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1
Rêgo, Caio Vieira. "Investor protection and constraints relief." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17841.
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Under financial constraints, firms are kept from following first-best policies. It is in the best interests of the regulators to diminish this inefficiencies as firms play such a important roles in the economy as generating employment and contributing to the GDP. One of the channels through which regulation may interfere with firms funding availability is by protecting investors. This research assesses the relationship between investor protection and firms’ financial constraints. I split some of the most common measures of investor protection among three classes: creditor protection, minority protection and external investor protection. This division is relevant to screen the importance of a given class to alleviate the constraints: constrained firms are likely to share some characteristics that make them more akin to rely on given funding source, for example: firms facing asymmetric information problems are more suitable to debt financing. The cash-flow sensitivity of cash is used as a proxy for financial constraints. I construct cash saving models based on a sample of 27471 firms in 393 industries (3 digit-SIC), from 2001 to 2015. The models are fitted in two groups: for firms more likely to be constrained, and for firms less likely. To classify the firms between this two groups I rely on the Size and Age index, and on switching regressions with unknown separation points. The results points that creditor protection is related to lower cash-flow sensitivities of cash for the constrained firms, while external investor protection are related to more prevalent constraints. Minority protection present a negative interaction with the cash-sensitivity of cash in the panel model (indicating constraints relief) but positive coefficient relative to the switching regression. For the unconstrained batch, however, the results are mixed for the creditor protection measure, while external investor protection always diminish the firms’ propensity to save cash.
Sob restrição financeira, as firmas se distanciam de suas políticas ótimas. É do interesse dos reguladores diminuir as essas ineficiências pois as empresas desempenham funções importantes como contribuir para o PIB e gerar empregos. Uma das formas com que a regulação pode contribuir com a disponibilidade de financiamento para as companhias é estipulando leis que protegem seus investidores. Essa pesquisa investiga a relação entre proteção ao investidor e a restrição financeiro no meio corporativo. Nela, eu divido as leis que protegem os investidores em três tipos: proteção ao credor, ao acionista e ao investidor externo. A importância dessa divisão se dá por permitir identificar o efeito relativo de uma certa categoria de proteção em aliviar restrições financeiras: firmas restritas possuem características que podem torná-las mais suscetíveis a se financiar por certa forma de financiamento, por exemplo: firmas enfrentando assimetria de informação têm no endividamento sua forma de financiamento mais adequada. Para identificar restrição financeira eu me apoio na sensibilidade do caixa ao fluxo de caixa. Eu construo modelos de formação de caixa baseados em uma amostra de 27471 firmas em 393 industrias (SIC de 3 dígitos). A amostra compreende os anos entre 2000 e 2016. Os modelos são ajustados para 2 grupos: o das firmas mais prováveis de enfrentarem restrição financeira e o das menos prováveis. Para realizar essa classificação eu utilizo o índice de Tamanho e Idade, e em uma switching regression com pontos de separação desconhecidos. Os resultados apontam que proteção ao credor está relacionada a menores sensibilidades do caixa ao fluxo de caixa para ao grupo restrito, enquanto proteção ao investidor externo está relacionada ao restrições mais prevalentes. Proteção ao acionista apresenta uma interação negativa com a sensibilidade da caixa ao fluxo de caixa no modelo em painel, mas o sinal oposto no modelo de switching regression. No conjunto de firmas irrestritas por outro lado, os resultados são inconclusivos para a variável de proteção ao credor, enquanto proteção ao investidor externo sempre aparece relacionado a uma diminuição da restrição financeira.
2
Lee, Foong Mee, and n/a. "OTC derivatives filling the gaps in investor protection." University of Canberra. Law, 1998. http://erl.canberra.edu.au./public/adt-AUC20050523.105415.
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The dramatic growth of over-the-counter (OTC) derivatives in the last two decades
and the ever-expanding range of financial derivative have triggered concerns as
regards investor protection. These concerns have been exacerbated in recent times by
phenomenal losses sustained by several large corporations (including municipalities), in
the United States, Europe and Asia.
This thesis seeks to evaluate the capacity of the existing regulatory framework in
Australia to provide protection to participants trading in the OTC derivatives markets.
The evaluation is carried out in three parts: first, by identifying the gaps in the
Corporations Law regimes, second by determining the extent to which the general
criminal and consumer laws are capable of stepping into the breach left open by the
Corporations Law and third, by locating the gaps in the supervisory structure by
identify the participants who are not subject to any form of supervision by the
regulators.
The examination conducted in this thesis of the regimes in Chapters 7 and 8 of the
Corporations Law reveals a number of gaps in respect of investor protection.
Significantly, the OTC derivatives market, which is by far the larger market compared
to the on-exchange derivatives market, is generally unregulated by the Corporations
Law. Comparative analysis between the sanctions provisions in Chapters 7 and 8 of
the Corporations Law and those in the Crimes Act 1900 (NSW) and the Trade
Practices Act 1974 (Cth) indicated that whilst these latter Acts have the potential to
act as a substitute for some of the sanctions provisions in the Corporation Law, about
half of the sanctions provisions under the Corporations Law regime has no equivalent
provisions in these Acts. In consequence, some regulatory gaps remain. Gaps also
occur in the supervisory structure as the surveillance by regulators of market
participants is focused along institutional lines.
The failure of the law to provide adequate protection to investors trading in the OTC
derivatives markets is due primarily to an outdated, inflexible and inappropriate
regulatory framework which, when originally constructed, was not intended to
regulated the broad spectrum of financial derivatives. This thesis discusses the gaps
and deficiencies in the Corporations Law regime and also discusses the recent
recommendations made by the Wallis Committee and the Companies and Securities
Advisory Committee as well as the proposals of the Treasury in relation to investor
protection. It also provides some suggestions for law reform.
3
Alabdulkarim, Sultan. "An evaluation of investor protection in secondary securities markets." Thesis, University of Newcastle Upon Tyne, 2012. http://hdl.handle.net/10443/1432.
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This thesis discusses differences in countries' approaches to investor protection regulation and explores the reasons why they exist in the first place as well as why they are likely to persist. I first provide a framework that can explain the need for regulation in financial markets in general and secondary capital markets in particular. Next, taking the United Kingdom and Saudi Arabia as case studies, I present descriptive and stylised evidence on regulatory and institutional differences across countries with regards to private enforcement of regulatory duties. Differences in the institutional treatment of those entitled to the regulatory protection as well as what regulatory duties entail are evident. However, the two countries are similar in that they both provide for private enforcement of regulatory duties through a cause of action in tort. An important implication of this finding is that the level of protection provided is unlikely to converge globally, despite efforts to harmonies by the International Organization of Securities Commissions (IOSCO). Convergence of the legal protection provided for investors is also unlikely due to persistent differences in tort law around the world. Given an ostensibly strong need for appropriate level of protection for investors, I propose a different way forward that does not require convergence of substantive regulation and enforcement across countries.
4
Steward, Chris. "Investor protection and the costs of public policy failure." Master's thesis, University of Cape Town, 1993. http://hdl.handle.net/11427/13843.
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Bibliography: leaves 82-88.Competitive markets respond automatically to change. Corrective forces are delivered by the pricing mechanism, where price changes indicate new allocations in the consumption of economic resources. Those market participants that are unable to respond adequately to change fail, resulting in a restructuring of the marketplace. Such failures are necessary in order to prevent a misallocation of scarce resources. Public policies, by attempting to suppress or eliminate the dynamic corrective processes of competitive markets, may lead to significant distortions in the marketplace. Using the collapse of the American Savings and Loan Industry as a case study, this paper analyses the distortions that may arise in the provision of financial services as a consequence of misguided public policy. While it is recognised that there may be scope for some public sector involvement in the financial sector of an economy, the overriding theme is that the goal of financial stability would best be served by actively promoting the corrective forces of private, competitive markets.
5
Withaar, Ad. "Investor protection and the quality of the board of directors." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-277562.
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Aleid, Mohammed S. "A critical analysis of investor protection under Saudi Stock market regulations." Thesis, University of Essex, 2018. http://repository.essex.ac.uk/22110/.
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As the government of Saudi Arabia begins a major evolutionary process of economic expansion, the Saudi stock market has become the focus of increased attention. The legal framework that regulates the stock market is still considered to be underdeveloped, as only recently, in 2003, did the Saudi legislator issue a Capital Market Law (2003) and create a regulatory body vested with its enforcement. The securities market was built around this legislation, which helped to stimulate the economy by attracting investor. However, the Saudi stock market experienced a big crash in February 2006, which had a profound impact in heavy losses for large and small investors. The practical application of these new laws brought to light some shortcomings in the regulations of the stock market, and specifically, the need for the legal protection of investor. Hence, the overarching aim of this thesis is to focus particular on four issues: on the question of whether or not the existing regulations of the Saudi stock market adequately protects investor from poor disclosure, insider trading and market manipulation induced partly by market brokers. Thus, there are four primary objectives of this thesis: to enhance the effectiveness of existing rules to secure a suitable level of protection for investor against poor disclosure, market abuse and illegal practices by broker; to increase investor confidence and attractiveness of the market; to prevent a future repeat of the stock market collapse and avoid the steps that caused it; and finally, to provide useful material for Saudi Capital Market Law (2003) reforms in the future. In order to examine these sensitive issues, the thesis will first examine whether or not the disclosure regulations of the Saudi stock market provide adequate protection to investor and secondly assess the effectiveness of the legal framework of insider trading regulations for preventing insider trading. Third, it will ascertain how well the the law defines market manipulation and covers the most common forms of market manipulation under Saudi securities law. Lastly it will explore the responsibility that brokers in the Saudi stock market have to achieve the greatest degree of protection for investor.
7
Hedefält, Håkan, and Fredrik Svensson. "The Influence of Investor Protection and Legal Origin on Equity Market Size." Thesis, Jönköping University, JIBS, Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-985.
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This thesis examines the influence of investor protection and legal origin on equity market size. Previous studies have shown a relationship between legal origin and equity markets as well as quality of law. We examine whether there are any relationship between stock market capitalization as a percentage of GDP, private property rights, anti director rights and legal origin.
We use data from 49 countries in our sample that is collected from the World Bank, Heri-tage foundation and La Porta et al. (1998). Our study is based upon a cross-sectional re-gressions and a variance analyzes.
Our results show that property rights as well as anti director rights have a positive relation-ship to stock market capitalization as a percentage of GDP. We could not find any signifi-cant results in our regressions that stock market capitalization as a percentage of GDP can be explained by legal origin.
We consider previous conducted studies regarding legal origin to have exaggerated legal origins’ impact on equity markets. Equity markets are more related to the level of develop-ment in countries, no matter legal origin.
8
Ekome, Emmanuel Kang Etone. "Disclosure of information by companies as an aspect of investor/creditor protection." Thesis, University of Aberdeen, 1996. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=216658.
