发布求助
文献互助 智能选刊 最新文献

PSN: Markets & Investment (Topic)最新文献

筛选
英文 中文
Turning Gold into Green: Green Finance in the Mandate of European Financial Supervision 变黄金为绿色:欧洲金融监管授权下的绿色金融
PSN: Markets & Investment (Topic) Pub Date : 2020-11-05 DOI: 10.2139/ssrn.3792975
Nathan de Arriba-Sellier
{"title":"Turning Gold into Green: Green Finance in the Mandate of European Financial Supervision","authors":"Nathan de Arriba-Sellier","doi":"10.2139/ssrn.3792975","DOIUrl":"https://doi.org/10.2139/ssrn.3792975","url":null,"abstract":"Following the Paris Agreement and pursuant to its objective of reordering financial flows to ensure climate change mitigation and adaptation, green finance has become a legislative priority for the European Union. This was illustrated by a unique, albeit limited, change in the mandate of the European Supervisory Authorities. This article takes this amendment as a starting point to discuss the responsibility of supervisory authorities in facing climate change. Despite clear limits stemming from Union law, a broad legal analysis sheds light on obligations for supervisory authorities across Europe to consider climate change as part of their mandate. This finding is supported by the growing recognition of climate change as a source of financial risks. Consequently, the mandate of European financial supervision is turning green, regardless of a legislative intervention.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"44 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":"126957381","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
The Political Economy of Prudential Regulation 审慎监管的政治经济学
PSN: Markets & Investment (Topic) Pub Date : 2020-09-03 DOI: 10.2139/ssrn.3685733
Magdalena Rola-janicka
{"title":"The Political Economy of Prudential Regulation","authors":"Magdalena Rola-janicka","doi":"10.2139/ssrn.3685733","DOIUrl":"https://doi.org/10.2139/ssrn.3685733","url":null,"abstract":"This paper studies the equilibrium level of prudential regulation in a framework with negative borrowing externalities. A debt limit is implemented by a politician appointed through majoritarian elections. If she is committed to perfect enforcement, voting allows borrowers to internalize the externality. If politician is captured, she exempts politically connected borrowers from regulation (imperfect enforcement), distorting voters' policy preferences. Depending on the electoral power of the connected borrowers, the outcome may be an either too lax or too strict policy. Additional results highlight the impact of income inequality on the strictness of prudential regulation.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124660897","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
Can Cryptocurrencies Become a Commonly Accepted Means of Exchange? 加密货币能成为一种普遍接受的交易手段吗?
PSN: Markets & Investment (Topic) Pub Date : 2020-07-25 DOI: 10.2139/ssrn.3660521
N. Cachanosky
{"title":"Can Cryptocurrencies Become a Commonly Accepted Means of Exchange?","authors":"N. Cachanosky","doi":"10.2139/ssrn.3660521","DOIUrl":"https://doi.org/10.2139/ssrn.3660521","url":null,"abstract":"This chapter studies the challenges a cryptocurrency faces to become a common means of exchange. In particular, the paper discusses the scalability constraint that limits the number of transactions a cryptocurrency may be able to verity per unit of time, the network effect in goods that function as money that increases the cost of new currencies to gain market share, and the implications of the fixed monetary rule present in most cryptocurrencies that departs from an elastic optimal monetary policy. Potential solutions for each case are also discussed.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"54 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123395917","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: 2
Portfolio Alignment to a 2°C Trajectory: Science or Art? 投资组合与2°C轨迹的一致性:科学还是艺术?
