ERN: Mutual Form (Topic)最新文献

Read Between the Filings: Daily Mutual Fund Holdings and Liquidity Provision 阅读文件之间:每日共同基金持有量和流动性供应

ERN: Mutual Form (Topic) Pub Date : 2018-08-30 DOI: 10.2139/ssrn.3241664

M. Farrell

引用次数: 2

Financial Instruments in Italian Co-Operative Companies 意大利合作公司的金融工具

ERN: Mutual Form (Topic) Pub Date : 2013-04-07 DOI: 10.2139/SSRN.2246443

S. Meloni

{"title":"Financial Instruments in Italian Co-Operative Companies","authors":"S. Meloni","doi":"10.2139/SSRN.2246443","DOIUrl":"https://doi.org/10.2139/SSRN.2246443","url":null,"abstract":"Art. 2511 of the Italian Civil Code defines co-operatives as companies “with variable capital and mutual purpose”. Therefore main characteristics of co-operative companies are: capital variability and most of all the pursuit of a mutual purpose. The cooperative company, while pursuing a mutual purpose, carries out in any case a business activity. Lawmakers has intervened at various times on the financial structure of cooperative companies, providing access to increasingly articulated funding sources. A turning point in this regard has been represented by Law n. 59 of 1992, which provided two special classes of shares reserved for cooperatives: investment shares and voting capital shares in the co-operatives. Both categories are addressed to special subjects, even without the requirements identified by the statute for the admission to the company, not interested in the pursuit of the mutual purpose but to the return on capital invested. Investment shares are freely transferable and may have a preferential treatment with regard to the distribution of profits that can go so far as to the identification of an interest rate increased by two percent compared to that for the cooperative members; voting capital shares in the co-operatives however, are similar to savings shares, as they do not entitle to vote and have special capital franchisees as regards the distribution of profits and repayment of capital. Paragraph 1 of Article 2526 of the ICC allows the statute of co-operative companies “to provide for the issue of financial instruments in accordance with the regulation on limited shareholder companies”. Therefore the question arises: what kind of financial instruments are governed under this law and if the reference is to the participatory financial instruments introduced by Legislative Decree no. 6/2003 on public limited companies?","PeriodicalId":429952,"journal":{"name":"ERN: Mutual Form (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129850889","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

Membership Structure and Dividend Payout Policies at Hungarian Cooperative Banks 匈牙利合作银行的成员结构和派息政策

ERN: Mutual Form (Topic) Pub Date : 2012-03-07 DOI: 10.2139/ssrn.1977003

D. Burger

{"title":"Membership Structure and Dividend Payout Policies at Hungarian Cooperative Banks","authors":"D. Burger","doi":"10.2139/ssrn.1977003","DOIUrl":"https://doi.org/10.2139/ssrn.1977003","url":null,"abstract":"Co-operative banks are widely seen as sustainable alternatives to profit-driven banking. However, while most banks struggle to meet the stringent capital requirements of regulators, co-operative banks are in particular need of cautious capital-related decisions given their little ability to accommodate profit-driven equity investors. In fact, co-operative banks’ single greatest source of capital is their annual surplus.This paper first highlights that capital protection rules related to Hungarian co-operative banks are more liberal than those of other European co-operatives. This is followed by an analysis of Hungarian co-operative banks’ decisions on the distribution of annual surplus among their members. In doing so, the annual reports of 99 co-operative banks representing 73% of all Hungarian co-operatives are used, complemented with confidential data on the ownership structure of each co-operative.The study shows that a co-operative with a low number of members and a high amount of average subscribed capital per member is likely to distribute high dividends. This phenomenon is explained by the different nature of co-operatives according to the number of members. This result not only sends an alarming message to policy makers in Hungary and possibly elsewhere, but also contributes to the peculiarities of co-operative corporate governance.","PeriodicalId":429952,"journal":{"name":"ERN: Mutual Form (Topic)","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134250468","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: 3

GMO versus Vanguard: Assessing the Performance of Comparable Funds GMO与Vanguard:评估可比基金的表现

ERN: Mutual Form (Topic) Pub Date : 2010-10-01 DOI: 10.2139/ssrn.1701949

Edward Tower

引用次数: 0