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Company law has made a major contribution to the industrial and economic development of capitalist countries. This thesis seeks to explore an important aspect at the heart of UK company law - disclosure of information by limited liability companies. The importance of disclosure lies in the fact that since the early days of the formation of joint stock companies, law makers have relied on disclosure as a means of protecting investors, creditors and others persons dealing with a company. This thesis examines disclosure of information in some chosen areas in UK company law. In each of the chosen areas the thesis examines the reasons why companies are required to disclose information to investors, creditors, employees and, to some extent, members of the public. It makes a brief summary of the information required to be disclosed in each area. It then goes on to make an assessment of the usefulness and effectiveness of the disclosure requirements and policies. Problem areas are identified and possible solutions are noted. The work is divided into five chapters. Chapter One is a general discourse of the various arguments for and against disclosure of information to various users of information. The other chapters discuss disclosure in relation to each chosen area. Chapter Two concerns public documents of limited companies. It examines the significance of disclosure of information in public documents in the light of the abolition of the ultra vires doctrine and the doctrine of constructive notice. Chapter Three deals with accounts. The reasons for financial reporting and some problems relating to financial reporting are at the heart of this chapter. Chapter Four examines directors' fiduciary duties. The reasons for imposing fiduciary duties on directors, problems faced by shareholders in monitoring company management and insider dealing are discussed. Chapter Five concerns takeovers. The importance of disclosure of information in a takeover and the measures taken by the City Panel on Takeovers and Mergers to protect shareholders of the target company are the basis of this chapter. Finally, the thesis ends with a General Conclusion which brings together the conclusions drawn from each chapter.
9
Hooi, George Wye Keong, and n/a. "An Empirical Investigation Between Culture, Investor Protection, International Banking Disclosures and Stock Returns." Griffith University. Griffith Business School, 2007. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20071121.133040.
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There is a renewed interest in further exploring the significance of culture to the accounting disclosure model in view of a highly competitive global business environment. To date, there is no empirical research to investigate this issue with respect to a specific industry, namely banking. There are three main reasons for focusing only on the banking industry (Hooi 2004). First, it is considered to be the most important industry for the countrys economic and financial stability. Moreover, the IASB has recognised its significance by issuing unique accounting standards i.e. IAS30, IAS32 and IAS39. Second, Saidenberg and Schuermann (2003) argue that with the scope and complexity of Basel II, it provides opportunities for researching issues through Pillar 3. Third, with national banking systems being non-homogenous, it is important to investigate the effects of national culture because prior research has argued that cultural differences have partly explained international differences in disclosure framework of accounting systems. The purpose of this study is to apply and extend Grays (1988) theoretical framework of national culture with respect to four research questions. First, to contribute to Grays (1988) theory of cultural influence on international banking disclosures. Second, to investigate the possible significance of investor protection to the banking disclosure model. Third, to explore Grays (1988) theory on the relationship of national culture to capital market research using banking returns. Fourth, to investigate the value relevance of investor protection and banking disclosures to the returns model. Seventeen developed and developing countries with a representative sample of 37 listed domestic commercial banks were examined in 2004. For the disclosure model, the study finds that national culture is a significant factor in the banking industry. Individualism has been found as the primary cultural dimension for banking disclosures. Moreover, the explanatory power of the model significantly improves with the legal dimensions of common law and anti-director rights. The positive association between common law and banking disclosures is consistent with La Porta et al. (1998) which argue that common law countries with stronger investor protection are more transparent than civil law countries. However, there is a negative association between investor protection variable of anti-director rights with banking disclosures. This may suggest that investor protection does not encourage minority investors to enter the stock market specifically in the global banking industry. This situation may lead to a lack of demand for transparency through a smaller dispersion of ownership across the domestic banks. For the returns model, the study finds that national culture is value relevant in the banking industry. Collectivism and power distance have been found to be the two primary cultural dimensions for banking returns. Moreover, the explanatory power of the model significantly improves with anti-director rights and banking disclosures. These results are (1) consistent with La Porta et al. (2002) which argue that investor protection increases firm valuation with respect to Tobins Q and (2) international investors tend to support the Basel Committees commitment in providing a more transparent framework by implementing Pillar 3 in the near future, starting with the Basel member countries. Finally, an interesting finding from the study is that firm size has a negative association with banking returns.
10
Hooi, George Wye Keong. "An Empirical Investigation Between Culture, Investor Protection, International Banking Disclosures and Stock Returns." Thesis, Griffith University, 2007. http://hdl.handle.net/10072/367282.
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There is a renewed interest in further exploring the significance of culture to the accounting disclosure model in view of a highly competitive global business environment. To date, there is no empirical research to investigate this issue with respect to a specific industry, namely banking. There are three main reasons for focusing only on the banking industry (Hooi 2004). First, it is considered to be the most important industry for the country’s economic and financial stability. Moreover, the IASB has recognised its significance by issuing unique accounting standards i.e. IAS30, IAS32 and IAS39. Second, Saidenberg and Schuermann (2003) argue that with the scope and complexity of Basel II, it provides opportunities for researching issues through Pillar 3. Third, with national banking systems being non-homogenous, it is important to investigate the effects of national culture because prior research has argued that cultural differences have partly explained international differences in disclosure framework of accounting systems. The purpose of this study is to apply and extend Gray’s (1988) theoretical framework of national culture with respect to four research questions. First, to contribute to Gray’s (1988) theory of cultural influence on international banking disclosures. Second, to investigate the possible significance of investor protection to the banking disclosure model. Third, to explore Gray’s (1988) theory on the relationship of national culture to capital market research using banking returns. Fourth, to investigate the value relevance of investor protection and banking disclosures to the returns model. Seventeen developed and developing countries with a representative sample of 37 listed domestic commercial banks were examined in 2004. For the disclosure model, the study finds that national culture is a significant factor in the banking industry. Individualism has been found as the primary cultural dimension for banking disclosures. Moreover, the explanatory power of the model significantly improves with the legal dimensions of common law and anti-director rights. The positive association between common law and banking disclosures is consistent with La Porta et al. (1998) which argue that common law countries with stronger investor protection are more transparent than civil law countries. However, there is a negative association between investor protection variable of anti-director rights with banking disclosures. This may suggest that investor protection does not encourage minority investors to enter the stock market specifically in the global banking industry. This situation may lead to a lack of demand for transparency through a smaller dispersion of ownership across the domestic banks. For the returns model, the study finds that national culture is value relevant in the banking industry. Collectivism and power distance have been found to be the two primary cultural dimensions for banking returns. Moreover, the explanatory power of the model significantly improves with anti-director rights and banking disclosures. These results are (1) consistent with La Porta et al. (2002) which argue that investor protection increases firm valuation with respect to Tobin’s Q and (2) international investors tend to support the Basel Committee’s commitment in providing a more transparent framework by implementing Pillar 3 in the near future, starting with the Basel member countries. Finally, an interesting finding from the study is that firm size has a negative association with banking returns.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Department of Accounting, Finance and Economics
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Didžiulis, Laurynas. "Professional civil liability of the financial intermediaries as an instrument of investor protection." Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140217_162910-49034.
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The aim of the thesis – to theoretically analyze and scientifically explain civil liability of the financial intermediary as investor protection instrument, to provide reasoned assessment of the regulation of civil liability of the financial intermediary and its application practice in the USA and the EU, to identify relevant problems and suggest theoretically grounded solutions and recommendations for these problems which would also put an emphasis on practical efficiency of civil liability; thus supplementing the doctrine of the EU and national law in this field. This thesis consists of two related yet relatively independent parts. The first part covers the most common issues of civil liability of the financial intermediary against the investor and extensively analyzes the conditions of civil liability of the financial intermediary, i.e. fault, damages, causation and unlawfulness, last one being of particular importance because due to the massive regulation of the activities of financial intermediaries it covers the widest range of legal issues. The second part of the thesis analyzes the relevant questions of the application of civil liability, which is possible only when the required conditions for the rise of civil liability have been established. Therefore, it analyzes the cases under the law or the contract, where the financial intermediary is relieved of liability even if the conditions of civil liability are met. The main focus of the second part is placed on the... [to full text]Disertacijoje siekiama teoriškai išanalizuoti ir moksliškai paaiškinti finansų tarpininko civilinę atsakomybę, kaip investuotojų apsaugos priemonę, pateikti argumentuotą finansų tarpininko civilinės atsakomybės teisinio reguliavimo ir taikymo praktikos nagrinėtose JAV ir ES jurisdikcijose įvertinimą, identifikuoti aktualias su tuo susijusias problemas ir pasiūlyti teoriškai pagrįstus, tačiau į praktinį civilinės atsakomybės taikymo efektyvumą orientuotus šių problemų sprendimo būdus, bei rekomendacijas, tokiu būdu papildant ES ir nacionalinės teisės doktriną šioje srityje. Disertacijos struktūrą sudaro dvi susijusios, tačiau kartu ir santykinai savarankiškos dalys. Pirmojoje darbo dalyje analizuojami patys bendriausi su finansų tarpininko civiline atsakomybe prieš investuotoją susiję klausimai ir taip pat plačiai analizuojamos finansų tarpininko civilinės atsakomybės sąlygos – kaltė, žala, priežastinis ryšys ir ypač neteisėtumas – atsakomybės sąlyga, kuri dėl masyvaus finansų tarpininkų veiklos teisinio reguliavimo, apima plačiausią klausimų spektrą. Antroji disertacijos dalis skiriama aktualiems civilinės atsakomybės taikymo, kuris aktualus tik tuomet kai nustatytos visos reikiamos civilinės atsakomybės atsiradimo sąlygos, klausimams analizuoti. Todėl joje nagrinėjami įstatymo ar sutarties nustatyti atvejai, kai net ir egzistuojant visoms civilinės atsakomybės sąlygoms, finansų tarpininkas nuo atsakomybės gali būti atleidžiamas, todėl atsakomybė jam netaikoma. Didžiausias... [toliau žr. visą tekstą]
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Tokatlides, Constantinos H. "Retail investor protection in the Hellenic legal order under the light of EU law." Thesis, Queen Mary, University of London, 2014. http://qmro.qmul.ac.uk/xmlui/handle/123456789/9022.
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This thesis seeks to examine the status of retail investors’ protection in the Hellenic legal order, under the light of EU law; focusing on investment firm failure as a result of tort, it investigates whether the EU and Hellenic normative systems aim at and achieve effective protection of retail investors. It explores in particular the issue of ex lege liability of compensation schemes and the issue of non-contractual liability of supervisory authorities. In case of intermediary failure the minimum protection is awarded by EU law in the form of ex lege compensation does not establish a coherent system, and the legal status of retail investors vis-à-vis depositors remains uncertain in many respects. The ECJ has denied application of the acquis on individual protection to depositors in Peter Paul, with regard to non-contractual liability of supervisors, but the application of its reasoning in the area of investment services is doubtful. The new EU finance law and architecture does not fundamentally affect these conclusions. On the other hand, retail investor protection may validly be considered as an autonomous aim of finance law in the Hellenic legal order. Despite inefficiencies connected also to the structure of relevant EU rules transposed, and despite the incoherence of the various national rules on the liquidation of financial intermediaries and the operation of compensation schemes –in particular with regard to claim verification– yet effective protection of retail investors may a priori be achieved through the existing national judicial mechanism. This dynamic is demonstrated by recent case-law on protection of retail investors in the context of ex lege compensation; yet it seems to lessen in the area of non-contractual liability of supervisors. Even though ex lege immunity of supervisors has been denied by case-law, the effectiveness of protection has been mitigated by the strict substantive criteria formulated.
13
Lazem, Ali. "The treatment of tax in investor-state arbitration of expropriation and national treatment protection." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/8758.
