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THE MANIPULATION OF THE CAPITAL MARKET IN ROMANIA AND EU  [PDF]
Prunea Petru
Annals of the University of Oradea : Economic Science , 2009,
Abstract: Even though the capital market has a strong competitive character, the legislation from the developed countries does not accept any type of practices from the economic agents. Correctness and efficiency of actions is considered obligatorily not to disturb
DERIVATIVES ON THE CAPITAL MARKET IN ROMANIA
ILIE R?SCOLEAN,LILIANA IV?NU?,ROBERT SZABO
Annals of the University of Petrosani : Economics , 2009,
Abstract: The capital market is to supply and demand of medium and long term capital, with the same role as the financial market in general with the feature length greater maturity. Institution typical secondary capital market is the stock market. The secondary market securities can, in principle an auction market or a market negotiation. In Romania there are two regulated markets of securities i.e. BSE and RASDAQ as separate entities. The coverage of financial instruments, according to EU directives in force, is wide, including both tradable capital market instruments and money market instruments. Futures contract is an understanding between two parts to sell or purchase a particular asset at a predetermined price, the performance of the contract at a future date. Options are contracts between a buyer and a seller and giving the latter the right but not the obligation, to sell or buy any particular asset at a future date, as obtained on payment of a premium to the seller. The options may be for sale when the buyer acquires the right to sell the asset, or may be purchasing, when given the right to purchase the asset. In our country options contracts were introduced for the first time SIBEX, which is currently the only market in Romania where he traded options. This gives the buyer the right but not the obligation to buy or sell a futures contract at a predetermined price, the duration of the contract.
THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY  [PDF]
Alin Marius Andrie?
CES Working Papers , 2009,
Abstract: All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.
Evidence of market manipulation in the financial crisis  [PDF]
Vedant Misra,Marco Lagi,Yaneer Bar-Yam
Quantitative Finance , 2011,
Abstract: We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1929 market crash and its aftermath. On November 1, 2007, Citigroup experienced an unusual increase in trading volume and decrease in price. Our analysis of financial industry data shows that this decline coincided with an anomalous increase in borrowed shares, the selling of which would be a large fraction of the total trading volume. The selling of borrowed shares cannot be explained by news events as there is no corresponding increase in selling by share owners. A similar number of shares were returned on a single day six days later. The magnitude and coincidence of borrowing and returning of shares is evidence of a concerted effort to drive down Citigroup's stock price and achieve a profit, i.e., a bear raid. Interpretations and analyses of financial markets should consider the possibility that the intentional actions of individual actors or coordinated groups can impact market behavior. Markets are not sufficiently transparent to reveal even major market manipulation events. Our results point to the need for regulations that prevent intentional actions that cause markets to deviate from equilibrium and contribute to crashes. Enforcement actions cannot reverse severe damage to the economic system. The current "alternative" uptick rule which is only in effect for stocks dropping by over 10% in a single day is insufficient. Prevention may be achieved through improved availability of market data and the original uptick rule or other transaction limitations.
THE CAPITAL MARKET IN THE CURRENT ECONOMIC CONTEXT
CARMEN RADU,LIVIU RADU
Challenges of the Knowledge Society , 2012,
Abstract: For nearly a century now, economists have studied the advantages and disadvantages of financial systems based on either banks or financial markets in their attempt to forward economic growth and a better capital resources allocation. Nevertheless, the effects of the financial crisis that began in 2007 over the capital market are not only numerous, but also affect financial institutions, the stock exchange volume and list, the behaviour of market investors and not least such generate the need for capital market regulations to be amended. Even so, due to measures that have been taken, in Romania the stock exchange works on profit, while the effects of the financial crisis over such still fail to occur.
