Stock Market Simulation
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Reporting on the Reasons for the Acquisition of Own Shares1
REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES Review Article Economics of Agriculture 3/2014 UDC: 347.728.2 REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES1 Vladan Pavlović2, Janko Cvijanović3, Srećko Milačić4 Summary Mere knowledge that the company has acquired own shares is not always of great importance. Information on the acquisition of own shares from dissenting shareholders or the squeeze-out of minority shareholders is not of great importance to the users of financial statements. In the first case, it is far more significant to disclose the significant event that allowed dissenting shareholders to resign from the company. However, the purchase of own shares due to certain reasons, such as the purchase of own shares at a premium in order to influence the market value of shares, the repurchase focused on preventing greater harm to the company, which is especially true at a time of financial crisis, or the repurchase of own shares as a means of disbursing shareholders, is of great importance to the users of financial statements. Therefore, modern legislation in developed countries obliges companies to disclose a range of information regarding own shares, including the reasons for the acquisition. The above is also proscribed by the relevant EU directives and national legislation. The paper points out that the legal norms governing the obligation of reporting on own shares in Serbia are not harmonized and that most public companies in Serbia, despite the legal obligation, do not disclose the reasons for the acquisition of own shares. Key words: own shares, reporting, management report, notes to financial statements JEL: M41, G32, K22 1 This paper is a part of the results of the research on Project 179001 supported by the Ministry of Education and Science of the Republic of Serbia. -
Slovenia Have Been Remarkable
Mrak/Rojec/Silva-Jáur lovenia’s achievements over the past several years Slovenia have been remarkable. Thirteen years after Public Disclosure Authorized independence from the former Socialist Federative egui Republic of Yugoslavia, the country is among the most advanced of all the transition economies in Central and Eastern Europe and a leading candidate for accession to the European Union Sin May 2004. Remarkably, however, very little has been published Slovenia documenting this historic transition. Fr om Y In the only book of its kind, the contributors—many of them the architects of Slovenia’s current transformation—analyze the country’s three-fold ugoslavia to the Eur transition from a socialist to a market economy, from a regionally based to a national economy, and from being a part of the Socialist Federative Republic of Yugoslavia to being an independent state and a member of the European Union (EU). With chapters from Slovenia’s president, a former vice prime minister, Public Disclosure Authorized the current and previous ministers of finance, the minister of European affairs, the current and former governors of the Bank of Slovenia, as well as from leading development scholars in Slovenia and abroad, this unique opean Union collection synthesizes Slovenia’s recent socioeconomic and political history and assesses the challenges ahead. Contributors discuss the Slovenian style of socioeconomic transformation, analyze Slovenia’s quest for EU membership, and place Slovenia’s transition within the context of the broader transition process taking place in Central and Eastern Europe. Of interest to development practitioners and to students and scholars of the region, Slovenia: From Yugoslavia to the European Union is a From Yugoslavia comprehensive and illuminating study of one country’s path to political and economic independence. -
Aegon Alfa Absolute Return Investment Fund
AEGON ALFA ABSOLUTE RETURN INVESTMENT FUND FUND RULES FUND MANAGEMENT COMPANY AEGON HUNGARY INVESTMENT FUND MANAGEMENT CLOSE COMPANY (H-1091 BUDAPEST, ÜLLŐI ÚT 1.) CUSTODIAN UNICREDIT BANK HUNGARY ZRT. (H-1054 BUDAPEST, SZABADSÁG TÉR 5-6.) EFFECTIVE AS OF: 10TH MARCH 2021. DEFINITION OF TERMS UCITS undertakings for the collective investment in transferable securities UCITS Fund an investment fund management company managing one or more UCITSs as Manager regular business UCITS Directive Directive 2009/65/EC on undertakings for collective investment in transferable securities Fund Aegon Alfa Absolute Return Fund Base currency HUF, i.e. Hungarian Forint. It is the currency in which the Fund records its assets. The Fund may even invest a portion of its assets in