Tesis sobre el tema "Investor Protection"
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Rêgo, Caio Vieira. "Investor protection and constraints relief". reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17841.
Texto completoRejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Caio, Para que possamos aprovar seu trabalho é necessário alguns ajustes conforme norma ABNT/APA. * Seu titulo esta diferente da ATA, caso realmente exista essa alteração é preciso o professor orientador vir até a secretaria para fazer a alteração no verso da ATA com o titulo atual. Caso contrário não poderei aprovar. (INVESTOR PROTECTION AND CONSTRAINTS RELIEF) * Verificar a segunda folha, pois seu nome esta no rodapé da pagina. * Na pagina onde tem a ficha catalográfica, não tem escrita abaixo da caixa. * Conforme a norma é necessário ter AGRADECIMENTO, ABSTRACT E RESUMO - palavras em letra MAIÚSCULA ( no seu caso nesta ordem por ser um trabalho em inglês ) Após os ajustes você deve submete-lo novamente para analise e aprovação. Obs.: Mandarei um modelo em seu e-mail para visualização. Qualquer duvida estamos a disposição, Pâmela Tonsa 3799-7852 on 2017-02-07T10:24:20Z (GMT)
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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.
Lee, Foong Mee y n/a. "OTC derivatives filling the gaps in investor protection". University of Canberra. Law, 1998. http://erl.canberra.edu.au./public/adt-AUC20050523.105415.
Texto completoAlabdulkarim, Sultan. "An evaluation of investor protection in secondary securities markets". Thesis, University of Newcastle Upon Tyne, 2012. http://hdl.handle.net/10443/1432.
Texto completoSteward, Chris. "Investor protection and the costs of public policy failure". Master's thesis, University of Cape Town, 1993. http://hdl.handle.net/11427/13843.
Texto completoCompetitive 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.
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.
Texto completoAleid, Mohammed S. "A critical analysis of investor protection under Saudi Stock market regulations". Thesis, University of Essex, 2018. http://repository.essex.ac.uk/22110/.
Texto completoHedefält, Håkan y 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.
Texto completoThis 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.
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.
Texto completoHooi, George Wye Keong y 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.
Texto completoHooi, 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.
Texto completoThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Department of Accounting, Finance and Economics
Full Text
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.
Texto completoDisertacijoje 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]
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.
Texto completoLazem, 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.
Texto completoMuñoz, 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.
Texto completoSheng, 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.
Texto completoHenckels, 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.
Texto completoTan, 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.
Texto completoTiivistelmä 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
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.
Texto completoTsarnaeva, 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.
Texto completoLipinski, 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.
Texto completoMeerovitch, 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/.
Texto completoBzovii, 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.
Texto completoAljahdali, 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.
Texto completoKwabi, 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.
Texto completoRekešiūtė, 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.
Texto completoThe 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]
Hearn, Bruce, Jing Li, Dariya Mykhayliv y Muhammad Waqas. "Asset pricing in the Middle East’s equity markets". Elsevier, 2021. http://hdl.handle.net/10454/18443.
Texto completoThis 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.
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.
Texto completoGeçgil, 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/.
Texto completoAlshaleel, 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/.
Texto completoChuang, 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/.
Texto completoRimawi, 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.
Texto completoMlauzi, 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.
Texto completoThe 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.
Sargsyan, Gevorg. "Effect of statutory and regulatory protection in investment decision". Doctoral thesis, Universidad de Alicante, 2018. http://hdl.handle.net/10045/93652.
Texto completoVicerrectorado 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".
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/.
Texto completoCorporate 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.
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.
Texto completoArmanno, 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.
Texto completoAssi, 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.
Texto completoAny 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
Akhtar, Muhammad Waqar. "Behavioral issues in retirement savings". Electronic Thesis or Diss., Université Clermont Auvergne (2021-...), 2023. http://www.theses.fr/2023UCFA0058.
Texto completoThis 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
Tehrani, Adrien. "Les investisseurs protégés en droit financier". Thesis, Paris 2, 2013. http://www.theses.fr/2013PA020039.
Texto completoIn 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
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/.
Texto completoThe 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.
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.
Texto completoGuimarães, 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.
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/.
Texto completoThe 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.
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.
Texto completoSáez, 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.
Texto completoCheung, 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.
Texto completoLIU, YA-TING y 劉雅婷. "Crowdfunding and Investor Protection". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/9873y8.
Texto completo東吳大學
法律學系
105
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.
Terekhov, Vitaly. "Three essays on investor protection". Thesis, 2011. http://spectrum.library.concordia.ca/974066/1/Terekhov_PhD_S2012.pdf.
Texto completo"Investor protection and liquidity replenishment". Thesis, 2007. http://library.cuhk.edu.hk/record=b6074370.
Texto completoChapter 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.
Wang, Chen Chin y 王貞靜. "Accounting conservatism and investor protection". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/61020477188533292210.
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