The purpose of this paper is to provide a model linking enforcement of institutional environment and reform of corporate governance of firms. It is argued that in the context of weak enforcement environment in transition economies, institutional factors in securities markets are effective in shifting corporate governance model of the privatised firms towards a market-based model that ensures a sustainable economic performance. The empirical study in the Vietnamese securities market supports this argument.

The globalization of securities markets has resulted in a rapid increase in securities transactions that cut across the national borders of more than one country. Individual country regulators cannot avoid the question of how regulatory authority should be allocated for such transactions. Rather, they continue with the present territorial regime, which allocates regulatory authority based on the location of a particular transaction and the effects associated with the transaction. This article assesses a range of alternate responses to globalization. Some have (...) argued that a company’s home country should regulate all transactions in the company’s securities regardless of location. Others have argued for increased harmonization across different country securities regulatory regimes. The article instead contends that giving issuers a greater degree of freedom to select among the securities regulatory regimes of different countries will result in both more desirable levels of investor protections as well as increased social welfare. Arguments have been raised against a move toward greater issuer choice in securities regulation. The article responds to such criticism, pointing out that the present territorial regime suffers from even greater flaws. (shrink)

This article examines regulation’s understanding of technology in American financial markets as means for rethinking the contours and institutional limits of governance in the age of financialization. The article identifies how the Securities and Exchange Commission perceived markets and their conceptual relation to technology throughout much of the long twentieth century by distilling the “ontologies” expressed by the agency’s leadership. Despite the fact that SEC’s commissioners recognized technologies as playing a central role in the market’s current and future operations, (...) these were never effectively brought under regulatory scrutiny even when such action fell under the commission's jurisdictional remit. Rather than regulating technologies as constitutive of markets, the governance of the material devices of finance was discursively kept at arm's-length by presenting them as intractable objects that were external to financial innovation. Triangulating across several techniques of computational text analysis, this article shows how this interpretation of technology mirrored distinct shifts in how regulators understood markets, from being physical trading sites populated by agents that required vetting and certification to a distributed, multi-sited system surveilled through transparency and disclosure. Throughout these ontological transitions, technology’s inscrutability remained, limiting the capacity of the state and its regulatory agencies to shape the evolution of finance and its underlying infrastructures. (shrink)

This book explores the relationship between the security state and the dominant economic interests, pointing to the ever-increasing reliance on a quantitative understanding of the natural and social worlds, which has vitiated the traditional values that constrained the exercise of power by both the market and the intrusive apparatus of the state.

In this paper we consider whether one type of individual investor, which we call at risk investors, should be denied access to securities markets to prevent them from suffering serious financial harm. We consider one kind of paternalistic justification for prohibiting at risk investors from participating in securities markets, and argue that it is not successful. We then argue that restricting access to markets is justified in some circumstances to protect the rights of at risk investors. We conclude with some (...) suggestions about how this might be done. (shrink)

This paper examines ethical issues involved in the mass marketing of securities to individuals. The marketing of products deemed “socially questionable” or “sinful” (like tobacco and alcohol) has long been recognized as posing special ethical challenges (Kotler, P. and S. Levy: 1971, Harvard Business Review 49, 74–80; Davidson, D. K: 1996, Selling Sin: The Marketing of Socially Unacceptable Products (Quorum Press, Westport). We contend that marketers should consider securities (i.e. common stock, options) in a similar vein, as a potentially dangerous (...) product. Given the inherent volatility of equity prices, responsible marketers need to exercise caution and restraint in promoting securities. We evaluate whether the NYSE’s current guidelines adequately encourage ethical marketing practices and deter unethical ones. Using recent examples of controversial brokerage advertisements, we expose weaknesses in the Exchange’s vague injunction that members not “mislead” reasonable people by making “exaggerated claims” in their communications. From a moral perspective, we find it troublesome that intentionality need not be present for a promotion to be considered misleading. Also problematic is the continued invocation of the reasonable person standard to judge the propriety of advertisements. We close with some thoughts on improving the quality of securities marketing. We suggest that the NYSE, in the interests of fostering higher ethical behavior among member marketers, may need to revive a marketing code of conduct prevalent on Wall Street in an earlier era. (shrink)

