Search results for "TRANSACTION"
showing 10 items of 229 documents
Past price “memory” in the housing market: testing the performance of different spatio-temporal specifications.
2017
ABSTRACTRecent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. T…
Towards Responsible AI for Financial Transactions
2020
Author's accepted manuscript. © 2020 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. The application of AI in finance is increasingly dependent on the principles of responsible AI. These principles-explainability, fairness, privacy, accountability, transparency and soundness form the basis for trust in future AI systems. In this empirical study, we address the first p…
Opening the Door for the Opportunistic Use of Interim Financing: A Critical Assessment of the EU Draft Directive on Preventive Restructuring Framewor…
2018
The draft of the EU Directive on Preventive Restructuring Frameworks and Second Chance (the "Directive") provides rules for adopting reorganisation plans in order to avoid insolvency. The draft Directive also provides rules on the related problem of interim financing. According to the draft Directive, interim financing should be encouraged and not be made subject to clawback unless parties have committed fraud or acted in bad faith. The Directive thereby fails to recognise that finance transactions are too diverse in nature to provide the company and its financial creditors with a transaction avoidance free period. If the Directive is adopted in its current form, it will open the door for o…
Accounting for Emission Trading Schemes: A Still Open Debate
2014
AbstractEmission allowances form the common trading currency introduced by the European Emission Trading Scheme to cover the emission of greenhouse gases. This initiative forces companies to internalise environmental expenses, so that it has an impact on accounting practices. The aim of this note is to discuss some alternative views on how to record this economic transaction, which could help the International Accounting Standards Board to find an accepted proposal. Adopting a common approach would always be preferable to the current situation characterised by total discretion. Indeed relying on the business model as proposed by the Autorite des Normes Comptables and the European Financial …
Revenues from related Parties Transactions and UEFA Financial Fair Play. The Search for an Alternative Solution to Fair Value Measurement for the Bre…
2014
Transactions with related parties (RPTs) are numerous and frequent in the economy of companies; they are often made with different values from the ones in arm’s length transactions, and sometimes for opportunistic reasons. Many cases of RPTs occur in the football sector too, and they are mostly related to sponsorship contracts revenues. Through the financial fair play regulations, UEFA encourages the clubs which want to get the license for competing in European tournaments, to count on their capability to operate on the basis of their own revenues. The reorientation of the professional football clubs economic governance requested by UEFA also provides specific RPTs disclosure as well as the…
Emergence of Statistically Validated Financial Intraday Lead-Lag Relationships
2014
According to the leading models in modern finance, the presence of intraday lead-lag relationships between financial assets is negligible in efficient markets. With the advance of technology, however, markets have become more sophisticated. To determine whether this has resulted in an improved market efficiency, we investigate whether statistically significant lagged correlation relationships exist in financial markets. We introduce a numerical method to statistically validate links in correlation-based networks, and employ our method to study lagged correlation networks of equity returns in financial markets. Crucially, our statistical validation of lead-lag relationships accounts for mult…
Italy: money transfer, money laundering and intermediary liability
2020
Purpose This paper aims to offer a general overview of money transfers in Italy and Europe focussing specifically on the migrant community. This is of particular interest because it is in that community where money transfers are most prevalent. This shows the money transfer system as a tool that could guarantee the financial inclusion of migrants but at the same time being used in a distorted and unlawful manner. Design/methodology/approach After a brief introduction focussed on working principles and legal frameworks, the paper will go deeper in evaluating money transfer data. This data, which comes from various legal authorities, will show the extent to which different migrant communitie…
Value Creation When Acquiring Public vs Private Firms. Spanish Evidence
2013
We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be…
The Global Alternative Finance Market Benchmarking Report
2021
For the first time, the Cambridge Centre for Alternative Finance has consolidated its annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance data for 2018.This report presents the key findings from the CCAF annual global survey of online alternative finance. In all, 1,227 unique firms contributed to this study, providing 2,322 firm-level observations globally. Investigating in crowdfunding, P2P/marketplace lending or related capital raising activities, the study shows that 47 per cent of the firms were operating in two or more countries or jurisdictions. Highlights from the report In 2018, the global alternat…
Contract and Asset Values in Venture Capital Financings
2009
In venture capital financings a venture capitalist buys some fraction of a company, for a stated amount of money, through preferred shares. It is common practice in empirical and theoretical analyses to infer from this transaction a value for the entire company, which we call the contract value. Owners do not hold shares with the same rights and so the contract value misrepresents the company value of all assets (asset value). This paper studies a stylized venture capital market, calculates the ratio of contract to asset value, and derives the expected returns both at the level of venture capital funds and at the company level. We study quantitatively the impact on econometric analyses and …