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Shin, Hyundan. "The securities and exchange commission and equity issues". The Ohio State University, 1995. http://rave.ohiolink.edu/etdc/view?acc_num=osu1259088014.
Pełny tekst źródłaShin, Hyun-Han. "The Securities and Exchange Commission and Equity Issues /". The Ohio State University, 1995. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487928649988513.
Pełny tekst źródłaSpansk, Mattis. "Europe Calls →FEBI eller ESEC? : - Financial European Bureau of InvestigationellerEuropean Securities and Exchange Commission". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-439573.
Pełny tekst źródłaConac, Pierre-Henri. "La régulation des marchés boursiers par la Commission des opérations de bourse (COB) et la "Securities and Exchange Commission" (SEC)". Paris 1, 1999. http://www.theses.fr/1999PA010257.
Pełny tekst źródłaConac, Pierre-Henri. "La régulation des marchés boursiers par la Commission des opérations de bourse, COB et la Securities and exchange commission, SEC /". Paris : LGDJ, 2002. http://catalogue.bnf.fr/ark:/12148/cb389268212.
Pełny tekst źródłaDUBEUX, JULIO RAMALHO. "BRAZILIAN SECURITIES AND EXCHANGE COMMISSION AND THE MAIN LEGAL INSTRUMENTS USED TO REGULATE BRAZILIAN CAPITAL MARKET". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7668@1.
Pełny tekst źródłaThe last decades have been characterized by state intervention in the economy through the activities of various regulatory administrative entities. This dissertation aims to analyze the legal structure of Brazilian Securities and Exchange Commission (CVM) and the main instruments used to regulate Brazilian capital market. Following the North-American regulatory model, CVM is established as an independent regulatory entity. The regulation that it enacts follows the principles of disclosure policy. To fulfill its mission, CVM makes use of legislative, executive and adjudicatory regulatory instruments. This study suggests that credibility and efficiency of Brazilian capital market depend, largely, on the ability of CVM to conduct market regulation.
Lawal, Bello. "Securities and exchange commission code of best practices and the quality of corporate governance in Nigeria". Thesis, Glasgow Caledonian University, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.636818.
Pełny tekst źródłaGrobecker, Reeve. "The Effect of Shifting Cases from District Courts to Administrative Proceedings at the Securities and Exchange Commission". Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2274.
Pełny tekst źródłaGrosjean, Sophie. "La règlementation et la régulation de la Securities and Exchange Commission américaine : réflexions sur les dynamiques de la mondialisation". Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01D068.
Pełny tekst źródłaGlobalisation does not equals to internationalization : it constitutes a continuing dynamics moved by diverse interactions and interdependences. The US SEC together whith its significant unilateralist strategy adapted accordingly to international evolutions and reactions. Internal vehicles of adaptation gave rise to the developement of the SEC regulation caracteristics and to its inter-regulation. The SEC legal acculturation and its subtle and ribbon development of extrateritoriality are the direct consequences of the significant offensive legal nationalism of the US financial regulator. The US regulator becam accordingly a leader on the international scale and pioneered – directly or by reaction – exchanges with its foreign counterparts. The SEC actively participate in the structuring process of the worldwilde legal framework : those logics are sometimes paradoxical but necessarily complement one another. Competition among regulators should be avoided in order to favour exchanges and collaboration. The multifaced transatlantic cooperation is a perfect example of success likely to spread more broadly. Other multilateral aspects enable the SEC to evolve within the financial globalization context. Such is the case of multilateral memorandum of understanding and international agreements on enforcement actions and international mecanisms leading to the equivalence of local financial regulations
Lyford, Henry. "Conflict of Interest?: Executive-Auditor Relationship and the Likelihood of a SEC-Prompted Restatement". Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/39.
Pełny tekst źródłaTaupin, Benjamin. "Le maintien institutionnel comme travail de justification : le cas de l'industrie de la notation du crédit". Paris 9, 2011. http://basepub.dauphine.fr/xmlui/handle/123456789/8004.
Pełny tekst źródłaThe work of maintaining institutions has been barely studied by neo-institutional analysis. We propose to enrich this notion thanks to the empirical study of credit rating. The credit rating industry is characterized by a paradox that lies in the opposition between the permanence that comes with this phenomenon while it is strongly criticized. Based on the approach of Boltanski and Thévenot’s economies of worth, we carry out an analysis of the institutional work of justification performed by the actors at the time of the public consultations led by the American Securities and Exchange Commission (SEC) during the 2000-2010 crisis of justification. A qualitative analysis of 340 comments was conducted using NVivo software. The analysis indicates that the controversies permitted a reaffirmation of the established legitimacy principles, impeding any actual modification of the status quo. During the considered period, we distinguish between a first work of maintenance, lying on a simple confirmation of what actually is, and a process of maintenance much more complex and dynamic, in which various logics are put together in a way that leads to the reaffirmation of the effective legitimacy principles and to the rejection of any logic not involved in the compromise. The previously enounced paradox of credit rating shall therefore be reconsidered: the contestation of rating is precisely fueling the institutional maintenance in the industry. In its stability, the institution is to be conceived here as inseparable from its contestation
Ferreira, Laila Cristina Duarte. "Divulgação de informações no mercado de valores mobiliários brasileiro: a regulação da atividade jornalística". Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-10012014-102009/.
Pełny tekst źródłaIn a market strongly regulated as the securities market, when making reference to the disclosure of information therein, it is important to inquire about the viability of a specific regulation on the activity of the journalist with expertise in such area (the financial journalist). The financial journalist plays an important role in this market, as he/she acts in the democratization of information, which may affect small investors. Thus, journalistic activity not performed in accordance with the objectives of the securities market may create several problems in this sector, which arise from conflicts of interest, publication of false information, lack of technical knowledge on the subject matter, amongst others. Therefore, it is necessary to create standards of conduct that guides journalists towards an ethical behavior which does not oppose the securities markets principles, including full disclosure. On 15 August 2007, the Securities and Exchange Commission of Brazil (CVM) decided to open for public discussion the financial journalists regulation topic through the publication of the Public Hearing Notice No. 09/07 (the Notice), which proposed an amendment to the CVM Instruction No. 388 of April 30 2003 (\"ICVM 388\") rule which regulated the activity of securities analysts. Through the Notice, the CVM, in its capacity of securities regulator, tried to create what it called a \"safe harbor\" for the profession, distinguishing this activity from the one exercised by securities analysts. The draft of the ICVM 388 contained certain requirements that would excuse the journalist from registering with the CVM as an analyst, even in those cases where he/she acts as an analyst. Nevertheless, the Notice was strongly criticized by the market and the proposed changes were not carried through. In Brazil, the specific activity of the financial journalist is currently not regulated by any agency or self-regulatory organization. The present work will analyze some case studies involving governmental regulation and self-regulation, with the aim of finding solutions to create the best regulatory set for the financial journalism. The discussion which surrounds the journalists regulation is controversial. Such regulation shall be designed in a way which does not affect the freedom of the journalist and, at no time, can it be equated with censorship, which curtains the hardly conquered principles of freedom of expression and freedom of press.
