Suchergebnisse

"Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation. This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry. "--

AbstractThis paper presents the first results of our most recent research on the Bilbao Stock Exchange (BSE) from its foundation in 1890 up to the Spanish Civil War. We examine the origin of the Exchange and follow its evolution over the first half-century of existence. To this end we introduce some of the stock exchange indexes we have calculated for Bilbao and put them into comparative perspective with the existing series on general economic and industrial activity and the indexes for other Spanish exchanges for the period considered. These comparisons show Bilbao's evolution from a public debt-dominated market to an industrial exchange very much tied to regional development. Finally, we contrast the degree of financial market integration associated with the existing Spanish exchange indexes. Our analysis finds strong support for considering the BSE index as an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.

"Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation. This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry."--

Abstract
Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh 'stock market experiment' that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.

Energy performance certificate databases are a key tool for mapping national building stock and thus fostering greater overall energy efficiency. This paper presents an insight into the energy performance of residential and tertiary sector buildings in Spain, through an analysis of the first 129,635 energy performance certificates issued for existing buildings, collected by the Catalan Institute of Energy. Most of the residential buildings or building units that were studied were "E" class (53.6%). Single-family houses were found to use more energy on average (248.0 kWhp/m2) than individual dwellings (183.2 kWhp/m2). Tertiary sector buildings were found to have slightly better energy performance (26.4% of buildings were rated "D class"), with an average energy consumption of 317.8 kWhp/m2. Modern buildings consume less energy, as they must meet the higher energy performance requirements stated in thermal building regulations. Residential buildings or building units located in hotter climate zones consume slightly less energy than those located in colder zones, mainly because heating accounts for a high percentage of overall energy expenditure (70–75% in residential buildings). A significant proportion of the energy consumed in tertiary sector buildings is for lighting (37.2%). This research defines the current energy consumption baseline of existing buildings in Spain. The results can help to prioritize energy conservation efforts according to building type, construction period, climate zone and specific end-uses. They may also help public authorities to plan future energy policies, and construction practitioners to identify market segments and business strategies. ; Peer Reviewed ; Postprint (author's final draft)

Energy performance certificate databases are a key tool for mapping national building stock and thus fostering greater overall energy efficiency. This paper presents an insight into the energy performance of residential and tertiary sector buildings in Spain, through an analysis of the first 129,635 energy performance certificates issued for existing buildings, collected by the Catalan Institute of Energy. Most of the residential buildings or building units that were studied were "E" class (53.6%). Single-family houses were found to use more energy on average (248.0 kWhp/m2) than individual dwellings (183.2 kWhp/m2). Tertiary sector buildings were found to have slightly better energy performance (26.4% of buildings were rated "D class"), with an average energy consumption of 317.8 kWhp/m2. Modern buildings consume less energy, as they must meet the higher energy performance requirements stated in thermal building regulations. Residential buildings or building units located in hotter climate zones consume slightly less energy than those located in colder zones, mainly because heating accounts for a high percentage of overall energy expenditure (70–75% in residential buildings). A significant proportion of the energy consumed in tertiary sector buildings is for lighting (37.2%). This research defines the current energy consumption baseline of existing buildings in Spain. The results can help to prioritize energy conservation efforts according to building type, construction period, climate zone and specific end-uses. They may also help public authorities to plan future energy policies, and construction practitioners to identify market segments and business strategies. ; Peer Reviewed ; Postprint (author's final draft)

The Stock Exchange Act of 1990 Act came into force in 1992. The Act established the Council of the Exchange as a regulatory authority responsible for the licensing and supervision of stockbrokers, the listing of securities and the monitoring of trading on the Maltese Borsa set up by the same law. The Malta Stock Exchange Tribunal was created by Part III of the Act, which also introduced the first ever rules on insider dealing in Maltese legislation. Since 1994, however, the principal legislation on insider dealing is the Insider Dealing Act of that year. Some of the original rules of the 1990 Act have been retained, including the provisions dealing with the Tribunal The Insider Dealing Act of 1994 is largely of a criminal law nature; it establishes a number of insider offences and it does not provide a civil remedy for losses suffered consequent to a breach of the insider dealing provisions. The 1994 Act was broadly modelled on the U.K. Company Securities (Insider Dealing) Act of 1985 (now repealed). ; peer-reviewed