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This thesis examines the treatment of tax in investor-state arbitration of expropriation and national treatment protection. The root of the study is the special characterisation of tax in the sovereignty of the state and the consequent sensitivity of states to have their tax policies being the subject of private adjudication. Tax has in the past been characterised as a non-arbitrable matter, but that is true only if states have purposefully deemed them so under the international investment treaties that they are party to. Tax is generally arbitrable under the expropriation provisions of international investment treaties, but states are seldom found liable for tax expropriation. National treatment, on the other hand, is generally not arbitrable under international investment treaties, but when an investment treaty permits the arbitration of alleged national treatment tax violations, violations are affirmed in more cases than not. The reason behind the comparable success rates is the difficulty in proving the existence of expropriation by taxation whereas national treatment tax violations are comparatively easier to substantiate. This thesis establishes what constitutes a tax expropriation, and how the success rate of claims for national treatment tax violations justifies the general exclusion of the application of national treatment protection to tax matters for sovereignty retention. In order to achieve the foregoing, this thesis examines sovereignty and the sovereign power to tax; the relinquishment of tax sovereignty under international investment treaties; the arbitrability of tax and the reasoning behind the reluctance of states to submit tax disputes to arbitration; the capability of tax to be expropriatory; the fundamentals of the expropriation standard under customary international law and international investment treaties and how they are applied by arbitral tribunals in tax expropriation claims; and the fundamentals of the national treatment protection and how they are applied by arbitral tribunals in claims for national treatment tax violations.
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Muñoz, Perea-Cruz Melani. "The effect of due diligence of the investor in the protection of legitimate expectations." Thesis, Uppsala universitet, Juridiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-412023.
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As the field of investment treaty arbitration has exponentially grown in the last years, the definition and the framework of key elements in the field, such as legitimate expectations, have been largely discussed by scholars and arbitrators. As jurisprudence has gone on to tackle such issue, it has been the appearance of concepts, such as due diligence, which have shaped and re-defined the standing of legitimate expectations in the field of investment treaty arbitration.
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Sheng, Jin. "Regulating China's corporate control transactions : accountability of transition to an investor protection centered regulatory system /." Click to view the E-thesis via HKUTO View the Table of Contents & Abstract, 2010. http://sunzi.lib.hku.hk/hkuto/record/B44016438.
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Henckels, Caroline Julia Sonja. "Balancing investment protection and regulatory autonomy : proportionality and standards of review in investor-state arbitration." Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648402.
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Tan, I. (Irene). "Essays on the effects of investor protection and financial structure on firm decisions and outcomes." Doctoral thesis, Oulun yliopisto, 2018. http://urn.fi/urn:isbn:9789526219615.
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Abstract The laws and financial structure of a country can affect firm decisions and outcomes by affecting financial constraints and agency problems. Power theories of credit suggest that the legal rights of creditors, such as the ability to grab collateral in bankruptcy, increase the willingness of lenders to extend credit. Shareholder protection can reduce information asymmetry and agency problems by mandating quality disclosures, stipulating approval procedures for potentially conflicted transactions and facilitating the private litigation process. The bank-based financial structure can reduce moral hazard by alleviating the free-rider problem in monitoring. This dissertation contains various novel results. The first essay presents evidence of an inverse relation between creditor rights and the value of cash. This is consistent with financial constraints increasing the marginal value of cash, and creditor rights alleviating financial constraints. The second essay suggests that the bank-based financial structure improves the operating performance of large investments especially for diffusely held firms, consistent with the less prevalent free-rider problem in monitoring. The third essay shows that shareholder protection raises investment hazard for the smallest firms. This is consistent with the notion that shareholder protection alleviates those asymmetric information-related problems that delay investment, such as cash flow diversion by corporate insiders. In addition to contributing to the scientific literature, the results of this dissertation can have practical implications for companies, suppliers of finance and policymakers. A value-maximizing company should take into account its legal environment when deciding on cash holdings. Suppliers of finance should consider the interplay between financial structure and ownership structure when evaluating the profitability of investments. Policymakers often encourage investments due to their effect on employment and tax income. The results of this dissertation show that investor protection increases the frequency of large investments and their profitabilityTiivistelmä Maan lait ja rahoitusrakenne voivat vaikuttaa yrityksen päätöksentekoon rahoitusrajoitteiden ja agenttiongelmien kautta. Velkojien vaikutusvaltaan perustuvien teorioiden mukaan velkojan oikeudet, kuten oikeus vakuuteen konkurssin yhteydessä, lisäävät velanantajan lainaamishalukkuutta. Osakkeenomistajia suojaavat lait voivat puolestaan vähentää yrityksen ja sijoittajien välistä epäsymmetristä informaatiota ja agenttiongelmia esimerkiksi vaatimalla laadukkaita ilmoituksia ja hyväksymisprosesseja koskien potentiaalisesti eturistiriitoja sisältäviä transaktioita sekä mahdollistamalla yksityisen kanteen nostamisen. Lisäksi maan pankkiperusteinen rahoitusrakenne voi vähentää moraalikatoa lievittämällä vapaamatkustajaongelmaa yritysjohdon monitoroinnissa. Tämä tutkielma sisältää useita uusia tuloksia. Ensimmäisessä esseessä havaitaan käänteinen yhteys velkojien oikeuksien ja kassan arvon välillä. Johdonmukainen selitys tälle havainnolle on, että rahoitusrajoitteet lisäävät kassan marginaaliarvoa ja velkojien oikeudet lieventävät rahoitusrajoitteita. Toisen esseen tulosten mukaan pankkiperusteinen rahoitusrakenne parantaa suurten investointien vaikutusta operatiiviseen tulokseen eritysesti hajaantuneen omistusrakenteen omaavien yritysten osalta. Tämä voi johtua pankkiperusteisen rahoitusjärjestelmän vapaamatkustajaongelmaa vähentävästä vaikutuksesta. Kolmannen esseen tulosten mukaan osakkeenomistajansuoja kohottaa suurten investointien hasardifunktiota pienimpien yritysten osalta. Tämä puolestaan voi johtua siitä, että osakkeenomistajansuoja lievittää investointeja hidastavia epäsymmetrisen informaation ongelmia, kuten yrityksen sisäpiiriläisten mahdollista taipumusta ohjata yrityksen kassavirtoja heitä itseään hyödyttäviin kohteisiin. Tieteellisen kontribuution lisäksi tutkimustuloksia voidaan hyödyntää yritysten, rahoittajien ja politiikkojen päätöksenteossa. Yrityksen arvoa maksimoivan johtajan tulisi kassan suuruutta päättäessään ottaa huomioon maassa vallitseva lakiympäristö. Rahoittajien tulisi puolestaan huomioida maan rahoitusrakenteen ja yrityksen omistusrakenteen vaikutus investointien kannattavuuteen. Politiikkojen yleinen tavoite on lisätä yritysten investointeja, koska ne parantavat työllisyyttä ja synnyttävät verotuloja. Tämän tutkielman mukaan sijoittajansuoja lisää suurten investointien frekvenssiä ja kannattavuutta
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Damhuis, Anneke. "The effect of corporate liquidity and investor protection on the behaviour of distressed equity in Europe." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-347189.
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This study examines the effect of corporate liquidity and investor protection on the relation between financial distress and equity returns using a European sample over the 2002-2016 period. The results show that returns are hump-shaped and decreasing for increasing default risk. This can be rationalized by corporate liquidity indicating that higher cash holdings decrease liquidity risk. Moreover, firms in countries with high investor protection exhibit a more severe decrease of returns when default risk increases relative to firms in countries with low investor protection. This is because of the legal system that allows investors to renegotiate upon distress and to more accurately price equities.
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Tsarnaeva, Maret. "Investor protection, a comparative study of the securities laws in Manitoba (Canada) and the Russian Federation." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape9/PQDD_0002/MQ45130.pdf.
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Lipinski, Krzysztof. "Board independence and firm performance: The moderating effect of ownership concentration and shareholder protection." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377176.
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This research studies the moderating effect of ownership concentration and the strength of investor protection on the relationship between the level of board independence, as measured by the number of non-executive directors in relation to total number of directors and the firm performance. Using a sample of 9018 observations on all non-financial publicly listed firmsin 27 OECD countries between the year 2012 and 2015. The findings show a positive correlation between board independence and firm performancein all regression models. Furthermore, I find the negative moderating effect on both shareholder concentration and investor protection on the main relationship.
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Meerovitch, Vladimir. "Investor protection and equity markets : an evaluation of private enforcement of related party transactions rules in Russia." Thesis, London School of Economics and Political Science (University of London), 2014. http://etheses.lse.ac.uk/884/.
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The aim of my thesis is to investigate the relationship between legal protections of minority shareholders – ‘on the books’ and ‘in action’ – and the development of equity markets. In this regard, there is a general consensus that Russian legal measures adopted to protect minority shareholders are strong. The failure of the judiciary to enforce these measures is the principal focus of the academic criticism and has been frequently cited to explain the underdevelopment of the Russian equity market. Notably, the criticism of the judiciary persists despite the market’s marked improvements over the last decade. And yet there has been little empirical analysis of enforcement of the minority shareholder protections by Russian judiciary. This thesis examines private enforcement of corporate law in Russia focusing on the lawsuits to impugn transactions with corporate insiders and the outcomes of those suits. Drawing on a dataset of 170 cases decided by the Federal Arbitrazh Court for the Moscow region in 1999 – 2006, the thesis finds that a large proportion of claimants are unsuccessful. Relying primarily on the law and economics literature and theoretical accounts of the relationship between the law and market development, the thesis develops an analytical framework (for convenience termed judicial bias hypothesis) against which it evaluates case outcomes. The evaluation suggests that in a substantial fraction of the cases the outcomes were justified by legislation or by efficiency, casting doubt over the criticisms of Russian judiciary. While cautious in drawing causal links between the enforcement and markets, the thesis suggests that marginalising legal institutions’ role in Russia might be premature. Their role in fostering the market might be greater than anticipated particularly in incentivising disclosure if not in deterring overreaching.
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Bzovii, Alice. "The Dual role of Most-Favoured-Nation-Clause in Investment Treaty System : Treatment of Protection of Foreign Investor." Thesis, Uppsala universitet, Juridiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-323181.
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Aljahdali, Hani. "Building an effective framework for institutional investor activism and minority shareholder protection in Saudi Arabia : lessons from the UK." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/building-an-effective-framework-for-institutional-investor-activism-and-minority-shareholder-protection-in-saudi-arabia-lessons-from-the-uk(23c54771-8219-4c55-8fee-7876c145fbcd).html.
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Corporate governance practice differs regionally and nationally, depending on how each legal environment protects minority investors, capital markets and company ownership structure. Governance can also change spectacularly in regions or countries with comparatively high levels of institutional investment. The notion of institutional investors' activism is increasingly important in developed markets as the ideal corporate governance mechanism to monitor corporate managers and overcome agency problems arising from dispersed corporate ownership in modern companies. These institutions can work together on an improved corporate governance framework more effectively than individual investors, monitoring corporate controllers of listed companies in emerging and developing markets, using their influence more vigorously and in ways more fitting to a concentrated ownership environment such as that in Saudi Arabia. Consequently, the role of institutional investors in emerging and developing markets will depend strongly on institutional investors' activism and the arrangements determined and undertaken by the corporate governance regulatory framework in these markets. In considering the influential role of institutional investors to improve corporate governance practice, a high level of minority shareholder protection thus remains an indicator of good corporate governance and regulatory pressure of rights and incentives, which are necessary to empower non-controlling shareholders in these concentrated ownership markets to exert a strong activist influence in monitoring corporate activities, thus improving the corporate governance practices of investee companies. In this context, this thesis contends that in Saudi Arabia in particular, shareholder involvement in corporate governance is inadequate, as a result of a variety of economic and regulatory obstacles. It goes on to identify what improvements are necessary and where, to ensure a sound framework for effective institutional investor activism and to improve the level of minority shareholder protection. It also cautions Saudi legislators against erecting hurdles to the future engagement of Saudi and foreign institutional investors in monitoring corporate activities which may affect the conditions for access, allocation and monitoring of equity, which is so important for value creation and sustainable economic growth. The main benefit to be derived from this research is that it facilitates a fuller understanding of the Saudi approach to corporate governance, the corporate ownership environment and trends in the capital market. The analysis also deepens knowledge of corporate governance regimes, including the role of institutional investors, and of their characteristics and investment behaviours. In short, it considers whether institutional investors are willing or have been encouraged to use their power to engage in the companies in which they invest and whether they are qualified to solve the agency problem.