Almeida, Cesar de Alencar Leme de. "A atuação dos comitês de auditoria e conselhos fiscais nas empresas brasileiras sujeitas à regulamentação da SEC - Securities and Exchange Commission dos Estados Unidos da América". Pontifícia Universidade Católica de São Paulo, 2008. https://tede2.pucsp.br/handle/handle/1697.
Pełny tekst źródłaMore and more, Brazilian companies have offered their securities to the investment public at international stock exchanges, especially the New York Stock Exchange. However, financially attractive to issuers as compared to other fund-raising sources, a public offering abroad calls for compliance with other regulatory requirements. In the case of the US, the financial scandals publicized early in this decade led to changes in money market regulations, with more stringent requirements on listed companies. Among the various requirements then imposed is the strengthening of Audit Committees for improvement of Corporate Governance practices. Because Audit Committees are not legally required under the Brazilian corporate legislation, the Brazilian Securities Commission (CVM) together with authorities from other countries which do not have such commission agreed with the Securities & Exchange Commission SEC to replace Audit Committees with similar agencies; e.g., the Fiscal Council, in the case of Brazil. According to the SEC, as it is independent of the Administrative Council, the Fiscal Council might perform an Audit Committee s functions, providing that some of the latter s attributions are also taken over. Against this background, there are currently two groups of Brazilian, non-financial companies listed in the New York Stock Exchange, namely: one which voluntarily formed its Audit Committee, and one which maintained its Fiscal Council with expanded functions, now known as "Conselho Fiscal Turbinado" (Powered Fiscal Council). The study was primarily designed to identify the Brazilian companies listed at the NYSE New York Stock Exchange, and among them, those which formed their Audit Committee and those which maintained their Fiscal Council. A bibliographic survey was conducted to identify the differences between the Brazilian and the US capital markets, the attributions assigned to Audit Committees, and their compliance with the respective agencies´ Internal Regulations. Thus, it was possible to check for compliance with these attributions and the similarity of functions established by the Audit Committees and Fiscal Councils researched. The research findings prove that the attributions of these two agencies are homogeneous. Lastly, possible new academic studies on this subject are presented
Cada vez mais, empresas brasileiras têm lançado seus papéis nas bolsas de valores internacionais, em especial na Bolsa de Valores de New York. Ao mesmo tempo em que é atrativo financeiramente para as empresas o lançamento de seus papéis no exterior, comparativamente com outras fontes de recursos, algumas exigências estabelecidas pelos órgãos reguladores precisam ser atendidas. No caso norte-americano, os escândalos vividos no início desta década fizeram com que a legislação que regulamenta o funcionamento do mercado de capitais fosse alterada, introduzindo normas mais rígidas para as empresas de capital aberto. Entre as diversas exigências impostas, está o fortalecimento do Comitê de Auditoria no processo de melhoria das práticas de Governança Corporativa. O Comitê de Auditoria, por não estar previsto na legislação societária brasileira, fez com que a Comissão de Valores Mobiliários, com outros países que também não possuem esse órgão, negociasse com a Security Exchange Commission SEC, a substituição do Comitê de Auditoria por órgãos assemelhados, no caso do Brasil, o Conselho Fiscal. A SEC entendeu que, por possuir independência em relação ao Conselho de Administração, o Conselho Fiscal poderia exercer as funções do Comitê de Auditoria, desde que algumas atribuições fossem a ele incorporadas. Diante desse cenário, existem atualmente dois grupos de empresas brasileiras, não financeiras, listadas na Bolsa de Valores de New York, aquele que constituiu o Comitê de Auditoria voluntariamente e o outro grupo que manteve o Conselho Fiscal com funções ampliadas, passando a ser conhecido como Conselho Fiscal Turbinado. O estudo consistiu primeiramente em identificar quais são as empresas brasileiras listadas na NYSE New York Stock Exchange. Entre essas empresas, quais instituíram o Comitê de Auditoria e quais mantiveram o Conselho Fiscal. Foi efetuado levantamento bibliográfico com o objetivo de apresentar as diferenças entre o mercado de capitais no Brasil e nos Estados Unidos da América, além de identificar as atribuições impostas aos Comitês de Auditoria, bem como a aderência dessas atribuições aos Regimentos Internos desses dois órgãos. Foi possível verificar não só o grau de atendimento em relação a essas atribuições, mas também o nível de similaridade de funções estabelecidas pelos Comitês de Auditoria e Conselhos Fiscais pesquisados. Os resultados da pesquisa comprovam, de forma inequívoca, que não há homogeneidade nas atribuições destes dois órgãos. Finalmente apresenta-se possíveis novos estudos acadêmicos que poderiam advir deste tema
SILVA, PAULO FERREIRA DIAS DA. "THE BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM) AND BANKING SECRECY INTO YHE BRAZILIAN CONSTITUTION: BALANCE BETWEEN THE RIGHT TO PRIVACY AND THE DUTY TO PROTECT THE SAVINGS FROM THE GENERAL PUBLIC". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2013. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=27763@1.
Pełny tekst źródłaCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
A Comissão de Valores Mobiliários (CVM) é a entidade estatal que regula o mercado de valores mobiliários brasileiro (MVM). Tal função abrange uma ampla gama de ações, dentre as quais a edição e a promoção do cumprimento de normas incidentes sobre as atividades econômicas desenvolvidas no MVM, a apuração das infrações a essas normas e a aplicação de penalidades ao final do curso de processos administrativos. Algumas dessas infrações administrativas também configuram crimes na legislação brasileira. Trata-se de ofertas irregulares de investimentos ao público em geral, usos de informação privilegiada, modalidades de fraude ou manipulação de preços, sempre envolvendo a emissão e a negociação de valores mobiliários. Não raro, a definição da autoria dessas infrações, que de tão graves configuram crimes, depende da análise de dados relacionados à movimentação financeira de pessoas, físicas ou jurídicas, investigadas pela CVM. A possibilidade de acesso a dados dessa natureza foi examinada pelo Supremo Tribunal Federal (STF) à luz do disposto no inciso XII do artigo quinto da Constituição Brasileira, dispositivo que consagra o sigilo de dados, mas também prevê o seu afastamento, desde que por ordem judicial, nas hipóteses e na forma que a lei estabelecer para fins de investigação criminal ou instrução processual penal. Ao debruçar-se sobre essa realidade, a presente dissertação procura verificar se o afastamento ou a inaplicabilidade do sigilo que protege a movimentação financeira das pessoas, a chamada quebra de sigilo bancário, quando destinada a espancar dúvidas sobre a autoria de infrações graves investigadas pela CVM, é juridicamente sustentável. Com esse intuito, esboça uma interpretação da Constituição Brasileira inspirada em princípios constitucionais universais e na moderna doutrina do direito civil constitucional europeu.