This empirical research applies cointegration in the traditional measurement method first to build directed weighted networks in the context of stock market. Then, this method is used to design the indicators and the value simulation for measuring network fluctuation and studying the dynamic evolution mechanism of stock market transaction networks as affected by price fluctuations. Finally, the topological structure and robustness of the network are evaluated. The results show that network structure stability is strong in the bull (...) class='Hi'>market stage and weak in the bear market stage. And the convergence rate of the dynamic evolution of network fluctuation is higher in the bull market stage than in the bear market stage. (shrink)

Food security is one of the major concerns in the Philippines. Although livestock and poultry production accounts for a significant proportion of the country’s agricultural output, smallholder households are still vulnerable to food insecurity. The current study aims to examine how livestock production and selling difficulties affect smallholder households’ food-insecure conditions. For this objective, Bayesian Mindsponge Framework (BMF) analytics was employed on a dataset of the Food and Agriculture Organization’s Data in Emergencies Monitoring (DIEM) system. We found that production (...) and selling difficulties significantly adversely affect food insecurity in the Philippines. However, their effects vary according to the severity of food insecurity. In particular, production and selling difficulties affect the households’ likelihood of eating less healthy and nutritious food equally. However, the production difficulties have more negligible impacts on the possibility of skipping meals and even ambiguous impacts on the likelihood of not eating for a whole day compared to the effects of selling difficulties. Moreover, we also found that the market plays a crucial role in facilitating not only livestock trading but also livestock production (e.g., purchase of feed and medicines). Based on these findings, we suggest that the livestock market needs to be expanded and regulated to maintain the balancing prices between livestock products and products and services used for livestock production, and facilitate the product-exchanging mechanism. (shrink)

This paper discusses the normative credentials of the “commodification of security,” i.e. subjecting protection against (criminal) threats to the market. It distinguishes between a “pure security market,” in the absence of public protection by the police, and an “additional security market,” co-existing with public provision. It argues that a pure security market is not so much unstable (as Nozick’s invisible hand argument for the minimal state implied) but undesirable, because of persisting levels (...) of unjustifiable violence. This does not however, mean that an additional security market is equally problematic. I discuss two main arguments in favor of state provision and how both lead to the same conclusion, that additional security efforts by commercial providers should be considered permissible. This shifts the question to the conditions which make the resulting mix of market and state legitimate. I will close by discussing three of these conditions: adequate regulation, cooperation between market and state providers, and a balance between both so that commercial security efforts do not undermine the minimum level provided by the state. (shrink)

The Farmers Market Nutrition Program (FMNP) is a federal-state partnership designed to provide fresh, locally grown produce to low-income participants at nutritional risk and expand consumer awareness and use of local produce sold at farmers markets. This paper describes the results of a collaboration initiative based on the typology of a “comprehensive, multisectorial collaboration” to support the FMNP. We report the outcomes of the partnerships that developed over three years, including increased outreach to FMNP participants and strategies to decrease (...) barriers to participation. Those partnerships that reached higher degrees of coordination or collaboration are now addressing market accessibility and market quality in new ways. Those partnerships that exhibited the highest degree of collaboration are contributing to community capacity building beyond FMNP issues per se and to larger issues affecting the agriculture community and the food security of residents. (shrink)

A mutual fund family incubates a fund when it creates a privately subsidized fund not available to the general investing public. It destroys unsuccessful incubator funds. The few successful funds will report higher incubation returns than the market return in advertisements intended to attract money from individual investors. This practice is currently allowed by the SEC. The evidence is that incubation returns are not a good predictor of subsequent fund performance and likely serve to mislead unsuspecting investors.

This paper examines the notion of the biopolitical body from the standpoint of Foucault’s logic of the security mechanism and the history he tells of vaccine technology. It then investigates how the increasing importance of the genetic code for determining the meaning and limits of the human in the field of 20th century cell biology has been a cause for ongoing transformation in the practices that currently extend vaccine research and development. I argue that these transformations mark the emergence (...) of a new kind of medical subject – the stabilized and infinitely reproducible human cell line – and that the practices and markets exploiting this new form of organism have had a destabilizing effect on the very biopolitical structures that engendered them and, in fact, mark a new way of conceiving the possibilities of cellular life. I call these new ways of organizing power that intervene in the logic of the security measure by mediating the relationship between populations and persons the microbiopolitical. (shrink)