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Kwabi, Frank Openpong. "The impact of sub-optimal international portfolio allocations on cost of capital, stock market development and investor protection standards." Thesis, University of Strathclyde, 2015. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=25569.
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Both developed and emerging markets have liberalised their stock markets by removing investment restrictions on equity capital inflows and outflows. The aim is to attract foreign investors and also to allow domestic investors to diversify internationally. However, existing literature shows that local investors overweight the domestic market (home bias), whilst foreign investors under or overweight foreign markets (foreign bias). Current studies have mainly investigated factors that determine home and foreign bias. The study uses comprehensive macro and micro level data to examine the implications of home and foreign bias on three research questions. The first empirical study investigates the impact of home and foreign bias on cost of capital. We mainly use five measures to proxy for cost of capital. We find compelling evidence supporting the hypothesis, those countries that exhibit higher home bias, experience higher cost of capital. Similarly, consistent with theory, we find that countries that have higher foreign bias enjoy lower cost of capital. In the second empirical study, we examine the impact of home and foreign bias on stock market development. Economic reasoning suggests, that countries that have home bias should have lower level of stock market development, while the countries where foreign equity portfolio investors invest more, should be associated with higher development. Our findings, based on rigorous analysis, confirm that prevalence of higher degree of home bias impedes stock market development. Likewise, higher foreign bias in equity portfolio allocations has significant positive implications for the development level of domestic stock market. Finally, in our third empirical research, we examine whether varying degrees of home and foreign bias have any impact on country level investor protection standards. We report two findings. First, we find strong evidence that supports the hypothesis that home bias leads to weak investor protection. Second, consistent with theory, countries that experience higher foreign bias, tend to have better investor protection. The findings suggest that provision of encouraging optimal international portfolio allocations to increase risk sharing, could be a crucial policy measure for governments. Policy makers in emerging countries can improve macroeconomic fundamentals and good governance to attract and retain foreign investors.
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Rekešiūtė, Renata. "Investuotojo sąvoka ir jo teisių apsaugos mechanizmas šiuolaikinėje tarptautinėje teisėje." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2008. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2008~D_20080121_102011-86960.
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Šis magistro baigiamasis darbas skirtas investicijų apsaugos užsienio valstybėse analizei.
Klasikinėje tarptautinėje teisėje visiškas subjektiškumas buvo suprantamas kaip būdingas tik valstybėms, todėl visi tarptautiniai santykiai, tarp jų ir ginčų sprendimas buvo valstybių tarpusavio reikalas. Dėl to, jei reikėdavo ginti asmenį užsienyje patyrusį žalą, tai galima buvo padaryti tik remiantis fikcija – kad žala padaryta asmeniui yra žala padaryta jo valstybei. Jei asmuo investavęs į užsienio valstybę patirdavo žalą dėl neteisėtų investicijas priimančios valstybės veiksmų, jis pats galėdavo kreiptis dėl kompensacijos į vietinius valstybės teismus arba į savo pilietybės ar nacionalinės priklausomybės valstybę, kad ši imtųsi diplomatinių priemonių.
Šiuolaikinė tarptautinė teisė subjektų klausimu, galima sakyti, žengia toliau. Šiuo metu fiziniai asmenys yra įgiję dalinį tarptautinį teisinį subjektiškumą žmogaus teisių srityje. Nuosavybės apsauga (tame tarpe ir investicijų apsauga) yra viena iš svarbiausių žmogaus teisių, deklaruojamų tiek valstybių konstitucijose, tiek tarptautiniuose dokumentuose, todėl investuotojai gali patys, be savo valstybės įtraukimo ar įsikišimo, išspręsti investicinį ginčą su investicijas priimančia valstybe. Įvairių instrumentų pagalba šiuolaikinėje tarptautinėje teisėje yra sukurta nemažai pažeistų teisių gynimo mechanizmų, kuriais gali pasinaudoti investuotojai tiek fiziniai, tiek juridiniai asmenys. Jei investuotojas siekia investicinį ginčą... [toliau žr. visą tekstą]The analysis of the protection of foreign investment is the key object of this master thesis. States were recognized as the only subjects in the classical international law. Therefore all international relationships and disputes where settled between the states themselves. In case of a breach of the rights of a foreign investor it was the state of his nationality to bring any kind of claims in regards to another state. Contemporary international law goes way further in regard to international legal personality of natural persons or legal entities. Partial personality, in particular in the field of human rights, is recognized for the natural/legal persons. Protection of property, as well as investment, is considered to be one of the most fundamental human rights embedded in constitutions and international treaties. Therefore, investors have a right to protect their injured rights by bringing claims in international tribunals. There are quite a few mechanisms for the protection of investors’ rights in the domain of international law. Such as international institutional arbitration, ad hoc arbitration, ECHR, ICSID and diplomatic protection by investor’s state of nationality. The analysis of the investment protection mechanisms wouldn’t be completed without the analysis of the notion of investor itself. There is no universal definition of the notion of investor. In most BIT this notion differs because of the different interests of capital exporting and capital importing countries... [to full text]
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Hearn, Bruce, Jing Li, Dariya Mykhayliv, and Muhammad Waqas. "Asset pricing in the Middle East’s equity markets." Elsevier, 2021. http://hdl.handle.net/10454/18443.
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YesThis paper undertakes a comparison between five multifactor variants of the capital asset pricing model. These include additional factors based on size, book to market value, momentum, liquidity and a new investor protection metric based on the product of institutional quality in a country and the proportion of free float shares, which captures the impact of controlling block holders. Using monthly returns of 909 blue chip firms from 18 Middle East & North African equity markets for 16 years, we show that a two factor CAPM augmented with a factor mimicking portfolio based on the investor protection metric yields the highest explanatory power. Analysis of Kalman filter time varying investor protection betas reveals investor protection premiums in Egypt, Iraq, Lebanon and Tunisia and corresponding discounts in Israel, Saudi Arabia, Kuwait, Oman, Dubai and Abu Dhabi.
The full-text of this article will be released for public view at the end of the publisher embargo on 22 March 2022.
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Auer, Mathias. "The effect of creditor rights on the relationship of firm-level corporate governance and firm value in case of M&As." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-347179.
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This study examines the relationship of firm-level corporate governance and firm value, proposing a moderating effect by country-level creditor protection rights in case of M&As. In order to analyse this setting a sample of 331 deals over the period of 14 years (2002-2015) was evaluated. Evidence for a negative relationship of corporate governance and firm value could be found and provides support for the negative spillover theory. Moreover, proof for a negative moderating effect of creditor protection rights is in line with previous literature which suggests that stronger creditor protection rights result in lower risk-taking behaviour which consequently leads to lower firm value. This connection of creditor rights and risk-taking is therefore influencing corporate governance. Furthermore, stronger creditor protection rights are assumed to directly affect firm value. However, no definite conclusion regarding the assumed negative relationship of firm value and creditor protection rights can be drawn since this finding is lacking statistical significance.
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Geçgil, Tezcan Nurhan. "The intersection of transnational activism, power and soft law : how transnational advocacy networks may influence investor protection within the European Union." Thesis, University of East London, 2007. http://roar.uel.ac.uk/3842/.
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The international system is no longer just determined by states, but is also influenced by Transnational Advocacy Networks, TANs, which may include inter-governmental organisations, professional associations, and consumer groups. The scholarly community has also begun paying more attention to the actual significance of private authority in global governance and of soft law produced by international agreements. Within the European Union (EU), private authority and soft law has a special importance, whereby the Union encourages representatives of consumers, businesses, professional groups and national authorities to participate in the process of co-ordination and coregulation. At present investor protection is central to the EU's approach to financial services. The importance of the development of effective soft law standards and best practices in order to further the state of investor protection has become even more pronounced given the recent enlargement of the EU to 27 Member States. The general question that guides this study is how Translational Advocacy Networks (TANs) can exert power to enhance the state of investor protection within the new member states of the European Union (EU). CFA Institute, a TAN in investment management, constitutes the case study. Concentrating on CFA Institute as case study provides the opportunity to examine the professionalisation processes in the making. Professionalisation is characterised by the construction of acceptable knowledge claims and by the creation of an environment that is receptive to these claims. Similarly, TANs create policy expertise through the exchange of knowledge among stakeholders. Within the framework of CFA Institute, this dissertation uses the Foucauldian notions of power relations, discourse, and governmentality as well as the methodology offered by Actor Network Theory (ANT) to study and present a conceptual framework of best practices or conditions of possibility of TAN's employment of soft law. Many of the best practices in the successful application of soft law in general can be applied to investor protection in specific.
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Alshaleel, Mohammed Khair. "The regulation and governance of mutual funds in the UK in the quest for investor protection : lessons for Middle Eastern countries." Thesis, University of Essex, 2017. http://repository.essex.ac.uk/19778/.
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The mutual funds regulation in Middle Eastern countries is still insufficient and lacks the detailed rules that regulate all aspects of the mutual funds industry. Despite the fact that the current mutual fund regulation addresses different aspects of the fund industry, it is still far from the international standards applied in many countries such as the UK and the USA. The main purpose of this thesis is to investigate the possibility of exporting certain essential regulatory rules form the mutual funds regulation in the UK to the mutual funds regulation in Middle Eastern countries in order to enhance investors’ protection. Enhancing the mutual funds regulations generally and investors protection particularly would accelerate the development of the mutual funds industry in those countries. The first chapter of the thesis is an introduction. The second chapter defines mutual funds by showing their significant role in the financial market and showing their unique attributes which differentiate them from other financial institutions. The third chapter scrutinises the existing mutual funds laws and regulations and their amendments in the UK, namely the Financial Services and Markets Act 2000, the Open Ended Investments Companies Regulations 2001 and the Financial Conduct Authority Sourcebook. The fourth chapter examines the governance of mutual funds under the current legal framework in the UK. The fifth chapter focuses on how the features discussed in the previous chapters could be used in Middle Eastern countries. Finally, chapter six provides the general conclusion of the thesis and the contribution of this research. The findings from the research show that the unique nature of mutual funds as useful financial institutions comes from the combination of the advantages offered to the investors by one financial institution. They also illustrate that mutual funds in the UK are governed by a robust legal framework that regulates nearly all aspects of the industry in detail. This legal framework adopts efficient governance mechanisms that provide investors with a high level of protection. The governance mechanisms ensure investors protection and play a key role in mitigating the potential conflicts of interests between the self-interests of the fund management and the interests of the investors. Another important finding of the research is that the current mutual funds regulations in Middle Eastern countries lack the detailed rules, and they do not regulate all aspects of the fund industry. Therefore, mutual funds investors are not well protected. Finally, the research shows that certain regulatory rules form the UK regulations are exportable to Syrian Mutual funds regulations and can be exportable to Middle Eastern countries. These rules will increase investors’ protection and fill the gap between the international standard and those applied in Middle Eastern countries.