The Brazilian Securities and Exchange Commission (CVM) is the entity responsible to Securities market s regulation. For this function is needed a wide range actions, such as the edition and promotion the compliance with rules about the economic activities carried out in the securities market, investigation of violations of these rules as well the application of penalties in the ending of an administrative proceeding. Some of these administrative violations should also be characterized as a crime into the Brazilian Law. It is irregular investments offering for the general public, use of inside information and types of fraud or price manipulation, always in issuing and trading securities. It is not uncommon to the definition of authorship, so serious that configures such a crime, to depend of data collection and analysis regarding financial activities from individuals or entities submitted to a CVM investigation. The possibility to collect data regarding financial activities had been submitted to the Brazilian Supreme Court of Justice (STF) in the light of article fith, item XII, of the Brazilian Federal Constitution, that establishes the Data Secrecy protection, but also provides its deviation, however by court order, in hypothesis and under the rules established for the criminal investigation or criminal proceeding s instructions. When looking at this reality, the present thesis intends to verify if the inapplicability of the secrecy that protects the financial activities from individuals or entities, called breach of banking secrecy, when intended to repel doubts about the authorship of serious offenses that are being investigated by CVM, is legally sustainable. Thus, it delineates an interpretation of the Brazilian Federal Constitution equally inspired in constitutional law universal principles and by the modern civil constitutional law european doctrine.
Sharma, Vineeta Divesh, i N/A. "The Effects of Independent Audit Committee Member Characteristics and Auditor Independence on Financial Restatements". Griffith University. Department of Accounting, Finance and Economics, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20071108.143642.
Pełny tekst źródłaGabaï, Karine. "L' analyse financière en droit français à la lumière du droit européen et des droits anglais et nord-américain". Paris 1, 2010. http://www.theses.fr/2010PA010276.
Pełny tekst źródłaSharma, Vineeta Divesh. "The Effects of Independent Audit Committee Member Characteristics and Auditor Independence on Financial Restatements". Thesis, Griffith University, 2006. http://hdl.handle.net/10072/366715.
Pełny tekst źródłaThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Department of Accounting, Finance and Economics
Griffith Business School
Full Text
Costa, Isac Silveira da. "High frequency trading (HFT) em câmera lenta: compreender para regular". reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20720.
Pełny tekst źródłaRejected by Katia Menezes de Souza (katia.menezes@fgv.br), reason: Prezado Isac, Para que possamos aprovar seu trabalho são necessários alguns ajustes conforme norma ABNT/APA. ESTRUTURA: Capa (obrigatório) – No final da página a informação “2018” deverá constar abaixo da frase “São Paulo” e não ao lado como consta atualmente. Ficha catalográfica – Excluir a informação “presente trabalho foi realizado com apoio da Fundação Getúlio Vargas, Por meio da bolsa Mário Henrique Simonsen de Ensino e Pesquisa” Folha de aprovação- Não deverá conter a ata e sim um modelo anexo. Outra situação que detectamos é que no espaço de uma página para outra a algumas folhas em branco, favor exclui-las. Após os ajustes excluir o pdf já postado e submete-lo novamente para analise e aprovação. Qualquer dúvida estamos à disposição, Att. on 2018-04-02T20:20:05Z (GMT)
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High frequency trading (HFT) é uma técnica de negociação baseada em algoritmos que pode implementar estratégias variadas, das quais resultam um elevado número intradiário de mensagens enviadas aos sistemas de negociação das bolsas. High frequency traders (HFTs) são protagonistas no mercado secundário em termos de número de ofertas e negócios. Neste texto, procuramos definir os contornos deste já não tão novo fenômeno e os riscos a ele associados. Investigamos os objetivos pretendidos pela regulação, as regras aplicáveis e as dificuldades associadas a cada um delas. Assim, podemos avaliar se, no direito brasileiro, é necessário editar uma nova norma ou atualizar normas existentes e discutir qual poderia ser o seu conteúdo. A formulação de respostas regulatórias toma como ponto de partida os pressupostos teóricos do funcionamento do mercado de capitais, suas funções econômicas e o modo pelo qual o direito pode contribuir para que estas funções sejam desempenhadas adequadamente. Um estudo crítico dos HFTs nos permite examinar os riscos associados à sua atividade e à negociação algorítmica de um modo geral, bem como repensar o funcionamento do mercado, os objetivos da sua regulação e como estes podem ser alcançados. É imprescindível que seja realizado um esforço para a compreensão adequada de novas tecnologias que chegam ao mercado, avaliando seus riscos antes que seja disseminado um discurso de alarde ou medo. Este estudo também procura oferecer uma descrição atualizada do funcionamento do mercado secundário de capitais e como as tecnologias mais recentes influenciaram a dinâmica das negociações.
High frequency trading (HFT) is a kind of algorithmic trading which implements several strategies that result in a high number of intraday messages that are sent to exchanges and other trading venues. High frequency traders (HFTs) are key players in secondary markets given the number of orders and trades they generate. In this text, we explore the boundaries of this phenomenon and the associated risks. We investigate the regulation goals, the mechanisms to achieve such goals and the obstacles ahead. Then we evaluate whether it is necessary to create new rules or update the existing ones in Brazilian law – and what these new rules could be. The formulation of regulatory responses start with the analysis of a theoretical framework for the dynamics of capital markets, its economic functions and how Law can play a key part in this scenario. A critical study of HFTs enables us to assess its risks along with the risks of algorithmic trading in general, and, in addition, it is an invitation to rethinking how the market works, the goals that regulation can pursue and how they can be achieved. Understanding new technologies that emerge in capital markets is paramount before any risk assessment discussions in order to prevent hype and panic. This work also aims to provide an up to date description of the secondary market dynamics and how state-of-art trading technologies reshaped it.
Silva, Anderson Rodrigues da. "Aspectos regulatórios da bolsa de valores no Brasil". Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/20876.