securities issued in a currency differing from its base currency. Fund Management Aegon Hungary Investment Fund Management Close Company Company ÁKK Államadósság Kezelő Központ Zártkörűen Működő Részvénytársaság (Government Debt Management Agency Public Ltd in Hungary) Investment Fund a collective investment form set up under the conditions defined in Act XVI of 2014 on collective investment forms and their managers (Collective Investment Act) Investment unit a transferable security issued in series by the Investment Fund as issuer in the manner and with formalities defined in the Collective Investment Act, providing receivables and other rights against the investment fund as defined in the fund rules of the investment fund Investor the holder of an investment unit or any other collective -
Ljubljana Stock Exchange Annual Report 2010 and the Auditor’S Report at Its Periodic Meeting on 22 March 2011
Ljubljana Stock Exchange ANNUAL REPORT 2010 CONTENTS 1. INTRODUCTION 4 1.1. Report from the Management Board 4 1.2. Report from the Supervisory Board 6 1.3. Company profile 8 1.3.1. Business 8 1.3.2. Basic information 8 1.4. Mission, vision and strategic objectives 9 1.4.1. Mission 9 1.4.2. Vision 9 1.4.3. Strategy and strategic objectives 9 1.5. Corporate Governance Statement 9 1.5.1. Comply or Explain Statement 9 1.5.2. Internal control system and risk management 12 1.5.3. Other data (as at 31 December 2010) 13 1.5.4. General Meeting and rights of shareholders 14 1.5.5. Management Board 15 1.5.6. Supervisory Board 15 1.5.7. Board of Members and Board of Issuers 16 1.5.8. Corporate governance in CEESEG 17 1.5.9. External audit 17 2. BUSINESS REPORT 18 2.1. Macroeconomic assessment of Slovenia for 2010 18 2.2. Trading on the Ljubljana Stock Exchange in 2010 19 2.3. Main LJSE events in 2010 23 2.3.1. Chronology of events 23 2.3.2. Market development and important activities 24 2.3.3. New LJSE services 25 2.3.4. Market promotion at home and abroad, and international cooperation 26 2.3.5. Ljubljana Stock Exchange events 27 2.3.6. Market surveillance and best market practices 28 2.4. Human resources management 29 2.5. Performance analysis and value generation 31 2.5.1. Revenues 31 2.5.2. Expenses 33 2.5.3. -
Modernizing the Public Equity Market in Nepal
Framing the Issues: Modernizing the Public Equity Market in Nepal JOHN SCHELLHASE, STACI WARDEN ABOUT THE MILKEN INSTITUTE CONTENTS The Milken Institute is a nonprofit, nonpartisan think tank. 2 INTRODUCTION AND OVERVIEW For the past three decades, the Milken Institute has served as a catalyst for practical, scalable solutions to global challenges by connecting human, financial, and 5 PART I FOUNDATIONS FOR CAPITAL MARKET DEVELOPMENT: educational resources to those who need them. Guided by a conviction that the POLITICAL AND MACROECONOMIC STABILITY AND A STRONG, STABLE BANKING SECTOR best ideas, under-resourced, cannot succeed, we conduct research and analysis and convene top experts, innovators, and influencers from different backgrounds and 7 Political and Macroeconomic Stability competing viewpoints. We leverage this expertise and insight to construct programs 8 The Banking Sector and policy initiatives. 13 PART II DEVELOPING THE NEPSE: ATTRACTING ISSUERS, These activities are designed to help people build meaningful lives in which EXPANDING THE INVESTMENT BASE, AND IMPROVING THE they can experience health and well-being, pursue effective education and TRADING ENVIRONMENT gainful employment, and access the resources required to create ever-expanding 14 Attracting Issuers opportunities for themselves and their broader communities. 25 Attracting Investors 31 Improving the Trading Environment and Increasing Liquidity ABOUT THE GLOBAL MARKET DEVELOPMENT PRACTICE 37 PART III OWNERSHIP, GOVERNANCE, AND REGULATION The Milken Institute’s Global -
Apêndice a País Código MIC Identificação Do Mercado/MTF
Apêndice A Código País MIC Identificação do Mercado/MTF ALBANIA XTIR TIRANA STOCK EXCHANGE ALGERIA XALG ALGIERS STOCK EXCHANGE ARGENTINA XBUE BUENOS AIRES STOCK EXCHANGE ARGENTINA XMAB MERCADO ABIERTO ELECTRONICO S.A. ARGENTINA XMEV MERCADO DE VALORES DE BUENOS AIRES S.A. ARGENTINA XMTB MERCADO A TERMINO DE BUENOS AIRES S.A. ARGENTINA XBCM BOLSA DE COMMERCIO DE MENDOZA S.A. ARGENTINA XROS BOLSA DE COMERCIO ROSARIO ARMENIA XARM ARMENIAN STOCK EXCHANGE AUSTRALIA XNEC STOCK EXCHANGE OF NEWCASTLE LTD AUSTRALIA XASX ASX OPERATIONS PTY LIMITED AUSTRALIA XSFE SYDNEY FUTURES EXCHANGE LIMITED AUSTRALIA XYIE YIELDBROKER PTY LTD AUSTRIA XNEW NEWEX OESTERREICHISCHE TERMIN- UND AUSTRIA XOTB OPTIONENBOERSE, CLEARING BANK AG AUSTRIA XWBO WIENER BOERSE AG AZERBAIJAN XIBE BAKU INTERBANK CURRENCY