Background and Aim: Global trends and national policies have made internationalization and paying attention to the international markets of higher education inevitable on the one hand and becoming a legal requirement of Iranian medical sciences universities on the other hand. Therefore, the main goal of this article was to show, by examining the experience of international marketing of higher education in Tehran University of Medical Sciences, what are the futures of international marketing of higher education in medical sciences? Materials and (...) methods: in this documented data and the views, knowledge and lived experiences of the beneficiaries of the University of Medical Sciences were the basis of the study, and in the following, the methods of documentary studies, trend analysis, brainstorming, expert panel, theme analysis and scenario planning were used. Results: The most important achievement of this article is that among the challenges facing the international marketing of higher education in the University of Medical Sciences, two driving forces have the highest importance and uncertainty in shaping the future of this issue, including: sustainable security and cultural development. Conclusion: The normalization of political and economic relations with the world along with appropriate cultural development inside and outside the university and acceptance of cultural, racial, religious, intellectual, ethnic and gender differences strengthens the marketing process of higher education. In such a situation, the risk of investing in providing international higher education will be reduced. Therefore, the most expensive and the most important uncertainty facing the country's universities in international marketing is the attitude and approach of science and technology governance to the relations and structure governing the international system. (shrink)

In the present context of aging populations, the question of how to support older workers who want to stay in employment longer is of particular importance, especially from a social justice perspective with regards to income. The challenges faced by organizations and governments are unprecedented. Interesting conclusions can be drawn from our research with regard to these challenges. First of all, the perception of retirement appears more or less unchanged over the years and remains very positive. Consequently, one of the (...) barriers to the employment of older workers may be the image of retirement itself, since it is still perceived as a gift or a right. Secondly, our results confirm that forcing people to stay longer in the labour market is a largely unpopular measure. Consequently, if public retirement plans offer limited income, governments and organizations should adopt a more voluntary approach to encourage older workers to stay in employment longer for a better income. Our results highlight the importance of the sector and type of job in the measures or incentives that could encourage older workers to stay in employment longer. Consequently, governments and organizations will probably have to adopt a contingent approach; i.e., all incentives do not necessarily fit all jobs or all sectors and social justice would require this be taken into account. We identified three sets of measures that could encourage older workers to stay in employment longer, and thus have access to better economic security: the reduction of working time, the flexibility of working time, and the individualization of retirement options and working time. The progressive reduction of their working time appears most interesting to our respondents. These measures appear to favour social justice in terms of income and right to employment at the end of active careers. (shrink)

The concept of food sovereignty is primarily taken as an alternative to the prevailing neoliberal food security model. However, the approach has hitherto not received adequate attention from policy makers. This could be because the discourse is marked by controversies and contradictions, particularly regarding its ability to address the challenges of feeding a rapidly growing global population. In response to these criticisms, this paper argues that the principles of food sovereignty, such as democratic and transparent food systems, agroecology, and (...) local market prioritization, should be fundamental pillars for achieving sustainable food security. It acknowledges that neither food sovereignty nor food security models alone can guarantee long-term food security, thus advocating for a blended approach that integrates these perspectives into a complex and interconnected system. This paper makes three significant contributions to the existing literature. Firstly, it emphasizes that food sovereignty should be seen as an integral component of transforming food systems towards sustainability, rather than a complete departure from neoliberal food systems. Secondly, it highlights the importance of adopting a multi-scalar approach, where decisions and policies for transforming food systems are context-specific and tailored to local circumstances. Lastly, the paper recognizes the necessity of institutional transformations that involve nation-states, social movements, and civil society organizations as key actors in the process of food system transformation. By reframing the discussion on food sovereignty and its relationship with food security, this paper provides insights into how these concepts can be mutually reinforcing, leading to more sustainable and equitable food systems. (shrink)

The moral and political philosophy of Wilhelm Röpke is among the finest instances of European classical liberalism in the twentieth century, and in many occasions he stated that only a society which understands the importance of markets can be reconciled with human dignity. Röpke elaborated a political theory that focused on the harmony between moral principles and economic law. In this sense, his liberalism is unique not only because it defends private property and competition as pillars of a thriving economy, (...) but above all that it provides the preconditions of a society that can remain secure from the immorality of despotism and subsequent ethical degeneration. To that end he upheld an economic order based on voluntary cooperation as the basis for a more humane society, emphasizing the role of institutional competition and federalism. Röpke’s cultural conservatism should not therefore be misunderstood, as it is very much connected with his defense of the essential role of property. It is only in this sense that he found in liberal humanism a third way, which is not however situated halfway between the market and socialism, but which represents instead a defense of a competitive society that is aware of its own historical and cultural basis. (shrink)