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Over the past decades, technological advances have been so significant, that it was not possible to accurately measure such effects; however, it is possible to say that communities worldwide have been transformed. Such transformation brought an impact on stock exchanges around the world as well as at the development of the capital market. It can be said that all areas of social interaction have been reached, ranging from the way people relate to each other, to the way the investors trade their shares on the stock exchanges. The purpose of this article is to analyse the development of the Brazilian stock exchange, its main aspects and characteristics, the way in which its regulation is made, its self-regulation, the securities market and the essential role of the Brazilian Securities and Exchange Commission (CVM), in favor of the market and its investors, in view of its significant social impact
Nas últimas décadas, o avanço tecnológico foi tão significativo que ainda não se sabe ao certo qual será o seu alcance, mas é possível afirmar que toda a sociedade foi transformada. Tal transformação teve impacto nas bolsas de valores ao redor do mundo e no desenvolvimento do mercado de capitais. Pode-se dizer que todas as áreas sociais foram atingidas, compreendendo desde a forma de as pessoas se relacionarem até o modo como negociam ações nas bolsas de valores. O objetivo do presente estudo será abordar o desenvolvimento da bolsa de valores no Brasil, seus principais aspectos e características, a forma como é feita sua regulamentação, sua autorregulação, o mercado de valores mobiliários e o papel essencial da Comissão de Valores Mobiliários a bem desse mercado e dos investidores, tendo em vista o seu relevante impacto social
Tanji, Márcia. "Mercado de capitais brasileiro e tutela coletiva dos interesses". Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-03052010-095553/.
Pełny tekst źródłaThe purpose of this study is to analyze how the collective litigation tools available in the Brazilian legal system, particularly the class actions, may contribute to the strengthening of the Brazilian capital market. This study first discusses the historical evolution of the Brazilian capital market and the doctrinaire debate about the main rehaznos for regulation and self-regulation of capital market, followed by a brief description of the tools provided by Brazilians lawmarkers to the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários), as well as to the self-regulatory entibies and investors. This study also explores the United States experience of securities class actions, the role of Securities and Exchange Commission and the possibility of application of the solutions designed in the United States of America to the Brazilian capital market. This study presents the legislative evolution of collective litigation tools and the analysis of their current uses, advantages and limitations in order to identify the elements for its suitable application.
Rosa, Maria Eduarda Fleck da. "O poder normativo da Comissão de Valores Mobiliários". Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-20032013-140738/.
Pełny tekst źródłaThe present dissertation aims to analyze the normative power of the Brazilian Securities and Exchange Commission (\"Comissão de Valores Mobiliários\") from a Jurisprudential point of view, which means an application of several epistemic tools such as the analytical theory of the norm, deontic logic, philosophy of language and economics in order to accomplish this academic enterprise. There are three key issues to define the threshold of CVMs normative power. The first one is what are capital market regulation main goals and the reasons that lead to the creation of CVM and its mission. The second one is the actual legal status of CVM as a special autarquia and regulatory agency. Finally the statutory and constitutional limits to the normative powers of CVM are analyzed to realize it has a hybrid normative power: partly creating norms to give effectiveness to some sections of Laws n.o 6.385/1976 and n.o 6.404/1976, according to specific statutory and constitutional dispositions; and partly acting as a typical regulatory agency to create independent norms to ensure market efficiency and legal certainty.
Bartholow, Janet Lee Hahn. "An Empirical Study of Insider Behaviors: Affiliated Insiders, and Legislative and Enforcement Efforts". Kent State University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=kent1511537806198499.
Pełny tekst źródłaAlmeida, David de. "Desafios tributários ao financiamento das sociedades empresariais por meio de instrumentos financeiros híbridos". reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20695.
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Após a introdução do International Financial Reporting Standards ('IFRS') no Brasil por meio da Lei nº 11.638/2007, a discussão acerca da classificação contábil dos instrumentos financeiros híbridos como dívida ou patrimônio se intensificou. Isso porque a introdução do IFRS no Brasil não foi acompanhada da alteração ou reavaliação dos instrumentos financeiros previstos na Lei das Sociedades por Ações (Lei 6.404/1976). Nesse ínterim, sociedades empresarias foram obrigadas a contabilizar no passivo valores anteriormente contabilizados no patrimônio líquido. No caso das companhias abertas, a CVM requereu a reelaboração das demonstrações financeiras de 5 (cinco) sociedades cujos instrumentos financeiros híbridos foram classificados no patrimônio líquido, ao invés do passivo. A prática tributária não se mantém ao largo dessa discussão. Não obstante a publicação da Lei 12.973/2014, que, em tese, neutralizou os efeitos tributários dos novos métodos e critérios contábeis, a reelaboração da demonstração financeira por determinação da CVM traz consequências tributárias não reguladas pelo legislador, tais como alteração do lucro líquido, limite de subcapitalização e método de equivalência patrimonial. Diante da utilização pelo direito tributário de institutos, conceitos e formas de direito privado, tais como lucro e patrimônio líquido, o que se propõe a analisar são os efeitos tributários decorrentes da reelaboração da demonstração financeira determinada pela CVM.
After the establishment of the International Financial Reporting Standards ('IFRS') in Brazil by means of Law nº 11.638/2007, the discussion about the accounting classification of financial hybrid instruments as debt or equity was intensified considering that this establishment was not followed by amendment or reassessment of financial instruments provided by the Business Corporation Law (Law nº 6.404/1976). In the meantime, business enterprises were obliged to record under liabilities numbers previously recorded under shareholders´ equity. In the case of listed companies, the Securities and Exchange Commission ('CVM') required the re-elaboration of financial statements from 5 (five) corporations which financial hybrid instruments were classified under shareholders´ equity and not under liabilities. The tax practice does not distance itself from this discussion. Despite the publication of Law nº 12.973/2014, that, in theory, neutralized the tax effects of the new methodology and accounting criteria, the re-elaboration of financial statements determined by the Securities and Exchange Commission ('CVM') has tax consequences not regulated by the legislator, such as net profit change, undercapitalization limit and equity method. Considering the use by tax law of standards, concepts and forms from private law, such as profit and shareholder´s equity, what is proposed to be analyzed are the tax effects generated by the re-elaboration of financial statements determined by the Securities and Exchange Commission ('CVM').
Zanotta, Alexandre. "Regulação e auto-regulação no mercado de capitais brasileiro". Pontifícia Universidade Católica de São Paulo, 2005. https://tede2.pucsp.br/handle/handle/9113.
