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Security Enforcement in International Finance 国际金融中的安全执法
PSN: Markets & Investment (Topic) Pub Date : 2021-06-07 DOI: 10.2139/ssrn.3861376
Anthony N. Odiadi
{"title":"Security Enforcement in International Finance","authors":"Anthony N. Odiadi","doi":"10.2139/ssrn.3861376","DOIUrl":"https://doi.org/10.2139/ssrn.3861376","url":null,"abstract":"The assurance that the international lender can enforce the security provided by the borrower is one of the most challenging aspects of international finance. The problems of attachment and dealing on the asset to realize the security vary due to rules and procedure within various jurisdictions.<br><br>Within the municipal system, it more straightforward but when lenders are dealing with assets within national frontiers way off their sphere of operation, issues such as applicable law, priority, etc. come in to apply.<br><br>Also, where sovereign borrowers are involved several doctrines of international law become applicable. Some of the lenders, now tie lending to resource control of the borrowing nation or commodity purchase as security for repayment. Several Chinese loans in Africa, examined elsewhere, are now structured along those lines. <br><br>The important point is that security facilitates lenders confidence to provide facilities that can be directed to developments activities for countries and for large corporations.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127276496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Private Information Dissemination in the Secondary Loan Market: The Effect on Stock Bid-ask Spreads 二级贷款市场的私人信息传播:对股票买卖价差的影响
PSN: Markets & Investment (Topic) Pub Date : 2021-04-28 DOI: 10.2139/ssrn.3840717
A. Saunders, Pei Shao, Yuchao Xiao
{"title":"Private Information Dissemination in the Secondary Loan Market: The Effect on Stock Bid-ask Spreads","authors":"A. Saunders, Pei Shao, Yuchao Xiao","doi":"10.2139/ssrn.3840717","DOIUrl":"https://doi.org/10.2139/ssrn.3840717","url":null,"abstract":"We consider loans being marked to market to constitute new information that is only immediately available to large institutional traders, so-called qualified institutional buyers (QIBs). Smaller investors (non-QIBs) do not have instant access to such information. Investigating the effects of privileged information releases on bid-ask spreads of borrowing firms’ equity, we find a significant elevation in the level of information asymmetry that affects those spreads. Our paper reveals that private information dissemination in the secondary loan market affects the stock market information environment and yields benefits to large insiders with priority access to important information about the borrowing firms’ quality.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"14 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114111990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interactions of Capital and Liquidity Requirements: A Review of the Literature 资本与流动性需求的相互作用:文献综述
PSN: Markets & Investment (Topic) Pub Date : 2021-04-16 DOI: 10.2139/ssrn.3829231
Quynh-Anh T. Vo
{"title":"Interactions of Capital and Liquidity Requirements: A Review of the Literature","authors":"Quynh-Anh T. Vo","doi":"10.2139/ssrn.3829231","DOIUrl":"https://doi.org/10.2139/ssrn.3829231","url":null,"abstract":"One prominent feature of the regulatory framework put in place after the global financial crisis of 2008 is its reliance on multiple regulatory metrics, which has prompted new research on the interactions between them. This paper reviews the growing literature on the interactions between capital and liquidity requirements – the two primary requirements of the Basel III framework – with the focus on what the literature conveys on the extent to which capital and liquidity requirements are substitutes or complements. The paper also identifies gaps for further research.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116777057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Did the STOCK Act Impact the Performance, Risk, and Flow of Hedge Funds? 《股票法案》是否影响了对冲基金的业绩、风险和流动?