The resources and resource potential of the innovative component of nanoeconomics are analyzed. The factors of production – classical types of resources such as land, labor, capital and technology – are described. Ways of influencing the security resources of nanoeconomics within the innovation paradigm are evaluated. The purpose of the study is to identify the factor of nanoeconomics in the formation of resource security potential in the innovation paradigm. To achieve this goal, the following tasks were set: to (...) characterize the importance of the land resource as a factor in the potential of economic nanosystems; to highlight the importance of capital as a factor of nanoproduction and an indicator of the innovation paradigm; to determine the labor resource in the development of innovative nanosystems; to analyze the intellectual potential of nanoeconomic development of the innovation paradigm; to identify clusters of innovative nanopotential in the regions of countries with transition economies. Each resource is examined separately with the first analysis of a resource security assessment such as land. The other resource under consideration is labor. Demographic factors become decisive in describing the development of labor resources. The capital factor allows the formation of independent economic systems, when the state budget affects the possibility of developing science, education and health care. A number of methods were applied during the study: methods of induction and deduction (to assess the importance of the innovation paradigm for the development of nanoeconomics); system analysis and structural approach (to determine the aggregate state of production factors); method of comparing the quality of production factors in market economies and in developed countries; an observation method (for assessing the state of resources in different countries); method of cluster analysis (to determine the existence of innovation-territorial regions in countries with economies in transition). The analysis is carried out to identify the conditions of the impact of production factors on the innovative paradigm of nanoeconomics. It reveals theoretical approaches to the formation of nanoeconomics and its active development. As a result of the study of intellectual and resource potential of security, a cluster analysis was carried out to assess the conditions for the formation of innovation-territorial regions. This study allows to understand the role of production security factors in the formation of the innovation paradigm and the efficiency of the development of nanoeconomics. The way of providing the basis for the development of nanoeconomics in the form of efficient use of production factors is considered as a perspective. (shrink)

This Article discusses the impact of the international financial crisis on Brazilian capital markets. While the banking industry was not severely affected, leading nonfinancial corporations experienced severe financial turmoil. Two Brazilian corporations cross-listed in the United States - Sadia S.A. and Aracruz Celulose S.A. - suffered billion-dollar losses when the Brazilian real unexpectedly plummeted in relation to the dollar. Despite earlier disclosure that these companies had engaged only in pure hedging activity, these great losses were found to be the result (...) of their highly speculative trading in currencyderivatives. Consequently, several private lawsuits were filed both in the United States and in Brazil. This Article takes a novel approach to the transnational securities litigation debate by examining the particular consequences of private litigation in a developed and in an emerging country. It compares the types of lawsuits filed and their final outcomes. Despite substantially similar alleged wrongdoing, the outcomes for securities holders in each jurisdiction contrast strikingly. Only U.S. investors of both companies were able to obtain substantial financial recoveries; Brazilian investors obtained none. This Article examines the reasons behind these discrepant results and the consequent economic distributional effects on global securities markets after the U.S. Supreme Court decision in Morrison. The Article argues that Morrison aggravates such shareholder cross-border non pro rata compensation and transfers of company value from foreign to U.S. investors. It identifies a set of costs borne by foreign investors, and so far neglected by scholars, as a consequence of the current status of U.S. and international securities law regimes. These costs are the result not only of the typical “circularity problem” in securities litigation, but also of a “double circularity problem” as they fall on foreign shareholders who also suffered equivalent damages to those experienced by the U.S. class being compensated. The Article then discusses potential policy reforms for fixing transnational securities litigation. (shrink)

The aim of this paper is to calculate the market valuation of non-financial characteristics, namely, the social responsibility criteria included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique (...) is used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non-abusive market practices. (shrink)