Pełny tekst źródłanenhum
This work intends to bring a contribution for the debate about the adequacy of the current regulation system of the Brazilian capital markets and to propose a solution for its enhancement, with the intention to increase the number and the quality of the transactions held in such market, and to make them safer for investors. In this context, it will only be analyzed the aspects of regulation and self-regulation in the segment of the financial system governed by Law nr. 6385/76, as amended, i.e., aspects exclusively related to the national securities market. The purpose hereby proposed is to present and discuss, in a comprehensive manner, the legal aspects related to regulation and self-regulation in the Brazilian capital markets, from the comprehension of the concept of regulation and its related aspects, including its characteristics and limits, as well as the characteristics of the regulatory power in our capital markets, demonstrating that the exercise of regulatory function by the Executive Power is legally valid in the Brazilian juridical system. The topic of self-regulation was analyzed bearing in mind not only its general characteristics, but also its specific characteristics related to the Brazilian capital markets, including the legal rationale for the exercise of self-regulation power by private entities, the relationship between the Brazilian Securities Commission (Comissão de Valores Mobiliários) and mentioned entities, the analysis of the Stock Exchanges activities and the analysis of factual events related to self-regulation in the securities market of Brazil. Thus, the intention hereby was to demonstrate that the safer and more adequate alternative for the development of the Brazilian securities market is a greater balance between regulation and self-regulation, with the increase of the participation of self-regulation in our capital markets.
Este trabalho tem por objetivo trazer uma contribuição para o debate em torno da adequação do atual sistema de regulação do mercado de capitais brasileiro e apontar uma solução para sua melhora, de forma a aumentar o número e a qualidade das operações realizadas em referido mercado e torná-las mais seguras para os investidores. Nesse contexto, somente serão analisados os aspectos da regulação e da auto-regulação no segmento do sistema financeiro disciplinado pela Lei nº 6.385/76, conforme alterada, ou seja, aspectos relativos exclusivamente ao mercado de valores mobiliários nacional. A finalidade aqui proposta é apresentar e discutir, de forma abrangente, os aspectos jurídicos relacionados à regulação e à auto-regulação no mercado de capitais no Brasil, partindo da compreensão do conceito de regulação e dos aspectos a ele relacionados, incluindo suas características e limites, bem como as características do poder regulamentar em nosso mercado de capitais, demonstrando que o exercício de função normativa pelo Poder Executivo é juridicamente válido no ordenamento jurídico brasileiro. O tema da auto-regulação foi analisado tendo em vista não apenas suas características gerais, como também suas características específicas no mercado de capitais brasileiro, incluindo a fundamentação legal do exercício do poder de auto-regulação por entidades privadas, a relação entre a Comissão de Valores Mobiliários e referidas entidades, a análise das atividades das Bolsas de Valores e a análise de casos concretos atuais pertinentes à auto-regulação no mercado de valores mobiliários no Brasil. Assim, pretendeu-se demonstrar que a alternativa mais segura e adequada ao desenvolvimento do mercado de valores mobiliários brasileiro é um maior equilíbrio entre a regulação e a auto-regulação, com o aumento da participação da auto-regulação em nosso mercado de capitais.
Nicolielo, Nícolas Cesar Juliano Butros Prestes. "O instituto de benefício particular nas assembléias gerais de sociedades anônimas". Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-12022014-110753/.
Pełny tekst źródłaThe current paper has the sole purpose of designing the main lines of the private benefits regulation, reaffirmed by means of Act 115, §1st, in the Brazilian law number 6.404/76, distinguishing it from institutions that relate to conflicting partnership interests, comprehended by the same aforementioned Act. From assessing the Paired Law regulation, it has been understood that the private benefits, such as it is currently recognized in Brazil, is based on the French legislation, more specifically on the July 17, 1956 and July 24, 1867 Acts. Therefore, the contours of its conceptualism are intimately connected to historic and teleological reasoning that took the foreign regulator to create it and which aimed, at that time, to keep away abuse and inconveniences resulting from the approval, in an shareholders meeting, of special and exclusive advantages by their own beneficiary parties. In addition, by means of systematically assessing and interpreting the Brazilian Corporate Law and other Law resources made available, such as the Law doctrine and jurisprudence, it was possible to determine some of the most outstanding characteristics of such an institute, among which the lawfulness, gratuity and social character of the advantages associated with it can be highlighted, thus assuring the access of the beneficiary party to social funds. In parallel, by means of solely comparing the private benefits regulation, some aspects regarding the conflict of interests were also assessed, reaffirming doctrine concepts about the reach of social interests that are already established and trying to determine, by means of analyzing the Brazilian Corporate Law and Paired Law, some of the elements that are inherent to that establishment, such as its wrongfulness and the extrasocial character of the advantage pledged by the conflicting party. By pairing the characteristics of private benefits and the conflict of interests, it is concluded that, despite their apparent similarities, those are distinct institutes that regulate diverse situations, which cannot be confused or taken by one another and, in fact, it is possible to establish a relatively safe criteria to differentiate both, thus providing greater judicial accuracy to Law enforcers, and this way avoiding misinterpretation of regulation, such as those that are common to the positioning of the Brazilian Securities and Exchange Commission that are analyzed in the end of this paper.
Garner, Steve A. "A Study of Firm Location to Examine Disclosures and Governance Using a Dual Approach: Quantitative Analysis Based Upon the Sarbanes-Oxley Act of 2002 and Qualitative Analysis of the Annual Report’s Management Discussion and Analysis". Thesis, University of North Texas, 2015. https://digital.library.unt.edu/ark:/67531/metadc799474/.
Pełny tekst źródłaZhu, Hong. "Reforming the China Securities Regulatory Commission, towards efficient and effective regulation of China's securities markets". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1996. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/MQ44080.pdf.
Pełny tekst źródłaZhu, Hong 1968. "Reforming the China Securities Regulatory Commission : towards efficient and effective regulation of China's securities markets". Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=20146.
Pełny tekst źródłaThe purpose of this thesis is to review, and make recommendations in respect of, the securities regulatory system in China with particular attention to the regulatory role of the China Securities Regulatory Commission (CSRC).
After examining the characteristics of China's securities market development and identifying existing problems in the regulatory system, the thesis adopts a broad outlook through a comparative survey of securities regulators in selected jurisdictions in seeking appropriate resolutions to China's regulatory concerns.
Specific substantive reform proposals for improving the regulatory system and in particular the CSRC are subsequently presented. The overriding theme of the proposals is the need for a more effective CSRC, one that would be able to provide efficient and adequate regulation of China's securities markets.
The law in this thesis is stated as of July 1996.
Kornik, Jonathan. "Predicting extreme performers on the JSE securities exchange". Master's thesis, University of Cape Town, 2006. http://hdl.handle.net/11427/11142.