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Chuang, Kai-Shi. "The impact of investor protection and bank regulation on the shareholder wealth : evidence from merger and acquisition announcements in the banking industry." Thesis, University of Glasgow, 2010. http://theses.gla.ac.uk/2190/.
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This thesis studies the impact of investor protection and bank regulation on the shareholder wealth around merger and acquisition announcements in the banking industry during the period 1995-2005. The analysis is based on 508 targets, 1,424 bidders and 388 combined firms covering over 30 countries. Using the event study methodology, the results show that targets, bidders and combined firms obtain 13.25%, -0.63% and 0.39% cumulative abnormal returns over a 3 day (-1,+1) event window, respectively. In addition, cross-sectional analysis reveals that target cumulative abnormal returns are positively related to investor protection measured as the antidirector rights and rule of law in a target country. The findings also indicate that targets gain more when bank regulation in a target country has more restriction on bank activity, official supervisors have more power to intervene the deals and supervisors have more power to correct the problem in mergers and acquisitions separately. Furthermore, the results show that bidders have lower gains when investor protection in a bidder country measured as rule of law is strong. The results also find that bidders gain less when bank regulation in a bidder country has more restriction on bank activity. However, the findings show that bidders gain more when supervisory authority in a bidder country is more independent. With respect to combined firms, the results find that combined firms obtain higher announcement returns when investor protection measured as the combination of the antidirector rights index in a target and bidder country is strong.
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Rimawi, Luany A. L. "Legal aspects of Arab securities regulation with particular reference to disclosure as a tool of investor protection when offering/listing shares in Jordan." Thesis, London School of Economics and Political Science (University of London), 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.415715.
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Mlauzi, Dumisani G. "Solutions to investor-state dispute settlement : Republic of South Africa vis-à-vis Australia." Thesis, University of the Western Cape, 2016. http://hdl.handle.net/11394/5520.
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Magister Legum - LLMThe main objective of this paper is to critically analyse the solutions that countries are currently implementing in response to the much-debated issue that the conventional investor-state dispute settlement (ISDS) regime limits a host-state's space to make regulations under public policy. Consequently, the paper makes recommendations on viable solutions that countries can implement as solutions to the ISDS problems. In order to conduct the study, this paper uses the solutions to ISDS problems that have been implemented by the Republic of South Africa (RSA) and Australia respectively. The paper also compares the solutions implemented by RSA and Australia with some internationally recognised solutions. Chapters two and three of the paper discuss the backgrounds and also analyse the solutions to ISDS that have been implemented by RSA and Australia respectively. Chapter four contains the main findings and arguments of the paper. It analyses the strengths and weaknesses of the ISDS solutions that have been implemented by RSA and Australia respectively. One of the main findings of the paper is that retaining the conventional ISDS regime is less beneficial to developing and least developed countries and more beneficial to developed countries, largely due to the differing levels of outward investments that are present in these categories of countries. The paper recommends, inter alia, that, unlike developed countries, developing countries and least-developed countries should abrogate the conventional ISDS regime and only retain it in particular circumstances as explained in chapter five. The paper recommends that ISDS should only be utilised where state-state arbitration would unnecessarily politicise an investment dispute. The paper also finds the use of domestic court as undesirable to investment disputes. The paper recommends mediation as a more balanced avenue for resolving investment disputes.
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Sargsyan, Gevorg. "Effect of statutory and regulatory protection in investment decision." Doctoral thesis, Universidad de Alicante, 2018. http://hdl.handle.net/10045/93652.
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Public interest in investments has increased dramatically during the past decades. Also parallely, there has been much research interest related with profitability, liquidity, and statutory and regulatory protection of investments, the three important pillars of investment. However, there is no similar research comparing the markets of Spain, USA and Russia in order to answer the research question of this thesis. Considering these factors, there exists need for this scientific research. The objective of this study was to discover the effect of statutory and regulatory protection in investment decision by comparing and analysing the legal environment of investments. The two steps to achieve this objective were: - Analyse and compare the legislation and securities market regulation international, national and institutional framework. - Survey. On a national level, we focused on three markets - Spain, the USA and Russia. On an institutional level, we concentrated on state agencies with regulatory power over securities markets of the above mentioned countries. The conclusion answered the main question of the work – “How does statutory and regulatory protection affect investment decisions?” This thesis in financial and business law is very relevant and will be of great interest to the investment sector. It can help interested parties in investment societies find specific solutions to improve the efficiency in investments in the above mentioned securities markets taking into consideration statutory and regulatory protection. Also, this work raises new questions for future research and indicates new possibilities of conducting future investigations.Vicerrectorado de Investigación y Transferencia de Conocimiento (Escuela de Doctorado) "Convocatoria para la concesión de subvenciones con el objetivo de facilitar la obtención de la mención de Doctor internacional en el título de doctora o doctor, Ayudas Movilidad 2015". Jeffrey E. Smith Institute of Real Estate and Capital Markets of University of Missouri "Research Scholar (Becario de Investigación) - 01/02/2016-31/12/2017".
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Silveira, Alexandre di Miceli da. "Governança corporativa e estrutura de propriedade: determinantes e relação com o desempenho das empresas no Brasil." Universidade de São Paulo, 2004. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-23012005-200501/.
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Governança corporativa pode ser entendida como o conjunto de mecanismos de incentivo e controle, internos e externos, que visam a minimizar os custos decorrentes do problema de agência. O tema é importante por ser bem difundida a hipótese de que as práticas de governança afetam o desempenho das empresas. Esta tese tem como objetivo avaliar se os mecanismos de governança são exógenos e se exercem influência sobre o valor de mercado e a rentabilidade das companhias abertas no Brasil. A pesquisa foi dividida em três partes inter-relacionadas. A primeira parte investigou os determinantes da qualidade da governança corporativa, isto é, os fatores que fazem com que algumas empresas apresentem um nível de governança maior do que outras submetidas a um mesmo ambiente contratual. Como aproximação para a qualidade da governança corporativa, construiu-se um índice de governança para as 161 companhias componentes da amostra. O resultado principal desta primeira parte sugere que a estrutura de propriedade influencia a qualidade da governança corporativa. Especificamente, encontrou-se uma relação negativa significante entre o excesso de direito de voto em posse do acionista controlador e a qualidade da governança. Os resultados também indicaram que as empresas maiores, emissoras de ADRs e com melhor desempenho apresentam, em média, melhor governança corporativa. A segunda parte do estudo investigou os determinantes da concentração da propriedade, isto é, os fatores que fazem com que o acionista controlador detenha um percentual maior de ações nas companhias abertas. Aplicando técnicas de dados em painel para o período de 1998 a 2002, os resultados indicaram que a concentração da propriedade não parece ser determinada de forma endógena por outras variáveis corporativas. Os resultados, todavia, dependem do método de estimação dos coeficientes empregado, já que se obteve significância estatística pelo método dos Mínimos Quadrados Ordinário mas não pelos procedimentos de Efeitos Aleatórios e de Efeitos Fixos, que se mostraram mais adequados. A terceira parte da pesquisa investigou a relação entre governança e desempenho por meio de diferentes abordagens econométricas em escala crescente de complexidade. Os resultados não indicaram uma influência significante e consistente da qualidade da governança sobre o desempenho das empresas, já que houve mudança no sentido da relação entre o nível de governança e algumas variáveis de desempenho quando foi aplicada a abordagem de equações simultâneas, em relação aos resultados obtidos nas regressões múltiplas com equações isoladas. Das variáveis de desempenho testadas, Q de Tobin foi a que mostrou a relação positiva mais consistente com a qualidade da governança. Como outros resultados importantes, observou-se que as empresas com menor concentração do direito de voto em posse do controlador, menor nível de endividamento, maior proporção de intangíveis, maior tamanho, emissoras de ADRs e com ações mais líquidas apresentaram, em média, melhor desempenho. A discrepância dos resultados obtidos na relação entre governança corporativa e desempenho, em função da abordagem econométrica empregada, destaca a necessidade de um maior desenvolvimento da teoria sobre governança corporativa, de forma a melhor especificar, por meio de equações estruturais, os relacionamentos entre os diferentes mecanismos de governança.Corporate governance can be defined as the set of incentive and control mechanisms designed to minimize the costs deriving from the managerial agency problem. The subject is important since it is well spread the hypothesis that governance practices impact firms performance. This thesis aims at evaluating if governance mechanisms are exogenous and if they influence market value and profitability of listed companies in Brazil. The research is divided into three interrelated sections. The first section investigated the determinants of firm-level corporate governance quality, trying to uncover which firms observable characteristics lead some companies to achieve higher governance ratings than others in the same contractual environment. In order to obtain a proxy for corporate governance quality, a governance index was built for the sample of 161 firms. The main result of the first section suggests that ownership structure influences corporate governance quality. Specifically, it was found a significant negative relationship between the excess of voting shares held by controlling shareholder and corporate governance rating. Furthermore, the results indicated that larger companies, ADR issuers, and firms with better performance have, on average, better corporate governance. The second section investigated the determinants of ownership concentration in Brazil. The analysis aims at uncovering which firms characteristics lead some controlling shareholders to have higher concentration of shares. By applying panel data techniques for 1998 to 2002 period, the results indicated that ownership concentration doesnt seem to be endogenously determined by other corporate variables. The results, however, are sensitive to coefficients estimation method. Statistically significant coefficients were found when Ordinary Least Squares were applied. However, this method appeared to be less adequate than Random Effects and Fixed Effect procedures, whose resulting estimates revealed that none of the explanatory variables coefficients were statistically significant. The third section investigated the relationship between corporate governance and performance through different econometric approaches in increasing level of complexity. The results didnt indicate a significant and consistent influence of governance quality on corporate performance, since there was a sign change of the relation between governance level and some performance variables when the simultaneous equation approach was applied, compared with the results obtained by the single equation regressions approach. From the performance variables used, Tobins Q showed the more consistent positive relation with governance level. The results also suggest that firms with lower voting rights concentration held by controlling shareholder, lower debt level, higher proportion of intangibles assets, larger size, more liquid shares and ADRs issuers show, on average, better performance. The discrepancy of the results on the relation between corporate governance and performance, due to the econometric approach employed, highlights the need for a better development of corporate governance theory, in order to improve the specification, through structural equations, of the relationships between different governance mechanisms.
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Sikalidis, Alexandros K. "Links between divided policy and financial accounting, corporate finance, business decisions and investor protection : the role of economic and legal presence of mandatory dividend payment in Greece." Thesis, Lancaster University, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.555415.