Publication date: 28 April 2021 Source: International Letters of Social and Humanistic Sciences Vol. 90 Author: Sarah Kinya Mburugu Listing of a company in the securities exchange has been observed to be followed by underpricing in the first day and long term period of underperformance in terms of pricing in the subsequent days. Consequently, there has been a considerable curiosity from stakeholders, investors and academics to comprehend the assessments of why companies go public and the issues surrounding the short and (...) long-run performance of newly issued equities. Underpricing is necessary to induce uninformed investors to participate in IPO offering when faced with adverse selection from informed investors. This often leads to first day price not reflecting a fair value of the IPO. The objective of the study was to determine the long-run performance IPOs and effects in the Kenyan stock market for the period 2007-2014. A descriptive survey research design was employed in the study. The population of the study encompassed all the 64 listed companies at the NSE as at 2016. The study employed a non-probability purposive sampling technique. Data collected for this study was secondary data obtained from NSE website, NSE price lists and the Central Bank of Kenya website for the period 2007 to 2014. The data obtained was analyzed using Statistical Package for Social Science. Mean Average Buy and Hold Returns, Abnormal Returns and Cumulative Abnormal Returns were used to calculate the performance of the stocks. T-statistic for CAR was computed to the test for its significance. T-test was conducted at 95% confidence level to find if MABHR and CAR were statistically significant after IPOs announcement. (shrink)

This paper addresses the impact of the unethical business conduct of a few individuals that shook the financial market in 1986. Specifically, in the study undertaken for this paper, the wealth status of the shareholders of securities firms was examined in relation to the public disclosure of the insider-trading scandals involving Dennis Levine, Ivan Boesky, and their confederates. It was hypothesized that the expected market-adjusted stock returns for the securities firms would be negative as a result of the (...) scandals. The findings of the study supported the hypothesis. (shrink)

This paper looks at the development of blockchain technologies that promise to bring new tools for the management of private data, providing enhanced security and privacy to individuals. Particular interest present solutions aimed at reorganizing data flows in the Internet of Things architectures, enabling the secure and decentralized exchange of data between network participants. However, as this paper argues, the promised benefits are counterbalanced by a significant shift towards the propertization of private data, underlying these proposals. Considering the unique (...) capacity of blockchain technology applications to imitate and even replace traditional institutions, this aspect may present certain challenges, both of technical and ethical character. In order to highlight these challenges and associated concerns, this paper identifies the underlying techno-economic factors and normative assumptions defining the development of these solutions amounting to technologically enabled propertization. It is argued that without careful consideration of a wider impact, such blockchain applications could have effects opposite to the intended ones, thus contributing to the erosion of privacy for IoT users. (shrink)

A mutual fund family incubates a fund when it creates a privately subsidized fund not available to the general investing public. It destroys unsuccessful incubator funds. The few successful funds will report higher incubation returns than the market return in advertisements intended to attract money from individual investors. This practice is currently allowed by the SEC. The evidence is that incubation returns are not a good predictor of subsequent fund performance and likely serve to mislead unsuspecting investors.

Critical development and food studies scholars argue that the current food security paradigm is emblematic of a ‘New Green Revolution’, characterized by agricultural intensification, increasing reliance on biotechnology, deepening global markets, and depeasantization. High-profile examples of this model are not hard to find. Less examined, however, are food-security programs that appear to work at cross-purposes with this model. Drawing on the case of Feed the Future in Guatemala, I show how USAID engages in activities that valorize ancestral crops, (...) subsistence production, and agroecological practices. Rather than the result of macro-level planning—of either the New Green Revolution or a greener reform regime—I argue that nonconforming food security projects can be traced to individual actors and their interactions on the ground. I draw on an ‘interface approach’ (Long 1990 ), focusing on the lifeworlds of development workers, their interfaces with each other, and with the to-be-developed. Doing so reveals how food security projects are significantly shaped by the relationships and interests of development actors enmeshed in particular organizational and national settings. This research contributes a fresh perspective on the food security paradigm and its role within the ‘corporate food regime’. (shrink)

As the gap between the need for and supply of human organs continues to widen, the aim of securing additional sources of these “gifts of the body” has become a seemingly overriding moral imperative, one that could—and some argue, should—override the widespread ban on organ markets. As a medical practice, organ transplantation entails the inherent risk that one human being, a donor, will become little more than a means to the end of healing for another human being and that he (...) or she will come to have a purely instrumental value. With the establishment of organ markets, not only will the harms of instrumentalization be a reality—the ends of medicine will be further compromised and confused. (shrink)

Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. (...) That was why banks turned their mortgage-loans into derivative-driven securities, why pension-funds placed bets on commodity-futures and why countries such as Greece used derivatives to hide the real state of their finances. Derivatives helped determine the form and magnitude of the crisis, but were not its underlying cause. Proposed reforms of the derivatives-market ignore the fundamental determinants of the financial crisis, assuming it to be a failure of regulation. (shrink)

