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Combining experimental data sets from seven individual studies, including 255 asset markets with 2,031 participants, and 36,326 short-term price forecasts, we analyze the role of heterogeneity of beliefs in the organization of trading behavior by reproducing and reconsidering earlier experimental findings. Our results confirm prior evidence that price expectations affect trading behavior. However, heterogeneity in beliefs does not seem to drive overpricing and asset market bubbles, as suggested by earlier studies, and we find no indication of short-term beliefs being better determinants of trading behavior than longer-term beliefs. [ABSTRACT FROM AUTHOR]

This paper attempts to provide a careful and balanced look at some of the benefits and challenges of tokenisation of securities. A fundamental problem is the lack of consistency in how 'tokenisation' should be defined. According to a report by McKinsey & Company in 2023, 'Tokenization adoption was poised for success six years ago, but progress was limited ... the path could be different this time'. In the past, tokenisation was: (1) limited to a process of creating a representation of financial, intellectual or physical assets on a blockchain (ie distributed ledger technology [DLT]); and (2) discussed as a narrative of disintermediation and programmability as a basis for efficiency gains. As it became clear that DLT, with its basic game-theoretical approach, comes with high costs and opaque governance, traditional platforms with high efficiency such as the European TARGET2-Security (T2S) with atomic settlement and delivery-versus-payment (DvP) show up as blueprints for efficiency. A proposal of the Bank for International Settlement (BIS) for a unified ledger, Project Guardian of the Monetary Authority of Singapore (MAS), both in 2023, and an announcement of the U.S. Securities Industry and Financial Markets Association (SIFMA) in 2024 about 'settlement on a common regulated venue ... [of] tokenized assets' can be regarded as paradigms for a new and pragmatic approach, with coordination and synchronisation as key objectives in the context of financial market infrastructures. [ABSTRACT FROM AUTHOR]

As a crucial capital intermediary, the securities industry has gradually become an integral part of financial markets and plays a vital role in shaping financial center cities. Although the securities industry of China has a relatively short history of development, its spatial structure has undergone a substantial transformation. Nevertheless, the existing research has yet to thoroughly investigate the spatial evolution of the securities industry, especially in terms of how institutional arrangements impact its spatial organization. This study systematically analyzes the establishment, exit, and headquarters relocation of securities companies across China from 1992 to 2022 and investigates the role of institutional arrangements in shaping the spatial configuration of the securities sector. The main findings reveal three critical insights. (1) The spatial distribution of securities company headquarters in China has evolved from a dispersed to a highly concentrated layout. During the formative years of the industry, most provincial capital cities in China established local securities companies, resulting in a relatively scattered distribution of headquarters across the country. However, as the industry expanded and matured, securities companies in smaller cities gradually relocated or shut down, and new establishments or relocations of securities companies became predominantly concentrated in Beijing, Shanghai, and Shenzhen, causing these three cities to gradually become the central hubs of the industry. (2) Institutional arrangements concentrated on key securities resources in a few selected cities, forming the foundational spatial structure of China's securities industry. From the early days of the industry, central government policies have played a decisive role in shaping the spatial organization of the securities sector. Shanghai and Shenzhen were designated the only cities legally permitted to host stock exchanges, granting them a unique infrastructural advantage that naturally fostered the growth and concentration of the securities industry. Beijing, the location of the China Securities Regulatory Commission, has been pivotal in shaping the spatial structure of the industry. The centralized regulatory and financial infrastructure, combined with preferential policies for key cities, has created a distinct pattern of spatial concentration, with Beijing, Shanghai, and Shenzhen forming the core centers of China's securities industry. (3) Institutional factors consistently influence the spatial dynamics of the securities industry across its developmental stages. From the early government-directed capital deployment to establish local securities companies to state-owned enterprises' involvement in managing high-risk securities companies during industry cleanups, institutional factors have been crucial in shaping the evolution of the industry's spatial distribution. Recently, regulatory interventions for foreign-invested securities firms, including policy-driven decisions regarding the location of their headquarters, have played a significant role in consolidating the industry within major financial hubs. These interventions, including preferential policies, mergers and acquisitions, and support for foreign investments, significantly altered the distribution of securities companies across China. The evolving regulatory landscape, along with China's unique institutional characteristics, has ensured that the country's securities industry remains highly centralized, with significant financial resources concentrated in key cities. This study theoretically addresses the gap in Western-focused perspectives by highlighting how institutional factors shape the spatial structure of China's securities industry. While the clustering of securities firms in financial centers may align with market trends, China's distinctive institutional framework has acted as a powerful force driving the spatial evolution of the industry. Thus, this study provides valuable insights into the dynamic spatial patterns of the financial sector within China's regulatory environment, contributing essential perspectives on the development of financial center cities and deepening our understanding of the mechanisms shaping financial center cities under China's unique institutional conditions.