Die Datenübersicht umfasst die jahresdurchschnittlichen Devisenkurse der Frankfurter Börse (Kassa – Mittelkurse in DM / Telegrafische Auszahlung): Vereinigte Staaten, Vereinigtes Königreich, Kanada, Niederlande, Schweiz, Belgien, Frankreich, Dänemark Norwegen, Schweden, Italien, Österreich, Spanien, Portugal, Japan, Finnland. Sie sind aus den amtlichen Tageskursen errechnet worden. Mit der Einführung des Euro zum 1. Januar 1999 als gemeinsame Währung in zunächst elf Mitgliedsstaaten der Europäischen Union wurde auf deren nationalen Devisenmärkten der Handel mit den im Euro aufgegangenen Währungen eingestellt.
Die Datentabelle umfasst die Jahresdurchschnitte, errechnet aus den amtlichen Tageskursen, und jeweils den Stand am Jahresende (ab 1983).


Zu folgenden Themen sind Zeitreihentabellen zusammengetragen worden:

Datentabellen in HISTAT:
01. Historische Devisenkurse an der Frankfurter Börse (1953-1998)

This paper examines the influence of six commodity prices (Crude Oil, Coal, CPO, Gold, Nickel, Tin), exchange ratesand investment on the firm's value during the period 2010-2014, both directly and indirectly through the mediation of business risk. By applying Common Effect approach for panel data on path analysis model, we found the oil price and exchange rate (USD/IDR) are affect the firm's value, either directly or indirectly through business risk asmediation variable,but business risk does not mediate the effect of the investment on the firm's value. The study's findings support previous research results and evidence of theories, especially about the relationship of commodity prices, exchange rates, risks and value of the company. These results are useful for individual and institutional investors, managers and policy makers. ; peer-reviewed

In June 1999, the Malta Stock Exchange Tribunal, created by Part III of the Malta Stock Exchange Act of 1990, was finally set up. This Tribunal consists of a Chairman, who must have a legal qualification, and two other members. It has been appointed for a period of three years. This has marked the first time that the Tribunal has been constituted; no cases had been submitted to it since the coming into force of the Act. ; peer-reviewed

Two separate tribunals in the financial services sector have recently been constituted and duly publicised in the Official Gazette. ; peer-reviewed

The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP) to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER), Firm Size and Employee Stock Ownership Program (ESOP). Dependent variables in this research are Return on Assets (ROA) and Return On Equity (ROE). The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER) and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP) did not Affect to ROA and ROE. ; peer-reviewed

This study bridges the gap between Corporate Governance with the practice of human resource management and organizational performance. Data were collected from companies listed on Indonesia Stock Exchange on consumer product sector with 10 companies and consisting of 35 respondents. By using multiple regression analysis, the relationship between corporate governance and human resource management practices reveal significant effect on organizational performance. This proves that human resource management has a role to the company performance. Moreover, the results show the role of human resource management as a mediating variable that connects between corporate governance practices and company performance. This result also proves that there is a correlation between corporate governance practices implemented in companies with the implementation of human resource management. This study raises the approach of stakeholders who take learning through corporate governance. Although there is difficulty in getting cooperation and response from the companies involved, it proves that the stakeholders of the employees involved are aware of corporate governance issues and companies are required to improve and maintain their standards. ; peer-reviewed

The Indonesian government encourages state-owned companies (BUMN) to be listed on the Indonesia Stock Exchange and perform well. A Company's operating policy is expected to affect company performance. One approach to detect the company's operating policy is through the management of working capital. This study aims to examine the working capital management of non-financial BUMN companies and their impact on the efficiency of the company. In addition, we want to find empirical evidence that efficiency will affect company performance. The study used three independent variables which are days in inventory, days in receivables, and days in payables. The dependent variable is firm performance, as measured by its profitability. Company efficiency is an intervening variable. The results found that the profitability of non-financial BUMN is influenced by its profitability from the previous period . Similarly, the working capital efficiency measured by the cash conversion cycle is significantly influenced by the previous period's cash conversion cycle, and is not significantly affected by the working capital component. There is not enough evidence that working capital efficiency, as an intervening variable, has a significant effect on profitability. ; peer-reviewed

This article attempts to highlight some significant aspects of the first three cases submitted to the Malta Stack Exchange Tribunal. All these three cases have now been concluded and at the time of writing no proceedings are pending before this Tribunal. This may therefore be a good occasion to review the performance of this Tribunal and the effectiveness of our insider dealing law. ; peer-reviewed