Which goods should we be able to buy and sell on the market and, alternatively, which goods should remain sheltered from the market? For many goods in modern societies, this has proven to be a thorny question. Moreover, it is a question that cannot be answered by way of a theoretical shortcut, that is, by attributing certain general values (or disvalues) to the market and inferring from these general attributes that the market is (or isn’t) the (...) best institution to govern the provision of a specific good. Therefore, in the first part of this work, three theoretical building blocks are proposed to frame the way we should handle the market question. First, a social theory is formulated which treats the market as one out of five main socio-economic modes of provision, the others being public provision, professional provision, informal provision and self-provision. Second, in choosing the best institutional framework for a specific good, it is argued that we should not restrict ourselves to the option of implementing one of these modes of provision only. Special attention should be paid to the option of ‘institutional pluralism’, i.e. instituting a market and a non-market alternative simultaneously for the same good. Both the attractions and the limits of such an institutional pluralism are discussed. Third, in making institutional choices about these modes of provision, we need a normative theory providing the moral criteria to guide our choices. Here a capability theory is proposed, which consists of three central principles, parallel to a distinction between three types of capabilities: those that are ‘immoral’, those that are ‘morally required’ and those that are merely ‘morally permissible’. The principles prescribe avoiding the realization of the immoral capabilities and promoting the realization of morally required and permissible capabilities. In the second part, this threefold framework is applied to three specific goods. These are security (protection against criminal threats), media (mass communication by media such as television, radio and the press) and care (caring activities provided on a structural basis to dependents such as care for children, chronically ill and elderly people). For each of these goods a capability analysis shows that the most appropriate institutional framework is institutional pluralism. In the case of security this is a pluralism of market and public provision, in the case of media a pluralism of market and professional provision and in the case of care a pluralism of market and informal provision. In the final chapter I investigate the conditions that have to be fulfilled for these institutionally pluralist arrangements to be stable, that is, to have a robust chance of survival. The main challenge to stability comes from the dynamic toward capital accumulation that is inherent in contemporary capitalism, and if left unchecked requires an ongoing conversion of non-market practices into markets. Two solutions are proposed to counter this threat: a general working time reduction which reduces capital accumulation and a strategy of publicly funded investment of accumulated capital in non-market parts of institutionally pluralist practices. (shrink)

This article tells the story of an Israeli regulatory program aimed at luring back home Israeli companies listed only on U.S. stock markets, to facilitate dual listing of their stocks on the Tel Aviv Stock Exchange. Beyond documenting a piece of Israeli political economy, this article provides several lessons of general relevance to small or emerging markets as well as to large ones. In this story, the regulator of the small market finds itself a regulatory price-taker. In a mirror (...) image, the U.S. market emerges as a global regulatory price-setter. This regulatory externality, or regulatory arbitrage, is disturbing because the standard with which Israeli regulation had to align is the watered-down version for non-U.S. issuers. Indeed, any effort to require an iota of additional disclosure beyond the American foreign issuer regime has failed due to vehement objections from the Tel Aviv Stock Exchange and business interest groups. The role of the stock exchange as regulator and the interplay between corporate law and securities regulation are also discussed in this context. This article thus casts some doubt on the desirability of piggybacking on foreign markets. Sometimes, it turns out, piggybacking can be a ride to the bottom. (shrink)

Originating in a 1983 Mexican Government Program, the term ‘food sovereignty’ was coined in 1996 by La Via Campesina—a global peasant network—to address concerns within the civil society for food security. Rather than to accept the neoliberal framework of mainstream food security definition and governance, the food sovereignty movement seeks to view food security as the right of peoples to define their own food and agriculture systems with limited corporation intervention. As a result, food production should be (...) geared toward the domestic and local markets and not toward international trade that only benefits corporations. This food sovereignty movement was inducted into China in 2013 just as China’s agricultural systems were shifting toward a more corporate-centric structure that increasingly exploits the small-scale farmers. A question was hence raised: How have the global civil society networks influenced the Chinese civil society and promoted China’s local food sovereignty movement? Through the world society theory, the author has identified social forums, such as international conferences and social media channels, as an expedient means for interactions. However, as the Chinese government continues to develop a corporate-centric food security governance system and tighten its civil society space, the impacts of China’s food sovereignty movement remain unclear. (shrink)

This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to (...) combat irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis. (shrink)