PSN: Markets & Investment (Topic) Pub Date : 2021-04-07 DOI: 10.1108/ijmf-04-2021-0174
Laleh Samarbakhsh, Meet Shah
{"title":"Did the STOCK Act Impact the Performance, Risk, and Flow of Hedge Funds?","authors":"Laleh Samarbakhsh, Meet Shah","doi":"10.1108/ijmf-04-2021-0174","DOIUrl":"https://doi.org/10.1108/ijmf-04-2021-0174","url":null,"abstract":"PurposeThis research aims to examine hedge funds’ performance, risk and flow before and after the implementation of the Stop Trading on Congressional Knowledge (STOCK) Act.Design/methodology/approachThis paper includes the use of different factor models to highlight the performance and risk of hedge funds before and after the implementation of the STOCK Act. Hedge fund holdings are retrieved from Thomson Reuters Lipper Hedge Fund Database (TASS).FindingsThis study finds significant differences before and after the implementation of the STOCK Act. The results for the entire sample period indicate that hedge funds suffered lower-alpha, standard deviation and idiosyncratic risk after the implementation of the STOCK Act.Originality/valueThe paper’s originality and value lie in addressing the relationship gap between the STOCK Act and hedge fund performance.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127794820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Extreme Yet Plausible: Choosing Scenarios to Stress Test Financial Institutions 极端但貌似合理:选择情景对金融机构进行压力测试
PSN: Markets & Investment (Topic) Pub Date : 2021-03-12 DOI: 10.2139/ssrn.3803263
Rohit Arora, Rui Gao, S. Tompaidis
{"title":"Extreme Yet Plausible: Choosing Scenarios to Stress Test Financial Institutions","authors":"Rohit Arora, Rui Gao, S. Tompaidis","doi":"10.2139/ssrn.3803263","DOIUrl":"https://doi.org/10.2139/ssrn.3803263","url":null,"abstract":"Since the 2008 Financial Crisis, stress tests based on extreme-yet-plausible scenarios have become a preferred method of assessing risk for large financial institutions, yet scenario choice has largely been ad-hoc. We propose a principled methodology to choose scenarios by minimizing the estimation error of the risk of the profit and loss (P/L) distribution of a financial institution. We consider three separate cases: 1) a parametric case, when the P/L depends linearly on risk factors that are assumed to be elliptically distributed; 2) a distributionally robust case, where the P/L depends linearly on risk factors whose distribution is assumed to lie within an uncertainty set based on the Wasserstein metric; 3) a non-linear case, when the P/L is a non-linear function of the risk factors. Our methodology connects stress testing with the area of Design of Experiments with a risk-based design objective. We illustrate the advantages of our framework by comparing the accuracy of the CVaR estimate achieved with stress scenarios chosen under our framework to the accuracy achieved by stress scenarios chosen in 2019 by the Commodity Futures Trading Commission to stress test central counterparties.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134189704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Problems of Foreign Investment in Regulating the Innovative Way of Development of the Economy of Uzbekistan 外商投资在调节乌兹别克斯坦经济创新发展方式中的问题
PSN: Markets & Investment (Topic) Pub Date : 2021-03-02 DOI: 10.2139/ssrn.3803101
O. D. Khamrakulova
{"title":"Problems of Foreign Investment in Regulating the Innovative Way of Development of the Economy of Uzbekistan","authors":"O. D. Khamrakulova","doi":"10.2139/ssrn.3803101","DOIUrl":"https://doi.org/10.2139/ssrn.3803101","url":null,"abstract":"The article discusses the problems of investment in the innovative development of the economy of Uzbekistan and also offers recommendations.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126848240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Competition and Exchange Data Fees 竞争和交换数据费
PSN: Markets & Investment (Topic) Pub Date : 2021-01-07 DOI: 10.2139/ssrn.3703431
Jonathan Brogaard, James Brugler, Dominik Rösch
{"title":"Competition and Exchange Data Fees","authors":"Jonathan Brogaard, James Brugler, Dominik Rösch","doi":"10.2139/ssrn.3703431","DOIUrl":"https://doi.org/10.2139/ssrn.3703431","url":null,"abstract":"We investigate whether the introduction of market data fees on three exchanges induces market participants to change their trading behavior and whether this affects exchange and market-wide market quality. The introduction of data fees leads to an economically significant fall in that exchange's market volume. The impacted exchange experiences a decline in its time with competitive quotes and in participants routing their orders to it. The informativeness of trading on the impacted exchange declines. Market-wide the fee introduction decreases liquidity and increases volatility. At least part of the data feed value comes from the order book depth. We show that some market participants appear to have elastic demand for data, and that their response to the introduction of data fees on one exchange can reverberate throughout the stock market.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127073271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Senators vs Santa’s Reindeer: 2020 Stock Picking Roundup 参议员vs圣诞老人的驯鹿:2020年股票挑选综述
PSN: Markets & Investment (Topic) Pub Date : 2020-12-18 DOI: 10.2139/ssrn.3751711
William Belmont, Maxwell Grozovsky, Bruce I. Sacerdote, Ranjan Sehgal, Ian Van Hoek
{"title":"Senators vs Santa’s Reindeer: 2020 Stock Picking Roundup","authors":"William Belmont, Maxwell Grozovsky, Bruce I. Sacerdote, Ranjan Sehgal, Ian Van Hoek","doi":"10.2139/ssrn.3751711","DOIUrl":"https://doi.org/10.2139/ssrn.3751711","url":null,"abstract":"Given the concerns over informed stock trading by U.S. senators and congresspeople at the beginning of the COVID pandemic, we examine these legislators’ short term stock trading results during 2020. We find little evidence for market timing or stock selection ability. Both Senators’ and House Members’ stock selections underperform the S&P at the one month horizon and underperform a size-industry adjusted benchmark at the 3 and 6 month time frames. Returns to legislators’ purchases contrast with returns to the top stock picks from U.S. brokerage houses and stocks chosen by Santa’s Reindeer (Santa’s Village Jefferson NH). As a group the Reindeer outperform the S&P by 4.89 percent in a single month, or over 70 percent on an annualized basis. However reindeer exhibit herding behavior and a preference for momentum stocks.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130472178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital? 超国家规则，国家自由裁量权:增加还是膨胀的监管银行资本?