Pełny tekst źródłaIn this context, this thesis builds on the prior literature on extreme performance by Reinganum (1988), Glickman, DiRienzo and Ochman (2001), O'Neil (2002) and Dong, Duan and Jang (2003), where an extreme winner (loser) is a stock which at least doubles (halves) in a twelve month period. The research is conducted on the JSE Securities Exchange over the ten year period from January 1995 until December 2004. The dataset employed contains monthly data for 213 companies listed on this exchange, incorporating 7807 (5397) unique company months of extreme gain (loss). The data are adjusted for look-ahead bias but not survivorship bias.
Vimolsiri, Porametee Carleton University Dissertation Economics. "Three essays on the securities exchange of Thailand". Ottawa, 1994.
Znajdź pełny tekst źródłaHuang, Yuqin. "Two essays on the exchange-listed volatility derivatives". Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B43278711.
Pełny tekst źródłaIIJIMA, YOSHIHIKO. "RISK DISCLOSURE IN SECURITIES EXCHANGE AND MEDICAL TREATMENT CONTRACTS". Nagoya University School of Medicine, 2009. http://hdl.handle.net/2237/11337.
Pełny tekst źródłaNyirenda, Mandhlaenkosi. "Board composition in companies listed on the Johannesburg Securities Exchange". Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/25622.
Pełny tekst źródłaDissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted
Huang, Yuqin, i 黃瑜琴. "Two essays on the exchange-listed volatility derivatives". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B43278711.
Pełny tekst źródłaGelderblom, Christo. "JSE securities exchange : is there a justification for low voting shares?" Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/20750.
Pełny tekst źródłaThesis (MBA)--Stellenbosch University, 2006.
ENGLISH ABSTRACT: Certain companies in South Africa have dual classes of shares listed on the JSE Securities Exchange i.e. ordinary shares and N shares. Ordinary listed shares, nonmally holds one vote per share, are referred to as superior voting shares. Restricted voting shares have restricted voting benefits to the shareholders, in some cases one vote casting for thousand shares held. Some companies have listed N shares on the JSE Securities Exchange; these are the South African shares with restricted voting powers. A total of 34 companies have issued low voting shares in South Africa, 2 companies started as far back as 1990. Naspers Limited is the only company that has listed only low voting shares. This study investigates the justification for companies issuing low voting shares by comparing the price performance of these shares and also investigates the justification for shares with restricted voting rights. Tests are conducted to detenmine whether a premium is paid for South African superior voting shares by comparing the share prices of superior voting shares and restricted voting shares on the same day of trading on the JSE Securities Exchange. Various parties in the South African business community have opinions and arguments against and in favour of low voting shares; the reasons for the issuing of low voting shares are under scrutiny. In addition to the above mentioned tests the factors influencing the voting premium have also been investigated. The benefits of restricted shares are also investigated. The results of tests conducted on dual share classes trading in South Africa are compared with the results of similar studies on share price information of dual share classes trading on international stock exchanges. The findings of the study are: Ordinary listed shares are trading at a premium comparing to restricted voting shares, in South Africa the premium is calculated at 9.83%; The payment of dividends to shareholders does not influence the share premium; The ratio of ordinary shares in relation to total shares issued does not influence the VRP of a company; The capitalisation of company, in other words the outstanding number of ordinary shares valued at the market price, does not influence the voting premium; and Companies being controlled by families or major shareholding groups are more likely to issue shares with restricted voting rights; The conclusion of the study is that the limited benefits are offered to the owners of the companies that have issued the dual classes of shares and not to the investors' public. These owners of superior voting shares have utilised restricted voting shares to remain in control of the companies and get access to relative cheap investors funding. Restricted voting shares' popularity declined to the end of 1992, the phenomenon is consistent with demise of restricted voting shares in France
AFRIKAANSE OPSOMMING: Sommige Suid Afrikaanse genoteerde maatskappye het verskillende klasse aandele genoteer op JSE Securities Exchange. Daar word tel kens na gewone genoteerde aandele verwys as aandele met superieure stem reg, die aandele sal sonder uitsondering een stem hou vir elke uitgereikte gewone aandeel. In Suid-Afrika staan aandele met beperkte stem reg bekend as N-aandele. Die betrokke aandele het nie dieselfde stem reg voordele as gewone aandele nie en kan tot een stem per duisend uitgereikte aandele dra. 'n Totaal van 34 maatskappye het beide klasse aandele genoteer, Naspers Beperk is die enigste maatskappy wat slegs aandele met beperkte stemreg genoteer het. Die verhandeling ondersoek of daar enige geldige rede is vir die uitreiking van aandele met beperkte stem reg. 'n Ondersoek word geloods deur te kyk na die prysgedrag van die twee verskillende tipes aandele naamlik gewone en Naandele. Die redes vir enige prysafwykings word ook ondersoek. 'n Vergelykings tussen die aandelepryse van aandele met superieure stemreg en aandele met beperke stemreg (soos genoteer op die JSE Securities Exchange) word gedoen om te bepaal of aandele met superieure stem reg teen 'n premie verhandel. Verskeie partye het argumente en opinies teen en ten gunste van die gebruik van aandele met beperkte stemreg. die redes vir die uitreiking van aandele met beperkte stem reg word onder die vergrootglas geplaas. In Verdere ondersoek na die faktore wat verantwoordelik kon wees vir die premieverskil tussen aandeelpryse van aandele met superior stemregte en aandele met beperkte stemregte word ook gedoen. Daar word ook ondersoek of daar enige voardele is vir die uitreik van aandele met beperkte stemreg. Die studie sluit af met 'n vergelyking van die resultate in 'n Suid-Afrikaanse beleggingingomgewing met die resultate van soorgelyke studies wat gedoen is op aandeleinligting van verskeie intemasionale aandelebeurse waar aandele met beide superieure en beperkte stem reg genoteer is. Die bevindinge van die studie is as volg: Gewone genoteerde aandele (aandele met superieure stemreg) soos genoteer op die JSE Securities Exchange verhandel teen 'n premie van 9.83% oor die tydperk onder oorskou in vergelyking met aandele met beperkte stemreg. Die beta ling van dividende aan aandeelhouers speel geen rol op die grootte van die pryspremie in die verhandeling van gewone genoteerde aandele en aandele met beperkte stem reg. Die verhouding tussen gewone aandele in verhouding to totale aandele uitgereik speel nie 'n rol in die grote van die pryspremie nie; Die kapitalisasie van die maatskappye, met ander word die uitstaande gewone genoteerde aandele teen markprys, speel geen rol in die graolle van die pryspremie nie; en Die aandeelhouersstruktuur speel 'n ral in die uitreiking van aandele met beperkte stemreg. Maatskappye wat beheer word deur families of graot houermaatskappye is geneig om aandele met beperkte stemreg uit te reik. Die gevolgtrekking van die studie is dat aandele met beperkte stemreg wei voordele het, in die geval nie vir die breer beleggingspubliek nie maar wei vir persone of instansies in beheer van die spesifieke maatskappye met beide klasse aandele. Aandele met beperkte stemreg is gebruik am toegang te verkry tot goedkoop befondsing sander am beheer van die maatskappye te verloor. Aandele met beperkte stemreg se gewildheid het begin afneem, nie net in Suid-Afrika nie maar oak in Frankryk waar baie maatskappye besluil hel om weg Ie doen mel die soort aandele.
