Search results for "Capital market"
showing 10 items of 52 documents
Coupling News Sentiment with Web Browsing Data Improves Prediction of Intra-Day Price Dynamics
2015
The new digital revolution of big data is deeply changing our capability of understanding society and forecasting the outcome of many social and economic systems. Unfortunately, information can be very heterogeneous in the importance, relevance, and surprise it conveys, affecting severely the predictive power of semantic and statistical methods. Here we show that the aggregation of web users' behavior can be elicited to overcome this problem in a hard to predict complex system, namely the financial market. Specifically, our in-sample analysis shows that the combined use of sentiment analysis of news and browsing activity of users of Yahoo! Finance greatly helps forecasting intra-day and dai…
The influence of conditional conservatism on ownership dispersion: An international analysis
2013
ABSTRACTWe study the influence of conditional accounting conservatism on domestic investor diversification decisions. We argue that a conservative accounting system that promotes the dissemination of bad news and which constrains managers from engaging in opportunistic activities reduces the need for investors to concentrate their ownership, and consequently helps investors to diversify their investments. Through a country-level analysis we show that increased domestic conditional conservatism and higher domestic diversification opportunities lead to higher levels of domestic ownership diversification. Our results are robust to alternative estimates of conditional conservatism, and indicate…
Retos para la educación y profesión contable derivados de una armonización mundial liderada por el IASC: la nueva estrategia europea de armonización …
2001
En este trabajo presentamos un juicio crítico de las importantes decisiones que la Comisión Europea ha adoptado a lo largo del pasado año 2000, con miras a implantar definitivamente una estrategia sobre armonización contable. Consideramos que este trabajo es de especial importancia en el contexto de esta Conferencia Internacional, dado que muchos organismos mundiales a favor de la armonización contable, han puesto sus ojos en el modelo de la Unión Europea y en cierto sentido el área económica europea es un peso fundamental para contrarrestar la fuerza de los Estados Unidos, respaldados por sus mercados de capitales, de cara al debate de armonización contable internacional. Dada la actualida…
Analysis of the Legal and Regulatory Situation of Uncovered Corporate Bond Issuance in the Baltic States: is there a Common Framework Possible?
2021
While the development of the Baltic corporate bond market is based on the uncovered bond segment, the elaboration of the legislative base has a devoted emphasis on the covered bonds. The shift from a country-focused to the pan-Baltic-focused capital market has been publicly acknowledged by the governments (Ministry of Finance of the Republic of Latvia, 2018) and is in line with the ongoing Capital Markets Union initiative of the European Commission (The High Level Forum on the Capital Markets, 2020). Moreover, a pan-Baltic covered bond legal and regulatory framework has been initiated (Ministry of Finance of the Republic of Lithuania, 2019). The strong demand for the corporate bond segment …
Eiropas investīciju fondu sniegums
2016
Bakalaura darba temats ir " Eiropas investīciju fondu sniegums". Darba izpēta uzņēmumus finansēšanas problēmas ES ietvaros, pēc 2008.g. finanšu krīzes sekām. Tika radīta jauna stratēģija ES līmenī, ar mērķi pāriet uz kapitāla tirgus balstītam finansējumam, nodrošinajot alternatīvu bankām ka vienīgam finansējuma avotam priekš uzņēmumiem. Lai novērtēt ES CMU iniciatīvas perspektīvu, šīs darbs izpēta kopfondu efektivitātes rādītājus, un potenciālu efektivitātes rādītāju starpību, starp fondiem kas ir saistīti ar bankām un neatkarīgiem fondiem, lielākajos akciju tirgos Eirozonā. Darbs sastāv no tris daļām: 1. Pirmā daļa pēta ES banku sistēmas attīstību, to grūtības nodrošinot atbilstošu finansē…
Foreign Direct Investment Drivers in Romania
2013
Foreign Direct Investment (FDI) represents a condition sine qua non for a sustainable development of Romania, taking into consideration the fact that the domestic capital is not enough to assure a positive and significant growth. The present study uses the multiple linear regression to determine the main factors which influence FDI level in Romania. The international reserve and the capital market index BET have a direct and positive impact on the foreign investment flow, while the short, medium and long private and public external debt proved to influence direct, but in a negative way, the FDI.
A Simulation Analysis of the Microstructure of an Order Driven Financial Market with Multiple Securities and Portfolio Choices
2005
In this paper we propose an artificial market where multiple risky assets are exchanged. Agents are constrained by the availability of resources and trade to adjust their portfolio according to an exogenously given target portfolio. We model the trading mechanism as a continuous auction order-driven market. Agents are heterogeneous in terms of desired target portfolio allocations, but they are homogeneous in terms of trading strategies. We investigate the role played by the trading mechanism in affecting the dynamics of prices, trading volume and volatility. We show that the institutional setting of a double auction market is sufficient to generate a non-normal distribution of price changes…
The Investment on Capital Market: From Target Price Valuation Models to Investor Final Decision
2018
The investments on capital market are more attractive nowadays considering the short-term potential earnings that this particular market can offer but also the opportunities generated by the new entry companies. The aim of the paper is to present different valuation models of share in order to identify/calculate a target price, on one hand, and to emphasize the impact of both internal and external information on price per share, on the other hand. The target price is an important instrument that drives, alongside with industry, financial, and risk analysis, the investment decision to buy, to hold, and to sell. The key issues in determining target price are equity analysis, cash flow forecas…
How does learning affect market liquidity? A simulation analysis of a double-auction financial market with portfolio traders
2007
We study the relationship between liquidity and prices in an artificial financial market where portfolio traders with limited resources interact through a continuous, electronic open book. We depart from the standard asset pricing framework in two ways. First, we assume that investors have incomplete information about the distribution of returns. Second, we model the portfolio choice problem using prospect-type preferences. We model the utility function in terms of deviations of the portfolio growth rate from a specified target growth rate, and we assume that investors are more sensitive to downside movements. We show that the parameters defining the learning process affect the price dynami…
Money and equity returns in the Euro area
2010
Abstract This study examines the impacts of liquidity on equity returns in the euro area during the period 1987–2001. The main contribution of the study is that the money demand is carefully considered while estimating the liquidity. We provide evidence that in part the impact of money on equity returns depended on the measure used for liquidity (real money supply, real money gap and monetary overhang). However, a unanimous inference was made that over time an increase in liquidity has a negative impact on equity returns. This is interpreted as being due to the positive impact of money on inflation. Accordingly, an increase in liquidity generated expectations of inflation, which led to a de…