variability. [ABSTRACT FROM AUTHOR]

This paper aims to carry out a preliminary analysis of the arbitrage pricing theory in Argentine capital market, with special emphasis on inflation as a variable of interest for an emerging country, an underdeveloped financial market, and a period under analysis with inflationary trends and exchange market intervention. To that end, we work with a theoretical-empirical method. In order to formulate the model, we make a theoretical approach to the subject, based mainly on scientific articles that examine the relationship between the rate of return on assets and inflation. We focus our empirical analysis in an econometric study of the shares' performance of 19 companies listed on Argentinian capital market in the 2005-2014 period, and the associations with variables of interest, especially macroeconomic ones, also including some control tests with microeconomic variables. The main findings are robust about the effect on firms' performance of the following explanatory variables: risk-free interest rate, market performance, temporary effects of "hinge" periods and sector effects. However, the results are not determinant in reference to the effect of the inflation and the exchange rate variables on stocks' performance. [ABSTRACT FROM AUTHOR]

Traditional forecasting methods in mergers and acquisitions (M&A) data have two limitations that significantly reduce forecasting accuracy: (1) the imbalance of data, that is, the failure cases of M&A are far fewer than the successful cases (82%/18% of our sample), and (2) both the bidder and the target of the merger have numerous descriptive features, making it difficult to choose which ones to forecast. This study proposes a neural network using partial-sigmoid (i.e., partial-sigmoid neural network [PSNN]) as the activation function of the output layer and compares three feature selection methods, namely, chi-square (chi2) test, information gain and gradient boosting decision tree (GBDT). Experimental results prove that our PSNN (improved up to 0.37 precision, 0.49 recall, 0.41 G-Mean and 0.23 F1-measure) and feature selection (improved 1.83%-13.16% accuracy) method can effectively improve the adverse effects of the defects of the above two merger data on forecasting. Scholars who studied the forecast of merger failure have overlooked three important features: assets of the previous year, market value and capital expenditure. The chi2 test feature selection method is the best among the three feature selection methods. [ABSTRACT FROM AUTHOR]

This paper constructs the measurement index of core competence by text analysis method and empirically tests the impact of core competence on stock price synchronicity. We find that the stronger the core competence, the lower the stock price synchronicity, and mechanism test shows that core competence reduces the stock price synchronicity by enhancing the transparency of corporate information, which is still valid under a series of robustness tests. Further research shows that:(1) when the corporate governance environment is poor (higher level of internal earnings management, lower quality of accounting information, greater separation of ownership and control, lower shareholding ratio of external institutional investors, weaker product market competition, less media attention), the core competence has a more significant effect on the decline of stock price synchronization; (2)vertically, the dynamic improvement of core competence in the time dimension can play a role in stabilizing stock price synchronization; (3)after distinguishing the types of core competence, we find that the core competence related to information disclosure is more helpful to reduce the stock price synchronization; (4)after the CSRC forces listed companies to disclose the core competence information in the annual report, the core competence plays a stronger role in reducing the stock price synchronization. This study reveals the important role of core competence in reducing stock price synchronization. It not only enriches the relevant literature of core competence and stock price synchronization, but also has important practical significance for the government and regulatory departments to improve the efficiency of capital market allocation. [ABSTRACT FROM AUTHOR]

Venture capital is a unique source of funding for innovative firms because they have limited access to traditional capital markets. Regarding VCF's point of view, start-up portfolio selection and VCF' syndication have always been critical challenges. Hence, using integrated quantitative methods to get the best-known solutions is always being felt. In this paper, start-up portfolio selection is simulated which is more similar to real-world problems rather than other research. Regarding this goal, preferences of start-ups and their interaction with investors are considered. Concerning the complexity of the problem, the best-known model to simulate this problem is an agent-based model with fuzzy inference system core as a computational engine and also the problem optimization is done using a harmony search algorithm. By this procedure, not only the portfolio's ROI is maximized but also VCF' syndication and their share is determined. Finally, several numerical illustrations are implemented and comparisons are performed. [ABSTRACT FROM AUTHOR]