- Supervision of Not-for-Profit Minority Institutional Shareholder and Total Factor Productivity of Listed Companies: Evidence from China
8 August 2023
In this study, we examine the effectiveness of the China Securities Investor Services Center (CSISC), a new minority shareholder protection mechanism promoted by the China Securities Regulatory…
- Long Run Growth of Financial Data Technology
29 October 2018
"Big data" financial technology raises concerns about market inefficiency. A common concern is that the technology might induce traders to extract others' information, rather than produce information…
- Financial Markets and Institutions: A European Perspective (Chapter 1)
Report · 4 June 2020
Written for undergraduate and graduate students of finance, economics and business, the fourth edition of Financial Markets and Institutions provides a fresh analysis of the European financial…
- Technology-Enabled Innovation in Financial Markets and Retail Investors a Systematic Literature Review
Report · 11 September 2024
The advent of technology-enabled innovation (TEI), in particular regarding the Internet, social networks, and mobile technologies, has profoundly reshaped financial markets. This transformation has…
- Holding, Clearing and Settling Securities Through Blockchain Technology Creating an Efficient System by Empowering Asset Owners
Report · 3 June 2016
The paper analyses the current system of holding and transferring securities. It argues that the current model makes transactions safe by next to eliminating counter-party risk. This is done at the…
- Estate Planning for Technology Executives Engaged in Crowdfunding: Where Estate Planning for CEOs Meets Section 4(A)(2) and Regulation D Rule 506(C)
15 October 2013
Under Title II of the JOBS Act, commonly known as Accredited Investor Crowdfunding, technology company executives can publicly solicit potential investors. The major change in the new way of…
- Long Run Growth of Financial Technology
30 May 2017
In most sectors, technological progress boosts efficiency. But financial technology and the associated data-intensive trading strategies have been blamed for market inefficiency. A key cause for…
- Long Run Growth of Financial Technology
Report · 23 May 2017
In most sectors, technological progress boosts efficiency. But financial technology and the associated data-intensive trading strategies have been blamed for market inefficiency. A key cause for…
- European Securities Regulation, Private Law and the Investment Firm-Client Relationship
29 October 2009
The relationship between the investment firm and its (potential) client was traditionally the exclusive domain of private law. The leading role of private law in determining the investment…
- Innovation and Technology Salience in Emerging Data-Intensive Domains: Catalysts for the Stock Market Valuation of Large Tech Companies
16 September 2023
This study explores how innovation in the emerging data-intensive technology domains affects the stock market valuation of large technology companies. It provides new insights by merging traditional…
- Experimenting with the distributed ledger technology: A comparison between the EU DLT Pilot Regime Regulation and the UK Digital Securities Sandbox
Report · 24 September 2024
This article provides a comprehensive comparison between the European DLT Pilot Regime Regulation and the UK Digital Securities Sandbox, which both have the intention for market infrastructures to…
- Participation in Setting Technology Standards and the Implied Cost of Equity
27 August 2021
This study empirically investigates the financial market’s reaction to firms’ participation in standard setting organizations (SSOs) in terms of firms’ implied cost of equity capital – the discount…
- New Technology Sectoral Disruptions
Report · 17 June 2024
We construct a novel measure of technology sectoral disruptions (TSDs) using a dynamic text-based spatial model of patents based on the extent to which innovation is suddenly highly correlated across…
- Remarks on Blockchain and Distributed Ledger Technology in Financial Market Infrastructures
Report · 5 March 2024
Distributed Ledger Technology (built on a blockchain) enables peer to peer interactions between financial institutions without the need for any distinguished, trusted intermediaries. In principle…
- Legal Implications of the Establishment of the European Securities and Markets Authority
24 October 2011
The EU’s response to the financial crisis has encompassed the establishment of the new institutional architecture of European financial market supervision. Together with the other two created…
- Market-Based Regulation and the Informational Content of Prices
17 December 2006
Various laws and policy proposals call for regulators to make use of the information reflected in market prices. We focus on a leading example of such a proposal, namely that bank supervision should…
- Financial Technology and African Capital Markets Post COVID-19
This article considers the impact of the COVID-19 pandemic on African capital markets. It highlights the challenges and examines the opportunities presented by the crisis. Looking particularly at…
- Response to ESMA/2016/773: 'The Distributed Ledger Technology Applied to Securities Markets'
Report · 17 November 2018
Distributed Ledger Technology (DLT) is in a very early stage of development. Sometimes confused with the blockchain technology underlying bitcoin, it is supposed to be its evolution designed to avoid…
- Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
Report · 26 April 2016
We analyze the impact of technology on production and trade in services, focusing on the foreign exchange market. We identify exogenous technological changes by the connection of countries to…
- How Does Benchmarking Affect Market Efficiency? The Role of Learning Technology
15 November 2022
We study how asset managers' benchmarking affects market efficiency under two learning technologies: separative and integrative. With integrative learning, investors process portfolio-wide signals…
- Living on the Edge: Securitization Supervision and Characterization Problems
18 February 2014
What is securitization? Before the 2007-2008 crisis it was a somewhat obscure technique; afterwards its has then been characterized as a destructive innovation, or hailed as a mechanism to enhance…
- Internal Models, Make Believe Prices, and Bond Market Cornering
10 March 2020
Exploiting position-level heterogeneity in regulatory incentives to misreport and novel data on regulators, we document that U.S. life insurers inflate the values of corporate bonds using internal…
- Innovation in Decentralized Markets: Technology vs. Synthetic Products
18 November 2021
dvances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset returns. This paper compares…
- XBRL-Enabled, Excel or PDF? The Effects of Exclusive Technology Choice on the Analysis of Financial Information
Report · 22 June 2011
U.S. adoption of search-facilitating technology has been slow and several constituencies question whether investors will choose to use the XBRL-formatted information the Securities and Exchange…
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