Foreign capital in the banking market of Ukraine
Podchesova, Valeriya Yuriyivna,Sydorenko, Mykhaylo Yuriyovych
Socìal?no-ekonomì?nì Problemì ì Der?ava , 2012,
Abstract: This article deals with foreign banks’ activity in Ukraine. Their motivation andfactors influencing the final decision on entering the new market were viewed. Fumerous potentialpositive or negative consequences of foreign banks’ expansion for the national bank’s market,consumers and economic sectors were examined. The activity’s dynamics, allocation of overseasbanks’ capital depending on the country of origin, their prospects and problems of furtherdevelopment in the Ukrainian banking market were analyzed. Changes in foreign banks’ strategyand tactics under global financial crisis conditions were paid special attention to: decreasing ofwest capital banks’ number in certain banking market’s segments or even absolute secede a varietyof banking companies from the market. Ways of improvement of native banking system activityproviding both the development of Ukrainian economy and foreign investors’ interests wereproposed.
The Montenegrin capital market: Calendar anomalies
Karad?i? Vesna,Backovi?-Vuli? Tamara
Economic Annals , 2011, DOI: 10.2298/eka1191107k
Abstract: Many researchers have shown that capital markets in CEE countries are weakly efficient in terms of calendar anomalies. The goal of this paper is to investigate whether the capital market in Montenegro is efficient regarding some of these anomalies. The main characteristics of the Montenegrin capital market are briefly explained. The empirical analysis is done on the daily values data of stock market index NEX20. An investigation of the January effect is implemented with the graphical representation of the rate of return for all the months of the seven-year period and by estimation of a regression model of return on index NEX20. The intercept represents the value of the return in January and it is insignificant. The holiday effect, tested by graphical representation for the Statehood Day data, was not present in the whole period. To investigate the turn-of-the-month effect we employed the graphical representation and regression model of the return rate on index NEX20 for the last week of every month and for the rest of the month. The value of the intercept, representing return for the last week of the month, is significant. The absence of some tested calendar anomalies suggests that the Montenegrin capital market is becoming more efficient.
Issues Existing in the Capital Market in Jilin Province and Solutions  [cached]
Hong Li
Journal of Politics and Law , 2012, DOI: 10.5539/jpl.v5n1p196
Abstract: Development of the capital market has attracted external sources of finance to the great extent, promoted Jilin Province to change from an old industrial base to an advanced international manufacturing base and greatly enhanced the overall economic strength of Jilin Province. Nonetheless, considering the current situation, mobility of capital in economy of Jilin Province is not yet strong and insufficient capital is still an impediment to constrain economic and social development of Jilin Province. Through a survey and analysis of the development condition of capital market in Jilin Province, this article expounds the major problems existing in development of capital market in Jilin Province and puts forward solutions for development of capital market in Jilin Province.
Derivative Securities on Romanian Capital Market
Ramona Maria GOGONCEA,Maria CARACOTA DIMITRIU
Economia : Seria Management , 2011,
Abstract: This study aimed to investigate whether the world wide agreed models of valuation of derivates may be properly applied to the Romanian capital market, obtaining reliable results for decision makers. The most common valuation models take into account market data such as, interest and exchange rates, volatilities and the price of the underlying instrument. The procedures for valuation must clearly define the nature of the market data to be taken into consideration (for example the zero-coupon curve for the valuation of swaps) and the independent reference base to be used (Reuters at a given time, bid/offer or mid price, broker). In order to be able to obtain the results, I based my study on a self-developed software which can calculate the price and characteristics for different types of derivatives securities once the primary data are filled in. I compared the results obatined usig the valuation models with the actual prices on the Romanian capital market. I expected that the results obtained to be more accurate as the parameters used in the calculation models properly reflect market data as at that date being as widely as possible.. These assumptions were only supported for certain value orientations. In conclusion, explanations for these results are given and limitations for this study are discussed. Also, suggestions for future research are presented in the final part of the article.
Business Cycle, Banking Market Structure and Capital Buffer  [PDF]
Huiming Xu
Modern Economy (ME) , 2016, DOI: 10.4236/me.2016.74044
Abstract: Based on the panel data of 40 Chinese commercial banks from 2004 to 2014, this paper tests empirically the relationship among business cycle, banking market structure and capital buffer using the method of GMM. The results show that in China: capital buffers fluctuate over the business cycles countercyclicality, and market concentration shows a negative relationship with the capital buffers. The decrease of market concentration enforces the countercyclical behavior of capital buffers.
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