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This thesis consists of three self-contained studies regarding the dividend policy of Greek firms. The first study examines the dividend policy of Greek firms (non-financial firms - all constituents of the Athens Stock Exchange) by exploring its determining factors while relating them to the corporate structure and the state's financial institutional framework. Its main contribution is to provide evidence on the relation between corporate structure and dividend policy in an insider financial system where business ownership is concentrated in the hands of few shareholders, who also control the management. In Greece the above relation is detectable due to a unique legal requirement that. mandates a minimum dividend requirement based on earnings and share capital which can be circumvented only if shareholders who control sufficient voting power decide to do so. We show that the ownership type does not significantly affect the decision to waive the minimum payment requirement while the level of insider corporate ownership increases the likelihood of a dividend payment. On the other hand, the pursuit of growth opportunities and high leverage decrease the probability of a firm paying dividends and leverage alone decreases the probability of a firm to pay above the minimum dividend requirement. The second study investigates the signalling content of the dividend policy of Greek firms and the market reaction to dividend announcements. We examine both the signalling content of dividend changes as well as the signalling content of a waiver of the minimum dividend requirement. To test our hypotheses we use univariate, multivariate and event analyses. The study provides evidence supporting the free cash flow hypothesis while signalling hypothesis is not supported. In particular, dividend decreases or waivers of the minimum dividend requirement result in increased investments in the dividend change year and they contribute to higher . future profitability in the long term. The market considers that a waiver when a dividend is not paid contributes to a future increase in firm value. The third study examines the impact of specific fair value adjustments as promoted by the International Financial Reporting Standards (IFRS) on the divided policy of Greek firms from 2006-2008, We consider specific fair value adjustments which are included in the accounting income and arc identified by the Hellenic Commission of Auditing and Accounting Regulation (HCAAR) as non-distributable. We find a positive (negative) relationship between dividend payouts and income deriving from fair value adjustments on investment property (financial securities). Both types of income are persistent. We consider managerial opportunism to be a possible explanation for the negative relationship managerial opportunism (Goncharov and Van Triest (2010). Moreover, we find that fair value adjustments on investment property do not influence the choice of firms to pay dividends while there is a positive relationship between the fair value adjustments on financial securities and the decision of firms to pay dividends.
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Armanno, Maria. "Regulatory bodies in EC securities markets between self- and statutory regulation : investor protection and the new financial intermediaries; a study of the French, Italian and British systems." Thesis, University of Glasgow, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.268107.
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Assi, Rola. "Le régime juridique des investissements étrangers au Liban au regard de l’ordre juridique international." Thesis, Aix-Marseille, 2014. http://www.theses.fr/2014AIXM1024/document.
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En dépit des tensions régionales et de l'étroitesse de son marché intérieur, le Liban présente toujours de multiples atouts et le potentiel d'occuper une place pionnière en matière d'investissement international parmi les pays voisins. Pour la mettre effectivement en oeuvre, cette position requiert une volonté politique déterminée à cet effet. Or, cette politique doit nécessairement et impérativement être traduite par l'adoption d'une stratégie nationale de développement en vue de la mise en place d'un régime juridique compétitif favorable à l'investissement étranger de standards internationaux. Le régime juridique libanais actuel relatif aux investissements étrangers ne suffit pas pour achever cet objectif dû aux lacunes structurelles du système administratif et judiciaire. Dans le contexte actuel, les éléments considérés jadis comme facteurs d'attractivité du pays, tels que sa position géographique et son économie de marché libre, commencent à perdre de leur valeur en matière d'investissement international s'ils ne sont pas consolidés par une législation consciente favorisant l'investissement étranger. Aussi méritoires que soient les efforts d'attraction des investissements étrangers, il n'en reste pas moins que le degré d'attractivité du pays reste décevant dû à certains facteurs limitatifs et contraintes (les tensions provoquées par les agitations politiques internes et régionales). Or, ces obstacles semblent être les plus délicats à franchir et constituent sans doute une barrière à l'investissement international. Leur abolition apparaît comme un préalable incontournable pour l'attraction des investissements étrangers au paysAny investment project is basically an act of faith on the part of the foreign investors based on the actions of the host State. Despite regional tensions and the narrowness of its domestic market, Lebanon still has many strengths and potential to occupy a pioneer position compared to neighboring countries. However, such a position requires a determined political will which must be reflected by the adoption of a national development strategy for the establishment of a competitive legal regime open to foreign investment and adapted to international standards. In a general context marked by a decline in foreign direct investment, Lebanon must advocate a policy that is attractive and adapted to the needs and expectations of foreign investors. This would require: first, the reform of the current legal environment of foreign investment through the adaptation of the legal corpus, then the implementation of a plan for systematic development based on international standards. Thus, the priority of the Lebanese authorities should consist in ending any possible obstacle in the internal market towards foreign investment. Despite some advantages, the current Lebanese legal regime for foreign investment is not enough to complete this objective due to structural weaknesses of the administrative and judicial systems. The country's degree of attractiveness remains disappointing due to certain limiting factors and constraints (tensions caused by internal and regional political turmoil). These obstacles seem to be the most difficult to overcome. Their abolition appears as a key prerequisite for attracting foreign investment in the country
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Akhtar, Muhammad Waqar. "Behavioral issues in retirement savings." Electronic Thesis or Diss., Université Clermont Auvergne (2021-...), 2023. http://www.theses.fr/2023UCFA0058.
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Cette thèse de doctorat examine les aspects comportementaux de l'épargne-retraite, en se concentrant sur trois chapitres empiriques. La recherche étend la littérature existante en examinant l'impact de la littératie financière sur l'épargne-retraite, en comparant les pays avec différents niveaux de développement financier. De plus, l'étude explore le rôle des traits de personnalité dans la formation du comportement d'épargne, en utilisant une analyse de données à grande échelle. Une contribution unique de cette recherche est la combinaison de données micro et macro pour étudier la relation entre ces facteurs et l'épargne-retraite. L'étude examine comment la protection des investisseurs et l'attitude face au risque d'un individu influencent leur comportement d'épargne. L'objectif principal de cette thèse est d'étudier en profondeur le comportement des individus envers leurs objectifs d'épargne pour la vie post-retraite, en mettant en évidence le rôle important joué par la littératie financière et les traits de personnalité dans ce processus.Le premier chapitre de notre thèse examine la relation entre la littératie financière et l'épargne-retraite, en utilisant des données de l'Enquête sur les finances et la consommation des ménages (HFCS). Pour analyser l'impact de la littératie financière sur le comportement d'épargne, l'étude se concentre sur le Luxembourg et la Slovaquie, qui ont différents niveaux de développement financier. Les résultats de notre recherche révèlent que le niveau de littératie financière parmi la population du Luxembourg est plus élevé que celui de la Slovaquie. L'analyse empirique indique que la littératie financière est positivement associée à l'épargne-retraite au Luxembourg, tandis qu'aucune relation significative n'est trouvée entre la littératie financière et l'épargne en Slovaquie. Ces résultats contribuent à une meilleure compréhension du rôle de la littératie financière dans le comportement d'épargne-retraite et ont des implications importantes pour les décideurs politiques.Le deuxième chapitre de notre thèse examine l'impact des cinq grands traits de personnalité sur le comportement d'épargne des individus. Les cinq grands traits de personnalité, notamment l'Ouverture, la Conscience, l'Extraversion, l'Agréabilité et la Névrose, sont largement reconnus par les psychologues comme des dimensions fondamentales qui façonnent le comportement humain. L'étude utilise des données de la base de données SHARE et couvre un échantillon de 27 pays européens. Les résultats suggèrent que les traits de personnalité influencent significativement le comportement d'épargne, et en particulier, les traits d'Ouverture et d'Agréabilité ont un impact positif sur le comportement d'épargne. Les résultats de ce chapitre fournissent des informations importantes sur le rôle des traits de personnalité dans l'épargne-retraite et ont des implications pratiques pour les planificateurs financiers et les conseillers.Le troisième et dernier chapitre de la thèse examine la relation entre la protection des investisseurs, l'attitude d'investissement et le comportement d'épargne. L'étude examine si la protection des investisseurs peut jouer un rôle important dans le comportement d'épargne-retraite des ménages et si elle peut aider les individus à adopter une attitude de risque plus favorable envers l'épargne-retraite. L'analyse se concentre sur l'impact de la protection des investisseurs et de l'attitude face au risque sur le comportement d'épargne et l'interaction entre les deux facteurs. L'étude utilise des données de la Banque mondiale pour la protection des investisseurs et de la base de données SHARE pour les données des ménages. Les résultats indiquent une relation significative entre la force de la protection des investisseurs, l'attitude face au risque d'un individu et le comportement d'épargne-retraiteThis PhD thesis investigates the behavioral aspects of retirement savings, with a focus on three empirical chapters. The research extends the existing literature by examining the impact of financial literacy on retirement savings, comparing countries with different levels of financial development. Additionally, the study explores the role of personality traits in shaping savings behavior, using large-scale data analysis. A unique contribution of this research is the combination of micro and macro data to investigate the relationship between these factors and retirement savings. The study examines how investor protection and an individual's risk attitude influence their savings behavior. The primary objective of this thesis is to investigate thoroughly individuals' behavior towards their savings goals for post-retirement life, highlighting the important role played by financial literacy and personality traits in this process.The first chapter of our thesis examines the relationship between financial literacy and retirement savings, using data from the Household Finance and Consumption Survey (HFCS). To analyze the impact of financial literacy on savings behavior, the study focuses on Luxembourg and Slovakia, which have different levels of financial development. The findings of our research reveal that the level of financial literacy among the population of Luxembourg is higher as compared to that of Slovakia. The empirical analysis indicates that financial literacy is positively associated with retirement savings in Luxembourg, while no significant relationship is found between financial literacy and savings in Slovakia. These findings contribute to a better understanding of the role of financial literacy in retirement savings behavior.The second chapter of our thesis investigates the impact of the big five personality traits on individuals' savings behavior. The big five personality traits, including Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism, are widely recognized by psychologists as fundamental dimensions that shape human behavior. The study utilizes data from the SHARE database and covers a sample of 27 European countries. The results suggest that personality traits significantly influence savings behavior, and in particular, the traits of Openness and Agreeableness have a positive impact on savings behavior. The findings of this chapter provide important insights into the role of personality traits in retirement savings and have practical implications for financial planners and advisors.The third and final chapter of the thesis examines the relationship between Investor Protection, Investment Attitude, and Savings Behavior. The study investigates whether investor protection can play an important role in retirement savings behavior among households and whether it can help individuals adopt a more favorable risk attitude towards retirement savings. The analysis focuses on the impact of investor protection and risk attitude on savings behavior and the interaction between the two factors. The study utilizes data from the World Bank for investor protection and from the SHARE database for household data. The results indicate a significant relationship between the strength of investor protection, an individual's risk attitude, and retirement savings behavior.Our thesis focuses on retirement savings, a critical area of research due to its impact on financial security. We examine the impact of financial literacy, personality traits, and investor protection on savings behavior. Our findings provide valuable insights for policymakers and financial practitioners. These factors are essential considerations in understanding retirement savings behavior. Policymakers can use our findings to design effective retirement savings policies and programs
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Tehrani, Adrien. "Les investisseurs protégés en droit financier." Thesis, Paris 2, 2013. http://www.theses.fr/2013PA020039.