Munetsi, Raramai Patience. "Testing the influence of herding behaviour on the Johannesburg Securities Exchange". University of the Western Cape, 2018. http://hdl.handle.net/11394/6815.
Pełny tekst źródłaSince the discovery of herding behaviour in financial markets in the 1990s, it has become an area of interest for many investors, practitioners and scholars. Herding behaviour occurs when investors and market participants trade in the same direction during the same time period, as a result of the influence of other investors. Studies on herding behaviour have been undertaken in both the developed and developing economies and majority of these studies have confirmed the existence of herding behaviour in the stock markets. Despite its tremendous growth, the South African financial markets are not immune to such market anomaly. Herding behaviour on the JSE was first investigated in 2002 focusing in the unit trust industry on the South African stock market. Motivated by this, this study assessed the presence of herding behaviour using the Johannesburg Securities Exchange tradable sector indices. Four indices were employed, namely Financials, Industrials and Resources and were benchmarked against the JSE All Share Index for the period from January 2007 to December 2017. The industrials index ((FINI15) constitutes of 25 largest industrial stocks by market capitalization, the financials index (FINI15) comprises of 15 largest financial stocks by market capitalization, the resources index (RESI10) which represents 10 largest resources stocks by market capitalization and lastly the FTSE/JSE All Share Index defined as a market capitalization-weighted index which is made up of 150 JSE listed companies and is the largest index in terms of size and overall value JSE. The FTSE/JSE All Share Index was used as a benchmark for investors to check how volatile an investment is. The South African economy experienced the effects of the 2008 global financial crisis from 01 July 2007 to 31 August 2009. This study split the examination period into three categories namely before the global financial crises which was the period starting from 1 January 2007 to 30 June 2007, then the period during the global financial crisis which was from 1 July 2007 to 31 August 2009 and lastly the period after the global financial crises which was from 1 September 2009 to 31 December 2017. Apart from the diversity of the indices, the length of the examination period also had a significant influence towards the magnitude of herding behaviour on the JSE.
Robertson, Michael N. "Firm-specific attributes and the cross-section of JSE securities exchange returns". Doctoral thesis, University of Cape Town, 2002. http://hdl.handle.net/11427/8785.
Pełny tekst źródłaThe empirical counterpart of a theory of asset prices is a model of the cross-section of security returns. Empirical tests of the Capital Asset Pricing Model (CAPM) of Sharpe (1964), Lintner (1965), Mossin (1966) and Black (1972) using cross-sectional methodologies have identified numerous cases where variables apart from beta explain expected returns. Initially termed 'anomalies', these empirical violations of the theory are frequently associated with firm-specific attribute data. Traditional views of market efficiency however rule out the ability to predict risk-adjusted asset returns and the source and exploitability of these anomalies remains controversial. This thesis empirically investigates the cross-sectional relationship between twenty-four firm-specific attributes and stock returns on the JSE Securities Exchange (JSE). The results are evaluated to determine whether they conform to the predictions of the CAPM and a two factor Arbitrage Pricing Theory (APT) model suggested by prior research. In monthly univariate tests similar to Fama and MacBeth (1973), price-to-NAV, dividend yield, price-to-earnings, cashflow-to-price, price-to-profit and size are found to have statistically significant predictive power in the cross-section of returns using monthly data from July 1990 to June 2000. After conducting risk-adjustments using both the CAPM and a two factor APT model these effects are found to persist. Multivariate testing suggests a two factor model with the size and price-to-earnings attributes as explanatory variables. When the cross-sectional tests are compared across the broad industry sectors of the JSE, value effects are observed as being stronger in the financial-industrial sector than in the resource sector, the small size effect is roughly the same across sectors while the premium earned by higher debt levels is negative across all sectors except the financial sector. The results are not reconcilable with the predictions of the CAPM. Simulated portfolios constructed using a methodology similar to Fama and French (1992) reveal that beta, if anything, is inversely related to average returns on the JSE. Contrary to the international evidence, greater average returns accruing to small and low price-to- earnings firms are not commensurate with higher betas. Controlling for the small size and low price-to-earnings effects does not improve the explanatory power of beta. An application of the Daniel and Titman (1997) methodology suggests that average returns on the JSE are not compensation for factor risk, but instead are associated with the exposure to the attributes themselves. The findings of this study present a serious empirical challenge for covariance-based asset pricing models on the JSE.
Bisagaya, Andrew. "Examining the adequacy of South African off-exchange equity securities trading regulation". Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/27489.
Pełny tekst źródłaStrugnell, Dave. "Beta, size and value effects on the JSE Securities Exchange, 1994-2007". Master's thesis, University of Cape Town, 2010. http://hdl.handle.net/11427/5806.
Pełny tekst źródłaTreptow, Felix. "The economics of demutualization : an empirical analysis of the securities exchange industry /". Wiesbaden : Dt. Univ.-Verl, 2006. https://www.lib.umn.edu/slog.phtml?url=http://www.myilibrary.com?id=134360.
Pełny tekst źródłaWu, Di. "The New York Stock Exchange/Euronext merge". CSUSB ScholarWorks, 2007. https://scholarworks.lib.csusb.edu/etd-project/3309.
Pełny tekst źródłaLiu, Shinhua. "Overseas stock listings and delistings : causes and effects /". free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025636.
Pełny tekst źródłaWatermeyer, Renen. "The JSE Stock Exchange News Service : the impact of SENS announcements on trading activity on the JSE securities exchange". Master's thesis, University of Cape Town, 2011. http://hdl.handle.net/11427/11418.
Pełny tekst źródłaAlmost all models of market behaviour in some way or another, suppose some causality between news or information, and market prices. This study seeks to explore the relationship between information and the behaviour of investors. Specifically, it will examine the impact of Stock Exchange News Service Announcements (SENS Announcements) on trading volumes.
Lu, You 1972. "The significance of foreign exchange risk in the international real estate securities investment". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32201.
Pełny tekst źródłaIncludes bibliographical references (leaves 111-112).