Businesses' response to black swans is crucial to developing a country's economy. Resilience can be defined as the company's ability to adapt and survive despite sudden shocks and environmental changes. Crisis resilience allows companies to overcome emerging shocks, remain competitive, and maintain a sound financial position. Theoretical considerations focus on the essence of crises and the concept of resilience in management sciences. The article aims to assess Polish companies' resilience from the construction sector to the shock caused by the Covid-19 pandemic. The empirical study of Polish listed companies was conducted based on financial statements for 2017-2021, divided into stable and unstable periods. The indicators of liquidity, operational efficiency, and profitability were evaluated. In addition, competitors' market share was considered, using the Herfindahl-Hirschman index to measure industry concentration. KEYWORDS: resilience, crisis management, construction industry, Covid-19.\, 1. INTRODUCTION Companies have continuously operated in a changing environment, and in recent years, the dynamics of environmental turbulence have increased. Companies are increasingly confronted with a wide variety of [...]

We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong. At financial planning firms, but not at securities firms, women were more likely than men to receive advice to buy only individual or only local securities. Female clients who signaled high confidence, high risk tolerance, or a domestic outlook were especially likely to receive this suboptimal advice. Our theoretical model explains these patterns as a result of statistical discrimination interacting with advisors' incentives. Taste‐based discrimination is unlikely to explain the results. [ABSTRACT FROM AUTHOR]

Capital structure is one of the crucial decisions managers must make that can affect a firm's short-term and long-term value maximization prospects. Though extant studies have shown capital structure significantly affects profits, researchers have struggled to find an optimal mix of capital structure ideal for value maximization due to the influence of macro and micro factors. There is therefore the need for this to be properly studied contextually. Building on the Pecking Order Theory, this study examines the capital structure effects on profitability from a short-term, long-term, and total debt financing perspective on listed Ghanaian firms between 2003 and 2013. An unbalanced panel data of 23 listed manufacturing and service firms that are listed on the Ghanaian Stock Exchange are subjected to robust maximum likelihood heteroskedastic linear estimation models. Three main regressions that are run explain the short-term debt, long-term debt and total debt effect on firm profitability. The results show that short-term debt exhibits a positive effect on return on equity (ROE), whilst the relationship reverses for long-term debt, indicating that short-term financing was beneficial to firms rather than long-term financing. Also, total debt exhibited a negative and nonsignificant effect on return on equity. The author also found that firm liquidity exhibited a more pronounced positive effect on profitability for firms with short-term debt than long-term debt. Financial risk negatively affected the returns of only firms with short-term debt. Market share had a pronounced positive effect on ROE across firms whilst firm age exhibited a less pronounced positive effect on firm profits. Firm size and growth had increasing profit effects but was not significant in the dataset. Financial risk also negatively affected profits, but this was only significant in firms with short-term debt structures. This study finds that managers need to adopt more short-term debt financing rather than long-term financing as the former leads to more profits. There is a need for policymakers to develop long-term debt financing structures to compete in the Ghanaian debt market. It is also recommended that managers exercise due care when supplementing equity capital with debt. JEL Classifications: L11, L22, L25 and G32 Keywords: Capital Structure; Profitability; Firm Performance; Ghana, INTRODUCTION Globalization and financial liberalization continue to expand investment and financing options available for firms, businesses, and institutions (Shim 2022; Begenau & Salomao 2019). With capital markets expanding, firms have [...]