PSN: Markets & Investment (Topic) Pub Date : 2020-07-06 DOI: 10.2139/ssrn.3644171
J. Raynaud, P. Tankov, Stéphane Voisin
{"title":"Portfolio Alignment to a 2°C Trajectory: Science or Art?","authors":"J. Raynaud, P. Tankov, Stéphane Voisin","doi":"10.2139/ssrn.3644171","DOIUrl":"https://doi.org/10.2139/ssrn.3644171","url":null,"abstract":"The concept of portfolio alignment to a temperature trajectory has gained momentum among investors and regulators since the 2015 Paris Agreement recognized the importance of the financial sector for the low carbon energy transition. Yet, a clear definition and a transparent methodological framework for alignment assessment with a temperature trajectory, or portfolio temperature alignment, are presently lacking and few academic studies have addressed this question. This paper provides a definition of portfolio temperature alignment, reviews the key methodological steps in computing alignment measures, and highlights the main scientific challenges, with the aim to stimulate further research on this topic. We review, analyze and place in context the main findings of the recent technical review of portfolio temperature alignment assessment methodologies by Institut Louis Bachelier.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115397101","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: 5
Obsolescencia de los Requisitos de Capital Mínimo en las Sociedades Mercantiles (Obsolescence of the Corporate Minimum Capital Requirements) 公司最低资本要求过时(公司最低资本要求过时)
PSN: Markets & Investment (Topic) Pub Date : 2020-05-29 DOI: 10.2139/SSRN.3395053
Paúl Noboa-Velasco
{"title":"Obsolescencia de los Requisitos de Capital Mínimo en las Sociedades Mercantiles (Obsolescence of the Corporate Minimum Capital Requirements)","authors":"Paúl Noboa-Velasco","doi":"10.2139/SSRN.3395053","DOIUrl":"https://doi.org/10.2139/SSRN.3395053","url":null,"abstract":"Spanish Abstract: El capital social, ademas de configurar un requisito esencial del contrato de sociedad, tiene tres funciones principales: Organizacion interna, productividad y garantia frente a terceros. Bajo aquel contexto, y sobre la base de los tres principios transcritos, el presente ensayo concluye que los requerimientos minimos de capital social, en la actualidad, no brindan una adecuada tutela a los acreedores sociales (funcion de garantia), y tampoco coadyuvan a financiar, adecuadamente, las actividades operacionales de las companias (funcion de productividad). Por este motivo, este trabajo concluye que los requerimientos normativos de capital minimo deberian ser derogados, siendo los socios de las companias los llamados a determinar, de acuerdo a sus necesidades de financiamiento y organizacion interna, el monto de capital que una compania requiere para un adecuado decurso de sus actividades. \u0000 \u0000English Abstract: Legal capital is a broad concept which has three essential functions: Internal corporate organization, creditor protection and corporate financing. That said, this paper analyses the weakness of minimum capital requirements as a creditor protection mechanism. Besides, this paper argues that a mandatory minimum capital rule will not cover the different needs of companies, which will vary depending on their activities. Considering that shareholders are the best placed to determine the capital needs of their companies, this paper concludes that the mandatory minimum share capital requirement should be abolished.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129457151","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 behind Insider Trades: Evidence from Cross Section and Time Series 内幕交易背后的私人信息:来自横截面和时间序列的证据
PSN: Markets & Investment (Topic) Pub Date : 2020-04-01 DOI: 10.2139/ssrn.3597244
Yeguang Chi, L. Liu, Xiao Qiao
{"title":"Private Information behind Insider Trades: Evidence from Cross Section and Time Series","authors":"Yeguang Chi, L. Liu, Xiao Qiao","doi":"10.2139/ssrn.3597244","DOIUrl":"https://doi.org/10.2139/ssrn.3597244","url":null,"abstract":"We examine the private information associated with insider trades using a Chinese data set. Insider buys positively forecast individual stock returns and insider sales negatively forecast individual stock returns. Classifying insiders as corporate managers and institutional investors, we find that the trades by these two types have different asset pricing implications. Cross-sectionally, stocks more heavily bought by corporate managers have higher average returns compared to their less-bought counterparts, but institutional investor trading has no impact on cross-sectional differences in average returns. The economic value of institutional investors’ trades primarily derives from their time-series return predictability, as the collective buy-to-sell ratio of institutional investors significantly forecasts market returns. In contrast, the buy-to-sell ratio of corporate managers shows no predictive power.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131321677","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
Repo Market and Leverage Ratio in the Euro Area 欧元区的回购市场与杠杆率
PSN: Markets & Investment (Topic) Pub Date : 2020-03-18 DOI: 10.2139/ssrn.3612739
Filippo Pasqualone, L. Baldo, Antonio Scalia