PSN: Markets & Investment (Topic) Pub Date : 2020-11-15 DOI: 10.2139/ssrn.3736781
R. Gropp, T. Mosk, S. Ongena, I. Simac, Carlo Wix
{"title":"Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital?","authors":"R. Gropp, T. Mosk, S. Ongena, I. Simac, Carlo Wix","doi":"10.2139/ssrn.3736781","DOIUrl":"https://doi.org/10.2139/ssrn.3736781","url":null,"abstract":"We study how higher capital requirements introduced at the supranational level affect the regulatory capital of banks across countries. Using the 2011 EBA capital exercise as a quasi-natural experiment, we find that treated banks exploit discretion in the calculation of regulatory capital to inflate their capital ratios without a commensurate increase in their book equity and without a reduction in bank risk. Regulatory capital inflation is more pronounced in countries where credit supply is expected to tighten, suggesting that national authorities forbear their domestic banks to meet supranational requirements, with a focus on short-term economic considerations.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121819511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy 加密资产监管市场(MICA)和欧盟数字金融战略
PSN: Markets & Investment (Topic) Pub Date : 2020-11-05 DOI: 10.2139/ssrn.3725395
D. Zetzsche, Filippo Annunziata, D. Arner, Ross P. Buckley
{"title":"The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy","authors":"D. Zetzsche, Filippo Annunziata, D. Arner, Ross P. Buckley","doi":"10.2139/ssrn.3725395","DOIUrl":"https://doi.org/10.2139/ssrn.3725395","url":null,"abstract":"The European Commission published its new Digital Finance Strategy on 24 September 2020. One of the centrepieces of the Strategy is the draft Regulation on Markets in Crypto-Assets (MiCA), designed to provide a comprehensive regulatory framework for digital assets in the EU. \u0000 \u0000With MiCA the EU Commission has proposed bespoke regulation for utility tokens and stablecoins including payments tokens, asset-backed tokens and “significant” stablecoins (including “global stablecoins”). As to investment and securities tokens, the EU Digital Finance Strategy relies on the existing body of EU financial and securities law, with the Prospectus Regulation, the MiFID framework as well as the UCITSD and AIFMD at its core, with the intention to incorporate necessary changes as part of the existing ongoing amendment and review processes. MiCA provides for a bespoke prospectus regime for crypto-assets, with the issuing of e-money tokens (i.e. payment tokens), asset-referenced tokens (also known as stablecoins) and crypto-asset services being regulated activities subject to licensing. While supervision of crypto-asset service providers (CASPs) will rest with national authorities, supervision of significant asset-referenced and e-money tokens will rest mainly with the European Banking Authority. \u0000 \u0000The EU Digital Finance Strategy marks a very important step for the EU in developing both innovation and the Single Market. At the same time, while MiCA is an ambitious legislative project, there is room for improvement. First, the scope of MiCA remains uncertain as the draft MiCA does not clearly delineate between utility tokens subject to MiCA and investment tokens subject to EU securities law. Second, a systematic approach to EU law is absent. Thresholds and concepts known from other EU laws should be firmly embedded in MiCA. Third, a framework for supervisory cooperation with regard to truly global stablecoins is missing.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122329932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
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