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En droit financier, la conception des investisseurs protégés apparaît imprécise, alors que le dispositif juridique de protection est composé d’un grand nombre de mesures. Le contraste est saisissant. La première partie de cette recherche souligne la nécessité d’une clarification. Le flou entourant les investisseurs protégés est détaillé et ses conséquences sur l’objectif de protection, d’une part, et sur le dispositif de protection, d’autre part, sont mises en lumière. Plusieurs questions se posent, relatives à la notion d’investisseur comme à la logique et aux critères de protection. Source d’insécurité juridique, une conception indéterminée des investisseurs protégés pèse de différentes manières sur la qualité de la protection. La seconde partie est un essai de clarification qui porte sur la notion juridique d’investisseur, d’une part, et sur la politique juridique de protection, d’autre part. Il est ainsi proposé d’introduire une définition légale de l’investisseur dans le Code monétaire et financier, en s’appuyant sur les notions de sujet de droit et d’acte d’investissement. Une définition juridique de l’acte d’investissement contribue aussi à distinguer la notion juridique d’investisseur, d’un côté, et celles d’actionnaire, de client et de consommateur, de l’autre. La politique de protection envisagée ensuite s’appuie sur des axes connus mais qui gagnent à être réaffirmés et précisés. La pleine mise en oeuvre de cette politique impose alors, compte tenu aussi des catégories redéfinies d’investisseur et d’investisseur qualifié, d’élaborer une nouvelle catégorie juridique d’intervenants sur les marchés financiersIn financial law, the conception of “protected investors” appears to reveal many uncertainties while at the same time, investor protection measures are numerous. This raises a number of questions. The first part of this research shows that there is a need to clarify this conception. Such a need results mainly from the detailed description of existing uncertainties and their negative consequences on investor protection objective and measures. These difficulties, which are about the concept of investor, the logic of the protection and its criteria, are a source of legal uncertainty. As a result, the quality of the protection is undermined in many different ways. The second part of this research is an attempt to clarify these points. It focuses on the legal concept of investor and on investor protection policy. The idea is to amend the legislative part of the French Monetary and Financial Code to introduce a definition of the word « investor », which relies on the suggestion that an investor should have legal personality and that there should be an act of investment. The legal definition suggested for the concept of “act of investment” also helps to draw distinctions between the legal concept of investor on the one hand, and those of shareholder, client and consumer, on the other hand. The investor protection policy which is then described lies on grounds that may look familiar, but to state them more precisely appears to be useful. For this policy to be fully implemented, and taking into account the definitions or amendments brought to the categories of “investor” and of “qualified investor”, a new legal category of actors in the financial markets needs to be elaborated
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Filho, Celso Roberto Pereira. "Contribuições do direito norte-americano ao sistema de proteção do investidor no mercado de capitais brasileiro." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-14062016-151453/.
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O atual arcabouço normativo de proteção do investidor no mercado de capitais brasileiro teve suas linhas mestras cravadas pela reforma bancária introduzida pelas Leis 4.595, de 31 de dezembro de 1964, e 4.728, de 14 de julho de 1965, pela criação de um regulador especializado em mercado de capitais pela Lei 6.385, de 07 de dezembro de 1976, e pela reforma da legislação das sociedades anônimas introduzida pela Lei 6.404, de 15 de dezembro de 1976. Desde 1976, o arcabouço normativo de proteção do investidor no mercado de capitais brasileiro vem sendo desenvolvido a partir dessas linhas mestras iniciais, incorporando as lições aprendidas com as turbulências e euforias vividas pela economia nacional. Esse arcabouço normativo que aí está desde 1976 foi inspirado por contribuições do direito federal norte-americano, as quais foram conscientemente captadas no Brasil pelo legislador e pela comunidade jurídica nacional. Difundiram-se internacionalmente dos EUA para o Brasil os preceitos da proteção do investidor no mercado de capitais calcados na existência de um órgão regulador do mercado de capitais, na divulgação de informações relevantes para decisões de investimento (disclosure), na regulação funcional dos agentes do mercado de capitais e na vedação de fraudes com valores mobiliários.The current normative framework for the protection of investors in the Brazilian capital market had its main lines placed by the banking reform introduced by the Laws 4.595, as of December 31, 1964, and 4.728, as of July 14, 1965, by the institution of one regulatory body specialized in the capital market by the Law 6.385, as of December 07, 1976, and by the reform in the legislation on companies introduced by the Law 6.404, as of December 15, 1976. Since 1976, the normative framework for the protection of investors in the Brazilian capital market has been developed based on such original main lines and incorporating the lessons learned with the turbulences and euphoria lived by the national economy. This current normative framework in place since 1976 has been inspired by the contributions of the federal US law and such contributions have been consciously captured in Brazil by the legislator and the national legal community. The following precepts of the protection of investors in the capital market have diffused from the US to Brazil, namely, the existence of one regulatory body in charge of capital markets, the disclosure of information relevant to investment decisions, the functional regulation of the agents of the capital markets and the prohibition of frauds with securities.
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Abdallah, Abed Al-Nasser. "Does cross listing matter? : an empirical analysis of the effects of cross listing of shares in the US and UK on the cost of capital, liquidity, disclosure and investor protection." Thesis, Lancaster University, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.428641.
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This thesis examines the effects of reducing segmentation and commitment to increase the level of investor protection on expected return, risk, trading volume and the level of disclosure of cross-listed firms. Previous studies have mainly focused on foreign firms listed in the US and produced inconclusive evidence regarding the benefits of cross-listing. Also, the existing research failed to adequately explain the reason behind the drop in abnormal return (AR) reported in all cross-listing studies, and whether it is associated with the timing of cross-listing. In addition, the research failed to explain the choice of foreign listing between regulated (AMEX, NASDAQ, NYSE, and LSE) and unregulated exchanges (OTe and PORTAL). Moreover, the lack of empirical investigation of the relation between cross-listing and increasing the level of investor makes this research important. My results show a significant decline in share price after the cross-listing, evidenced by the drop in abnormal return (AR). I find that the drop in AR is related to firm performance, suggesting that managers cross-list in a period of good performance to take advantage of the overvaluation of share price. I also report no relation between cross-listing and the commitment to increase the level of in-vest or protection. The logit model suggests that firms with poor investor protection are more likely to cross-list on unregulated exchanges to avoid the costs associated with listing on regulated exchanges. My results also reveal that foreign firms from good investor protection environments are traded more, before and after cross-listing, than foreign firms from poor investor protection environments. This evidence suggests no relation between foreign trading and the level of investor protection in the firm's home market. In terms of increasing disclosure, the analysis shows that the level of disclosure does not increase after cross-listing, irrespective of the location of cross- 1 listing. The results are also consistent across foreign firms from civil and common law countries. When comparing between cross-listed and non-cross-listed firms, the analysis shows no significant statistical difference. The above results provide new thinking on cross-listing, especially in respect of the relation between the time of cross listing and firm performance. Moreover, the evidence casts doubt on previous results that favour the investor protection (bonding) hypothesis, and question its validity.
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Guimarães, Daniel Monfort de Alencastro. "Gerenciamento de resultados e ambiente institucional: um estudo da América Latina." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8353.
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This paper investigates whether the institutional environment, related to the level of investor protection in Latin American countries, contributes to reducing earnings management by firms. We use four models to detect earnings management (the Jones Model, Modified Jones Model, Modified Jones Model with ROA and the Kang & Sivaramakrishna Model). Our sample comprises 313 publicly held companies listed in the stock exchanges in Argentina, Brazil, Chile, Colombia, Mexico and Peru, during the period from 2006 to 2010, a total of 9,986 statistics company-year. The discretionary accruals were estimated using a twostage regression, firstly with panel data models and then with the model residuals as the dependent variable and the level of investor protection as the independent variable. The score for each country, published in the Latin American Venture Capital Association (LAVCA) Scorecard, is used as a proxy for the level of investor protection. There is evidence in line with the theory that a better institutional environment contributes to reducing not only earnings management, but also the variability in earnings management. These findings reveal that investor protection is an important factor in the development of countries in Latin America. Countries with systems that provide incentives for private investment, with better tax treatment, creditor protection, corporate governance and a standardized accounting system, present companies with a lower level of earnings management.
Nesta dissertação analisamos se o ambiente institucional relacionado ao nível de proteção dos investidores dos países da América Latina contribuiu para uma redução na prática de gerenciamento de resultados das empresas. Utilizamos quatro modelos para detectar a prática de gerenciamento de resultados (Jones Model, Modified Jones Model, Modified Jones Model with ROA e o Kang & Sivaramakrishna Model). A nossa amostra é formada pelas empresas de capital aberto e listada em bolsa nos países da Argentina, Brasil, Chile, Colômbia, México e Peru, somando 313 empresas, para os anos de 2000 a 2009, totalizando 9.986 dados de empresa-trimestre. Utilizamos uma regressão em duas etapas, primeira usamos os modelos com dados em painel para estimar o discretionary accrual, em seguida, com o resíduo do modelo como variável dependente na segunda regressão sendo a variável independente o nível de proteção do investidor. A nota alcançada pelo país na pesquisa da Latin America Venture Capital Association (LAVCA) é usada como proxy para o nível de proteção ao investidor.. Há evidências em linha com a teoria de que um melhor ambiente institucional contribui para a diminuição não só da prática de gerenciamento de resultado, mas também as variabilidades do gerenciamento de resultados essas evidências reforçam a importância do fator proteção ao investidor para o desenvolvimento dos países da América Latina. Os países que possuem um sistema que incentive o investimento privado, com melhores tratamentos tributários, proteção aos credores, governança corporativa e padronização do sistema contábil, apresentam empresas com um menor nível de gerenciamento de resultado.
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Telli, Isadora Postal. "Investimento estrangeiro e meio ambiente: uma análise sobre o tratamento das questões ambientais suscitadas nos casos decididos pelo ICSID entre 2000-2013." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/2/2135/tde-08122015-144246/.
Full textAbstract:
O novo contexto do Direito Internacional tem buscado acomodar interesses econômicos às exigências de proteção ambiental, em linha com o desenvolvimento sustentável. Nesse particular, o investimento estrangeiro é elemento-chave e contribui para a aproximação entre Direito Internacional do Investimento Estrangeiro e Direito Internacional Ambiental, tanto em relação à elaboração de normas substantivas quanto aos processos de adjudicação. Embora já existam diversos trabalhos voltados a demonstrar como os investimentos estrangeiros podem contribuir com a preservação ambiental, pouco se tem escrito sobre os aspectos mais práticos dessa interação. Durante muito tempo, o caráter vago e impreciso da redação dos tratados ambientais dificultava sua aplicação às operações dos investidores. Contudo, a crescente consciência de parcela significativa da população mundial sobre a proteção ao meio ambiente está dando vida a cláusulas com conteúdo ambiental até então dormentes. Nesse contexto, o objetivo do presente trabalho é analisar empiricamente qual o tratamento concedido às questões ambientais suscitadas nos casos decididos pelos tribunais do Centro Internacional para Resolução de Disputas de Investimento (International Centre for Settlement of Investment Disputes), o ICSID, no período entre 2000-2013. Para tanto, a pesquisa foi dividida em três partes. A primeira parte é dedicada ao contexto histórico que permitiu a aproximação entre Direito Internacional do Investimento Estrangeiro e do Direito Ambiental Internacional. Na segunda parte o ICSID é apresentado, de modo a compreender sua organização e funcionamento e, principalmente, de que forma as questões ambientais podem ser suscitadas no âmbito das disputas de investimento. E, por fim, os resultados obtidos a partir da pesquisa empírica das decisões proferidas pelos tribunais do ICSID são apresentados, sistematizando os argumentos apresentados pelas partes, bem como aqueles utilizados pelos tribunais ao decidir os litígios de investimento compreendendo a matéria ambiental.The new context of International Law pursues the accommodation of economic interests to the needs of environmental protection, in line with the sustainable development. To that particular, the foreign investment is a key element and contributes to a closer relation between the Foreign Investment International Law and the Environmental International Law, inasmuch as in relation to the enactment of substantive laws, as towards to enforcement procedures. Although there are several studies aiming at demonstrating how foreign investments may contribute to the environmental protection, few has been written about the most practical aspects of such interaction. For a long time, the vague and imprecise character of the provisions in environmental treaties turn harder their enforcement towards the investment transactions. However, the growth in conscience on environment protection of a substantial portion of the world population has given life to clauses with environmental content that were dormant until recently. In this context, the objective of this study is to make an empiric analysis on the treatment granted to environmental matters raised in cases decided by the tribunals of the International Centre for Settlement of Investment Disputes, the ICSID, in the period between 2000 and 2013. For that, this research is divided in three parts. The first one is dedicated to the historical context that allowed the approximation between Foreign Investment International Law and Environmental International Law. In the second part the ICSID is presented, to allow a better comprehension of its organization and functioning and, mainly, the forms in which environmental matters can be raised within the scope of investment disputes. And, finally, the results obtained with the empiric research on the decisions enacted by the ICSID tribunals are presented, with a systematization of the arguments used by the involved parties, as well as the arguments adopted by the tribunals to decide the investment disputes comprising environmental matters.