{"title":"Repo Market and Leverage Ratio in the Euro Area","authors":"Filippo Pasqualone, L. Baldo, Antonio Scalia","doi":"10.2139/ssrn.3612739","DOIUrl":"https://doi.org/10.2139/ssrn.3612739","url":null,"abstract":"This paper provides new evidence on the effect of the leverage ratio (LR) on repo market activity in the euro area. The share of trades with central counterparties has increased in recent years as a result of greater regulatory efficiency. After controlling for factors that may affect participation in the repo market, banks are found to exert market power towards non-bank financial institutions by applying lower rates and larger bid-ask spreads. While there is a permanent rate differential between transactions conducted via CCPs – which can easily be netted for LR purposes - and those with non-banks, on average this differential and the bid-ask spread do not increase at quarter-end. The widening of the bid-ask spread at year-end is sizeable, but this is not necessarily due to the LR, since other important factors enter into play. This evidence lessens the concern that the additional LR reporting and disclosure requirements based on daily averages, which will take effect on June 2021, might cause a contraction in repo volume and greater rate dispersion.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"323 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132034573","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
Prudential Policies and Systemic Risk: The Role of Interconnections 审慎政策和系统性风险:相互联系的作用
PSN: Markets & Investment (Topic) Pub Date : 2019-12-31 DOI: 10.2139/ssrn.3512034
Madina Karamysheva, E. Seregina
{"title":"Prudential Policies and Systemic Risk: The Role of Interconnections","authors":"Madina Karamysheva, E. Seregina","doi":"10.2139/ssrn.3512034","DOIUrl":"https://doi.org/10.2139/ssrn.3512034","url":null,"abstract":"The impact of prudential policies in open economies depends not only on their intrinsic efficacy but also on the feedback of the policy through close financial partners. Using a dataset of advanced countries, we find that prudential policy measures reduce systemic risk in the financial system in the 2000-2014 time period. We show that indirect effect in case of uniform interventions enforces the direct one and accounts for up to 87% of total risk reduction. The policies, though, remain insignificant for GIIPS countries, which stay dependent on actions and responses of their financial counterparties.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131113307","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: 5
De Jure Convergence, De Facto Divergence: A Comparison of Factual Implementation of Shareholder Derivative Suit Enforcement in the United States and the United Kingdom 法律趋同，事实分歧:英美股东派生诉讼执行事实实施比较
PSN: Markets & Investment (Topic) Pub Date : 2019-12-01 DOI: 10.2139/ssrn.3576569
David Gindis, David Gibbs
{"title":"De Jure Convergence, De Facto Divergence: A Comparison of Factual Implementation of Shareholder Derivative Suit Enforcement in the United States and the United Kingdom","authors":"David Gindis, David Gibbs","doi":"10.2139/ssrn.3576569","DOIUrl":"https://doi.org/10.2139/ssrn.3576569","url":null,"abstract":"Many legal systems have been converging toward a US shareholder-centric model of corporate law and governance. This includes de jure rules relating to derivative enforcement. Despite convergence of the UK system towards the US model, each system continues to diverge as regards levels of shareholder enforcement. This article suggests that this divergence can be explained by the way the courts implement the derivative procedure de facto. A comparative assessment of de facto implementation in the US and the UK reveals that while courts in both systems are reluctant to interfere with the business judgment of the board, the US courts are willing to analyse whether board decisions were substantively reached, contributing to the levels of enforcement based on the way costs are allocated. Conversely, ingrained traditions of the UK courts place a high evidentiary burden on the shareholder, which they are unlikely to meet. Since costs are allocated to the loser in the UK, the factual implementation continues to serve as a strong disincentive for private shareholder enforcement and good governance. Derivative claims, enforcement, costs, civil procedure, judiciary, directors, shareholders, company law, corporate governance, convergence","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123732814","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: 2
Sovereign Risk in Macroprudential Solvency Stress Testing 宏观审慎偿付能力压力测试中的主权风险
PSN: Markets & Investment (Topic) Pub Date : 2019-12-01 DOI: 10.5089/9781513519968.001
Andreas (Andy) Jobst, Hiroko Oura
{"title":"Sovereign Risk in Macroprudential Solvency Stress Testing","authors":"Andreas (Andy) Jobst, Hiroko Oura","doi":"10.5089/9781513519968.001","DOIUrl":"https://doi.org/10.5089/9781513519968.001","url":null,"abstract":"This paper explains the treatment of sovereign risk in macroprudential solvency stress testing, based on the experiences in the Financial Sector Assessment Program (FSAP). We discuss four essential steps in assessing the system-wide impact of sovereign risk: scope, loss estimation, shock calibration, and capital impact calculation. Most importantly, a market-consistent valuation approach lies at the heart of assessing the resilience of the financial sector in a tail risk scenario with sovereign distress. We present a flexible, closed-form approach to calibrating haircuts based on changes in expected sovereign defaults affecting bank solvency during adverse macroeconomic conditions. This paper demonstrates the effectiveness of using extreme value theory (EVT) in this context, with empirical examples from past FSAPs.","PeriodicalId":138725,"journal":{"name":"PSN: Markets & Investment (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125170346","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信