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

This forum contribution addresses two major themes in de Goede’s original essay on ‘Financial security’: (1) the relationship between stable markets and the proverbial ‘security dilemma’; and (2) the development of new decision-technologies to address risk in the post-World War II period. Its argument is that the confluence of these two themes through rational choice theory represents a fundamental re-evaluation of the security dilemma and its relationship to the rule of law governing market relations, ushering in (...) an era of perpetual physical and financial insecurity. (shrink)

Dans la lignée de Kenneth Arrow, les théoriciens du bien-être présentent la mise en oeuvre des programmes publics de Sécurité sociale comme le moyen de pallier les défaillances du marché. Or, cette approche n’est pas confortée par une analyse du développement des premières protections sociales. D’une part, les offres privées, loin d’avoir été défaillantes, se sont développées selon un processus d’essais et d’erreurs leur ayant permis d’acquérir un avantage comparatif dans la gestion de l’asymétrie de l’information.D’autre part, l’intervention publique a (...) entravé le développement de ces protections privées en favorisant la constitution de rentes politiques et financières dès le XIXème siècle. La disparition ultérieure du marché français, loin d’être une conséquence de ses propres “défaillances”, apparaît comme la résultante d’un phénomène d’éviction.Following of Kenneth Arrow, Welfare Economics see social security as the only way to solve market failures. This approach is not supported by a careful analysis of the development of the former kinds of private social protections.On the one hand, private institutions, far from being deficient, developed according to a trial and error process, which provided them with a competitive advantage in the management of informational asymmetry.On the other hand, public regulation hampered the development of those first private institutions. Governments favored, as far back as the 19th century, the supply of political and financial rents. The subsequent disappearance of the market, far from being the consequence of its own “failures”, seems to be the result of a crowding out phenomenon. (shrink)

What limits should there be on the areas of life that are governed by market forces? For many years, no one seriously defended the buying and selling votes for political elections. In recent years, however, this situation has changed, with a number of authors defending the permissibility of vote markets. One popular objection to such markets is that they would lead to a tyranny of wealth, where the poor are politically dominated by the rich. In a recent paper, Taylor (...) :313–328, 2017. doi: 10.1007/s11158-016-9327-0) has argued that this objection can be avoided if certain restrictions are placed on vote markets. In this paper we will argue that this attempt to rebut an argument against vote markets is unsuccessful. Either vote markets secure their purported benefits but then they inevitably lead to a tyranny of wealth, or they are restricted so heavily that they lack the features that have been claimed to make vote markets attractive in the first place. Using Taylor’s proposal as a test case, we make the more general claim that vote markets cannot avoid the tyranny of wealth objection and bring about their supposed benefits at the same time. (shrink)

The past three decades have seen a decline in traditional industries in the United Kingdom and there has been a relative decline in the value of physical assets to the UK economy. At the same time, the value of intangible assets seen in intellectual property rights have increased considerably. As such, IP rights represent important assets for companies and often comprise the foundation for market dominance and continued profitability. There is a structural uncertainty in the law relating to the (...) use of IP as collateral for the purpose of raising debt finance and this may impact upon the survival of firms with high ratios of intangible to tangible assets. This article considers the proper goals for an effective credit and security regime in IP. It examines the significance of the availability of collateral to the lending decision and also considers whether the reluctance to maximise the use of IP as security reflects inherent difficulties which arise out of the nature of IP as economic assets. This has implications for the reform of English personal property security law and the development of bright line priority rules associated with Article 9 of the US Uniform Commercial Code which is often cited as a model for reform of English law. (shrink)

Originating in a 1983 Mexican Government Program, the term ‘food sovereignty’ was coined in 1996 by La Via Campesina—a global peasant network—to address concerns within the civil society for food security. Rather than to accept the neoliberal framework of mainstream food security definition and governance, the food sovereignty movement seeks to view food security as the right of peoples to define their own food and agriculture systems with limited corporation intervention. As a result, food production should be (...) geared toward the domestic and local markets and not toward international trade that only benefits corporations. This food sovereignty movement was inducted into China in 2013 just as China’s agricultural systems were shifting toward a more corporate-centric structure that increasingly exploits the small-scale farmers. A question was hence raised: How have the global civil society networks influenced the Chinese civil society and promoted China’s local food sovereignty movement? Through the world society theory, the author has identified social forums, such as international conferences and social media channels, as an expedient means for interactions. However, as the Chinese government continues to develop a corporate-centric food security governance system and tighten its civil society space, the impacts of China’s food sovereignty movement remain unclear. (shrink)