Traditionally, international real estate investments are mainly conducted through direct investments in foreign properties. Due to the recent securitization and globalization trends in the real estate capital markets, the international real estate securities investment has been growing fast and gaining more popularity than the direct real estate investment because of its absence of the portfolio management and monitoring problems. Foreign exchange risk exposure is inevitable for the international investments. To minimize the foreign exchange risk and hedge investment returns, investors have been spending a huge amount of time and money on developing and implementing currency hedging strategies without paying enough attention on studying and testing the significance of the foreign exchange risk. Since there is no doubt about the existence of the foreign exchange risk, the importance of studying foreign exchange risk is to avoid unnecessary hedging costs. By forming 6 study questions, applying the international real estate securities market indexes & U.S. financial market data, structuring Arbitrage Pricing Models, and performing hypothesis testing for 13 countries and 3 regions, the thesis studied the significance of foreign exchange risk in international real estate securities investment from different angles, including: 1. Is the foreign exchange risk significant across time? 2. Does the significance of foreign exchange risk change across time? 3. Is the foreign exchange risk significant on an equally weighted portfolio basis? 4. Does the significance of foreign exchange risk change across time on an equally weighted portfolio basis? 5. Is the foreign exchange risk significant on an optimally weighted portfolio basis? 6. Does the significance of foreign exchange risk change across time on an optimally weighted portfolio basis?
by You Lu.
S.M.
Kornik, David. "The relationship between annual earnings and share returns on the JSE Securities Exchange". Master's thesis, University of Cape Town, 2005. http://hdl.handle.net/11427/5626.
Pełny tekst źródłaThis research study investigates whether the relationship between accounting earnings and share returns observed predominantly in New York Stock Exchange (“NYSE”) studies also holds on the modern-day JSE Securities Exchange (“JSE”). Since the JSE is a relatively small stock exchange in comparison to the NYSE, with substantially different characteristics, the nature of the relationship may differ between the two exchanges. The study finds empirical evidence that this relationship between earnings and share returns is the same. As on the NYSE, accounting earnings disclosures in South Africa are found to have significant information content. Evidence is obtained which shows that accounting earnings do capture a significant portion of the information reflected in share returns, although they are not a timely source of information.
Venkatraman, Pearl. "The share price reaction to credit rating announcements on the Johannesburg Securities Exchange". Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52345.
Pełny tekst źródłaMini Dissertation (MBA)--University of Pretoria, 2015.
sn2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
Al-hussieni, Sami. "Exchange listing and shareholder wealth: Canadian evidence". Ottawa, 1998.
Znajdź pełny tekst źródłaYU, CHIH-HUANG, i 游志煌. "A Study on the Protection of Securities Fraud Investors – Focus on Reinforcing the Enforcement Tools of our Securities Regualtor by reference to the US Securities and Exchange Commission". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/24xuzh.
Pełny tekst źródła東吳大學
法律學系
106
The effective enforcement of the securities regulation depends on the joint efforts of the investors, securities regulator and the prosecutors. It appears that the legal mechanism for the enforcement of the securities regulation in Taiwan focuses more on civil remedies and criminal prosecution for recent years. With respect to the criminal prosecution, the Securities and Exchange Act has been revised twice since 1988 to elevate the criminal liabilities of the securities fraud. However, according to several empirical studies, the prosecution rate, conviction rate and final criminal liabilities for the securities fraud are comparatively low. In addition, it takes years for the prosecutor to bring the criminal case to the final judgment. As a result, there is room to discuss whether the securities fraud should be subject to criminal liabilities alone, or whether the securities regulator may concurrently take administrative actions, such as imposing administrative fines, to punish the wrongdoers. Regarding the civil liabilities, the Securities Investors Protection Act and the Securities Investor Protection Center created thereunder were in place from 2002 to take class action on behalf of investors. In addition, the Securities Investors Protection Center may take provisional attachment and provisional enforcement without posting bonds. It appears that the Securities Investor Protection Center plays the role like the Enforcement Division of the US Securities and Exchange Commission to actively advocate investors. Moreover, Article 10-1 was added to the Securities Investor Protection Act authorizing the Securities Investor Protection Center to file derivative suit as well as take action to remove the directors and supervisors of the company. However, the Securities Investors Protection Center does not have the law enforcement power. The investigation of the Securities Investors Protection Center into the cases largely depends on the data and information from the Financial Supervisory Commission and the prosecutors. As such, the timing of taking class action is normally delayed. In addition, there are limited cases where the Securities Investors Protection Center successfully took provisional attachment on the assets of the defendant. It is not surprising that after years of lawsuits, the defendant may not have assets available for compensating the investors' claims. Furthermore, the Securities Investors Protection Center prevailed in just a few cases of removing the directors and supervisors of the company. Compared to the US Securities and Exchange Commission, the Securities Investors Protection Center has no authority to initiate a lawsuit to impose civil penalties or claim the disgorgement of unlawful benefits. The securities regulator has the law enforcement power and expertise to bear the responsibility for enforcing laws against the securities frauds and taking enforcement action at the first moment. The enforcement tools, including injunction, disgorgement, civil penalty, fair fund, debarment and asset freeze, are usually used by the US Securities and Exchange Commission as the sanction mechanism to customize the remedies for the securities frauds. Considering that the manpower and resources of the securities regulator in Taiwan are limited, we propose taking a step by step approach to reinforce the enforcement power of the Taiwanese securities regulator. In the short term, we may consider introducing those enforcement tools that we have similar counterparts in our legal system, including imposing the administrative penalties and debarment orders. In the mid term, we may consider introducing the enforcement tools, including the disgorgement of unlawful benefits and the asset freeze order. In the long term, we may carefully assess whether the introduction of injunction is helpful to complete the enforcement arsenal of the securities regulator. In addition, certain enforcement tools of the securities regulator are complementary to those of the Securities Investors Protection Center and the prosecutors. By establishing certain coordination protocol and taking into consideration the factors such as the materiality and urgency of the case and the remedies suitable for the case, the securities regulator may work hand in hand with the Securities Investors Protection Center and the prosecutors to take appropriate enforcement action in each individual case.
Curling, Michelle Lisa. "Mandatory 10-K amendments and strategic disclosure an examination of firms under review by the securities and exchange commission /". 2006. http://etda.libraries.psu.edu/theses/approved/WorldWideIndex/ETD-1410/index.html.
Pełny tekst źródłaSivolella, John Joseph. "Do Politics Matter to this Watchdog? The Effects of Ideology on Civil Enforcement at the U.S. Securities and Exchange Commission". Thesis, 2013. https://doi.org/10.7916/D86979XG.
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