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Sukartha, Putu Dyan Yaniartha. "Indonesian state-owned enterprises and earnings quality." Thesis, Queensland University of Technology, 2020. https://eprints.qut.edu.au/203192/1/Putu%20Dyan%20Yaniartha_Sukartha_Thesis.pdf.
Full textAbstract:
This thesis extends the earnings quality literature through its focus on two Indonesian phenomena – a two-stage approach to International Financial Reporting Standards (IFRS) convergence and partial privatisation of State-owned enterprises (SOEs). Using extensive panel data from the Indonesian stock exchange the study finds that accrual quality of listed SOEs has significantly improved under IFRS, but not earnings persistence or earnings smoothness. Employing the latent growth curve model, the study finds that the second stage of convergence had a more pronounced impact on accrual quality. Comparatively, the rate of improvement in accrual quality was higher for SOEs than non-SOE listed companies.
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Sáez, Marcos. "Vertrauen in der Anlageberatung von Banken aus Sicht der ökonomischen Ethik." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2012. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-86693.
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Anlageberatung ist eine Form der Kooperation zwischen Banken und Kunden, für deren Funktionieren das Vertrauen der Kunden eine wichtige Grundlage darstellt. Geht Vertrauen verloren, wird die Realisierbarkeit von wechselseitig vorteilhaften und gesellschaftlich erwünschten Kooperationen gefährdet. In der Tat haben Banken in vielen Fällen durch ihr Verhalten gegenüber Privatkunden das Vertrauen in sich und die eigene Anlageberatung gemindert.
Die vorliegende Dissertation modelliert den Prozess von Vertrauenswürdigkeit der Banken und ihrer Determinanten über die Vermittlung der Vertrauenswürdigkeit und Wahrnehmung bei Bankkunden bis hin zur Bildung von Vertrauen und seinem Einfluss auf die Kooperationsbereitschaft der Kunden. Ausgehend von diesem Modell werden Friktionen als empirische Bedingungen identifiziert und analysiert, die Banken von Investitionen in den Vermögenswert Vertrauenswürdigkeit bzw. von vertrauenswürdigem Verhalten abhalten. Aus den aus der Analyse gewonnenen Erkenntnissen werden Kriterien für angemessene Lösungsmechanismen abgeleitet. Ansätze aus dem Anlegerschutz- und Funktionsverbesserungsgesetz 2011 werden darauf aufbauend bewertet und Verbesserungsvorschläge abgeleitet.
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Cheung, Oi Lin. "Two Essays on the Role of Information in the Interaction between American Depository Receipts and Their Home Shares: Information Transfer and Issuer Decisions." ScholarWorks@UNO, 2008. http://scholarworks.uno.edu/td/855.
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American Depository Receipts (ADRs) represent shares of foreign firms that are issued and traded in the U.S. Since an ADR and its underlying shares represent ownership interest of the same firm, they should be perfect substitutes in a perfect market. However, market imperfections such as differences in information environment, liquidity, investment and trading restrictions, taxes, control right, corporate governance might make them less-than-perfect substitutes. These imperfections, on the other hand, also present opportunities for research. This dissertation consists of two essays on ADRs, both related to the effects of less-thanperfect information. Specifically, the first essay examines the return and volatility transfers between ADRs and their underlying home shares. Our investigation differs from the previous studies in that we cover substantially more countries and that we attempt to explain the variations in the extents of transfer effects both across firms and across countries. Various hypotheses are developed, based on the premise that barriers associated with trading, investments, and corporate governance would lower the extent or effectiveness of transfers. Overall, our empirical results support these hypotheses. The second essay takes the viewpoint of the issuing firms. Supposedly, an issuer's timing and dollar amount raised depend on the conditions of three markets: its home equity market, the U.S. equity market, and the currency market. From purely the standpoint of information accessibility, ADR issuers are likely to time their issues or set their amounts with respect to the conditions of the home equity market and/or currency market, with which they are more familiar. On the other hand, issuers typically employ the assistance of U.S. investment banks, and therefore they may be well-informed about the U.S. equity market. This is largely an empirical issue. Generally, our empirical results are mixed, but there is somewhat stronger evidence for the U.S. equity market being more important when setting the issue amount. There is also evidence that suggests regulations having influences on such activities.
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LIU, YA-TING, and 劉雅婷. "Crowdfunding and Investor Protection." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/9873y8.
Full textAbstract:
碩士東吳大學
法律學系
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There are two main channels for the financing of the enterprises. One is through the financial institutions such as bank and the other is through the public offering of securities. However, the cost of public offering is too heavy, according to Article 22 of the Securities and Exchange Act, the issuance of securities required to report financial statements, statements to be audited by accountants , these regulatory compliance costs for the start of the micro-enterprises is too expensive. And new business is often not established because of credit or unsecured collateral, caused by banks and other traditional financial institutions to apply for loans from the refusal, coupled with the general venture companies are biased towards high growth, high development potential of high-tech companies , so that the new business fundraising difficult. In order to support the development of small enterprises, to create another access to raise funds, the Taipei Exchange(TPEx, GreTai Securities Market) in January 2014, started Incubation Board for Startup and Acceleration Firms (GISA), and in 2015 small enterprise can raise funds through equity crowdfunding platform. However, equity crowdfunding involves the sale of securities, triggering the registration requirements of securities regulation. In order to reduce the cost of small business and starups, Financial Supervisory Commission R.O.C.(FSC) used its authority to express that securities insured through GISA and equity crowdfunding platform are " other securities exempted by the Competent Authority" of Article 22 (1) of the Securities and Exchange Act, exemptions from the registration requirement. However, the government exempted securities from registration requirement by Legal Orders, whether the neglect of other relevant securities laws and regulations applicability. On the other hand, enterprises using equity crowdfunding paltform are usually new business or small business, the operating capacity may be insufficient, making the business risk of these business large, investors may face higher investment risk. Therefore, crafting a crowdfunding exemption requires a careful balancing of investor protection and capital formation. This article argues that securities issued by means of GISA and equity crowdfunding platform should be characterized as "exempted transactions", relevant laws and regulations are still applicable, so as to reduce the cost of financing at the same time, protect the interests of investors. In addition, to solve the doubt of principle of legal reservation, equity crowdfunding should be instituted in the Securities and Exchange Act. Second, the equity crowdfunding platform as a gatekeeper between the two sides, has a certain role in filtering companies intending to fraud, so that the equity crowdfunding platform to play a certain monitoring function , prohibit fraudulent companies to use the equity crowdfunding platform to protect investor.
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Terekhov, Vitaly. "Three essays on investor protection." Thesis, 2011. http://spectrum.library.concordia.ca/974066/1/Terekhov_PhD_S2012.pdf.
Full textAbstract:
This dissertation examines the main question of corporate finance: how shareholders of public companies elect and control directors. How do shareholders, being suppliers of capital and legal owners of public companies, ensure themselves that directors and managers do not waste or steal the capital? To investigate this question, we focus on corporate elections. In the first chapter, we analyze specific voting rules, straight and cumulative voting, and examine which type of voting would result in the
social optimum. We model the election as a game in which dissatisfied shareholders form a coalition that challenges the incumbent directors and attempts to gain representation on the board. We show that corporate elections may bring about socially suboptimal outcomes when ineffient shareholders take over corporate boards and
the main cause of such outcomes is private benefits of control. Thus, in order to improve outcomes of corporate elections, we call for policies that would limit powers of
boards of directors and make them more accountable to shareholders. We also show that straight voting is superior to cumulative. In the second chapter, we ask why shareholders have different rights in different countries. We attempt to explain this phenomenon using asymmetric information when one side has informational advantage over the other: corporate directors are supposed to act in the best interests of shareholders but shareholders do not witness directors efforts and cannot make sure
that directors are serving their interests. This problem, known in the literature as the agency problem, is resolved by investor protection that gives shareholders the power
to oust directors when firms results are unsuccessful. The third chapter extends our analysis of investor protection and brings new insights. We find that investor protection serves two main objectives. First, it motivates directors to exert greater efforts. Second, it allows shareholders to save on directors compensation. This feature of investor protection may encourage shareholders to fire directors more often than they would if they did not save on directors' compensation. The third chapter strengthens
asymmetric information as the main cause of investor protection.
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"Investor protection and liquidity replenishment." Thesis, 2007. http://library.cuhk.edu.hk/record=b6074370.
Full textAbstract:
Chapter 2 provides the literature survey on investor protection and liquidity provision. Work in related studies and the latest developments in these areas are reviewed.Chapter 3 coven the institutional details of the Hong Kong stock market and the specification of datasets. The descriptive statistics of the trading activities of the sample companies are also presented. An understanding of these descriptive statistics is useful in choosing the appropriate theoretical model and econometric techniques in the analysis. Apart form using regression analysis to investigate the impacts of transitory volatility on market depth and order-flow composition; additional control measures are also implemented. For instance, matched samples based on market depth, transitory volatility, daily trading volume, etc. are constructed. Statistical Tests are employed to investigate the influence of investor protection.
Chapter 4 presents the results of the regression models. Apart form investigating the impacts of transitory volatility on market depth and order-flow composition, this chapter also contributes to the literature by examining the distinction (of this interaction) between companies under different regulatory environment. It is found that the liquidity replenishments for Hong Kong-based companies are more rapid than their Chinese counterparts. The results show that companies ruled by strict governance regulations provide more liquidity when liquidity is most needed. Additional test results also suggest that this difference is robust to various control criteria.
Chapter 5 gives the summary and conclusions.
In this dissertation, data on the Hong Kong Exchange (HKEx) are employed. The Hong Kong equity market lists companies from distinct investor protection environments. These companies are traded under the same market mechanism even though they have different levels of legal protection for investors e.g. Hang Seng Index (HSI) Constituents versus H-shares/red chips. The HKEx is also a very good example of pure order driven markets. Stock prices are determined by the buy and sell orders submitted by traders without liquidity providers of the last resort. Therefore, the Hong Kong equity market provides a unique opportunity to compare the liquidity replenishment process across diverse regulatory environments, but still under one pure order driven market trading with the same mechanism and currency. The choice of Hong Kong data is also justified on the grounds of the size of the Hong Kong market and the increasing importance of Hong Kong in worldwide financial market.
The purpose of this dissertation is to examine the importance of investor protection for the dynamics between liquidity provision and transitory volatility in a pure order-driven market. I posit that environments with better investor protection lead to a more stable ecological system of the supply and the demand of liquidity.
This dissertation has five chapters. Chapter 1 is the introduction that covers the motivation and major findings of the dissertation.
Leung Chung Ho.
"June 2007."
Adviser: Raymond So.
Source: Dissertation Abstracts International, Volume: 69-01, Section: A, page: 0320.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2007.
Includes bibliographical references (p. 305-308).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
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Wang, Chen Chin, and 王貞靜. "Accounting conservatism and investor protection." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/61020477188533292210.
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