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We (...) also review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

The paper aims at analyzing the production of creditworthiness within the context of commercial banking in international banks. Taking the interim financing in the Polish automobile sector as an example, the paper reconstructs the process between legal framing of the financial instrument, marketing, and risk management. Firstly, it shows that changes in the state vehicle registry function as a prerequisite upon which the bank uses the newly introduced vehicle registration document as a security. Secondly, it analyzes the change of (...) perspectives which takes place between the marketing of the product and the analysis of documents . Thirdly, it argues that creditworthiness cannot be deduced from the economic representation of the enterprise but is the very result of negotiations between the actors involved. (shrink)

This article explores how the segments of the state police and security organs were transformed into a large private security industry in Russia after 1992. As market reforms were launched, the numbers of private property owners grew dramatically, but the state institutions for the protection of property and dispute settlement were either absent or defunct. This gap was consequently filled with various private institutions, private protection companies and private security services being the major ones. The article (...) studies the context of their emergence, their functions and practices as well as their relations with the state and the criminal sector. (shrink)

Bitcoin is a virtual currency that provides a completely decentralized secure alternative to the currencies currently used. Nakamoto, the creator of this cryptocurrency, published an article on an encryption mailing list in 2008 with the title “Bitcoin: A Peer-to-Peer Electronic Cash System”, thus giving the creation of this virtual currency. This study aims to analyze the Bitcoin and what factors can influence its price, in the context of a pandemic. This work will focus on the bitcoin price and on five (...) different factors likely to have an influence on his price, such as: Hash Rate, Mining Difficulty, Volatility Index, Google Search and Transaction Cost. The period for this research ranges from 15/03/2020 to 14/11/2021, a total of 96 weeks, to integrate the covid-19 factor into the study. The results show that the variables fsCoinCirculation and fsTransationCost are both necessary conditions for an increase on the bitcoin price, but for low values of bitcoin price there are no necessary conditions. Additionally, findings suggest that Hash Rate influences the price of bitcoin. Finally, fsVix variable was found to be a variable with an important implication in price, namely, in its volatility. (shrink)

This study examines whether penalties issued to Chinese listed companies by securities regulators for violations of corporate law affect the cost of debt, and the moderating role of corporate social responsibility fulfillment on this relationship. Our sample consists of firms listed on Shanghai and Shenzhen stock exchanges from 2011 to 2017 and the data are collected from the announcements of China Securities Regulatory Commission. The findings are as follows: punishment announcements by regulatory authorities increase the cost of debt; and the (...) effect of punishment announcements on the cost of debt is partially offset by prior CSR performance. These findings are shown to be robust. The reputation insurance effect of CSR is more pronounced in state-owned enterprises and in an institutional environment with low marketization, a weak legal environment, and low information transparency. The findings support the reputation insurance hypothesis of CSR and employ the cost of debt as a governance mechanism. (shrink)

This paper addresses the issue of food security in developing countries and how agriculture plays an important role in achieving not only food security, but also in reducing poverty and promoting sustainable development. The promotion of trade liberalization by the World Trade Organization (WTO) through the Agreement on Agriculture (AoA) has undermined the productive capacity of developing countries and their comparative advantage in the agricultural sector, marginalizing small-scale farmers and benefitting the big corporations. The paper looks at the (...) issue of intellectual property rights that big corporations have for seeds and their effects on small-scale farmers, and how corporate social responsibility (CSR) is insufficient to regulate the dominance of big corporations in the food and agricultural market. The paper is divided into seven sections: trade liberalization and food security, the WTO and the AoA, the effects of the AoA on developing countries, the role of transnational corporations (TNCs) on food security, CSR and TNCs, policy recommendations, and conclusions. (shrink)

European integration has increased to encompass security-related policies. One such policy is defense industry policy, which traditionally has been a national concern rooted in defense and security policy. Efforts have been made since the 1990s to create a European defense industry market. However, there have been different ideas of how this goal should be achieved or which model for state—industry relations the market should rest on. Using Sweden to illustrate the development, this article argues that for (...) the Europeanization of defense industry policy, marketization has played a vital role. Building on official documents and interviews, the article analyzes the efforts to create a European defense industry market, marketization of Swedish defense industry policy, and the increased interaction between Swedish and European defense industry policy processes. The analysis also shows domestic challenges that the processes of Europeanization and marketization have brought about. (shrink)