EXCHANGE BAHAMAS XBAA BAHAMAS INTERNATIONAL STOCK EXCHANGE BAHRAIN XBAH BAHRAIN STOCK EXCHANGE BANGLADESH XCHG CHITTAGONG STOCK EXCHANGE LTD. BANGLADESH XDHA DHAKA STOCK EXCHANGE LTD BARBADOS XBAB SECURITIES EXCHANGE OF BARBADOS BELGIUM XBRU EURONEXT BRUSSELS BELGIUM XEAS NASDAQ EUROPE BERMUDA XBDA BERMUDA STOCK EXCHANGE LTD, THE BOLIVIA XBOL BOLSA BOLIVIANA DE VALORES S.A. BOTSWANA XBOT BOTSWANA STOCK EXCHANGE BRAZIL XBVP BOLSA DE VALORES DO PARANA BRAZIL XBBF BOLSA BRASILIERA DE FUTUROS BRAZIL XRIO BOLSA DE VALORES DO RIO DE JANEIRO SOCIEDADE OPERADORA DO MERCADO DE BRAZIL XSOM ATIVOS S.A. BRAZIL XBMF BOLSA DE MERCADORIAS E FUTUROS BRAZIL XBSP BOLSA DE VALORES DE SAO PAULO BULGARIA XBUL BULGARIAN STOCK EXCHANGE MONTREAL EXCHANGE THE / BOURSE DE CANADA XMOD MONTREAL -
Annual Report 2017 Ljubljana Stock Exchange
Annual Report 2017 Ljubljana Stock Exchange TABLE OF CONTENTS INTRODUCTION ......................................................................................................................... 2 LJUBLJANA STOCK EXCHANGE 2017 HIGHLIGHTS .................................................................... 3 LJUBLJANA STOCK EXCHANGE COMPANY PROFILE .................................................................. 4 Company ID ................................................................................................................................... 4 Business ......................................................................................................................................... 4 REPORT FROM THE MANAGEMENT BOARD ................................................................................ 5 REPORT FROM THE SUPERVISORY BOARD ................................................................................ 7 BUSINESS REPORT ................................................................................................................... 11 Corporate Governance Statement ................................................................................................... 12 General Meeting ............................................................................................................................ 12 Supervisory Board ......................................................................................................................... 12 Management Board ...................................................................................................................... -
Chapter 1 Introduction
Chapter 1 Introduction 1 Capital Markets In India An Introduction: Capital is often defined as “wealth used in the production of further wealth.” In simple words, it comprises the money value invested in a business unit. Market is that place where buyer and sellers are contact to each other and when these two words are merging together make capital market A business enterprise can raise capital from various sources long-term funds can be raised either through issue of securities or by borrowing from certain institutions. Short- term funds can also be borrowed from various agencies. Thus business units can raise capital from issue of securities or by borrowings (long-term and short-term).The borrowers and lenders are brought together through the financial markets. The term „financial market‟ collectively refers to all those organizations and institutions which lend funds to business enterprises and public authorities. It is composed of two constituents. (i) The money market, (ii) The capital market. While the money market deals with the provision of short-term credit, the capital market deals in the lending and borrowing of medium-term and long-term and long-term credit. Structure of the capital market------------ two constituents. Broadly describe, the capital market can be divided into two constituents. (1) The financial institution:- e.g., IFCI, IDBI, SFCs, LIC, UTI etc. provide long-term and medium-term loan facilities. (2) The Securities Market:- The securities market is divided into (A) the gilt edged market and (B) the corporate securities market. 2 A) Gilt-Edged Market The gilt edged market is the market in government securities or the securities guaranteed (as to both principle and interest) by the government. -
Liquidity Risks and Asset Pricing in Asian Stock Markets
CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY, ISLAMABAD Liquidity Risks and Asset Pricing in Asian Stock Markets by Sadia Saeed A thesis submitted in partial fulfillment for the degree of Doctor of Philosophy in the Faculty of Management & Social Sciences Department of Management Sciences 2020 i Liquidity Risks and Asset Pricing in Asian Stock Markets By Sadia Saeed (PM131010) Dr.Biagio Simonetti , Associate Professor Universita del Sannio,Italy (Foreign Examiner 1) Dr.Zam Zuriyati Binti Mohammad, Assistant Professor University Tunku Abdul Rehman, Malaysia (Foreign Examiner 2) Dr. Arshad Hassan (Thesis Supervisor) Dr. Mueen Aizaz Zafar (Head, Department of Management Sciences) Dr. Arshad Hassan (Dean, Faculty of Management & Social Sciences) DEPARTMENT OF MANAGEMENT SCIENCES CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY ISLAMABAD 2020 ii Copyright c 2020 by Ms. Sadia Saeed All rights reserved. No part of this thesis may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, by any information storage and retrieval system without the prior written permission of the author. iii This thesis is dedicated to my beloved parents; To whom I owe my whole life. To my brother; Usman Saeed. To my sister Nadia Saeed vii List of Publications It is certified that following publication(s) have been made out of the research work that has been carried out for this thesis:- 1. Saeed, S., & Hassan, A. (2018). Inter-linkages between Liquidity and Stock Returns: An Empirical investigation through Panel Cointegration. Pakistan Journal of Commerce and Social Sciences (PJCSS), 12(2), 617-637. 2. Saeed, S.,& Hassan, A. -
An Institutional Comparison Between European and Japanese Junior Stock Markets
INNOVATION-FUELLED, SUSTAINABLE, INCLUSIVE GROWTH Working Paper How do financial markets adapt? An institutional comparison between European and Japanese Junior stock markets Caroline Granier Sant’Anna School of Advanced Studies Valérie Revest Université Lyon 2, Triangle, Sant’Anna School of Advanced Studies Alessandro Sapio Parthenope University of Naples, Sant’Anna School of Advanced Studies 11/2017 May This project has received funding from the European Union Horizon 2020 Research and Innovation action under grant agreement No 649186 How do financial markets adapt? An institutional comparison between European and Japanese Junior stock markets Caroline Granier (Sant’Anna School of Advanced Studies, Pisa) Valérie Revest (Université Lyon 2, Triangle & Sant’Anna School of Advanced Studies, Pisa) Alessandro Sapio (Parthenope University of Naples & Sant’Anna School of Advanced Studies, Pisa) ABSTRACT Since the last decade, new Junior stock markets or second-tier stock markets have emerged in various countries, often influenced by the Alternative Investment Market, created by the London Stock Echange in 1995, and considered by numerous economic and political actors as a reference. Junior Markets are characterised by simplified listing processes and customised information standards. The creation of junior stock market segments can be seen as an instance of financialisation and of the spread of market-led financial architectures to economies traditionally characterised by credit-based financial systems, according to the evolutionary taxonomy outlined by Dosi (1990). This begs the question as to whether we are witnessing an increasing convergence towards financial systems that are typical of the Anglo-Saxon world. With these questions in mind, in this paper we perform an institutional comparison of junior stocks markets located in countries characterised by different varieties of capitalism : AIM London, AIM Italy, Alternext, Entry Standard, OMX First North, Mothers, Tokyo AIM, JASDAQ. -
Ljubljana Stock Exchange ANNUAL REPORT 2011
Ljubljana Stock Exchange ANNUAL REPORT 2011 CONTENTS INTRODUCTION…………………………………………………………………………………………………...4 Ljubljana Stock Exchange 2011 operations highlights………………………………………………..……4 Ljubljana Stock Exchange company profile……………………………………………………………..……5 Company ID…………………………………………………………………………………………………………5 Business…………………………………………………………………………………………………………......5 Report from the Management Board…………………………………………………………………...………6 Report from the Supervisory Board……………………………………………………………………………8 BUSINESS REPORT……………………………………………………………………………………………...10 Corporate Governance Statement……………………………………………………………………………10 General Meeting…………………………………………………………………………………………………..10 Supervisory Board………………………………………………………………………………………………...11 Management Board……………………………………………………………………………………………….11 Board of Members and Board of Issuers………………………………………………………………………..12 Corporate governance in the Group, and the takeover………………………………………………………..13 Internal controls and risk management…………………………………………………………………………14 Other information (as at 31 December 2011)…………………………………………………………………..15 Mission, vision and strategic objectives…………………………………………………………………….16 Mission……………………………………………………………………………………………………………...16 Vision………………………………………………………………………………………………………………..16 Strategy and strategic objectives………………………………………………………………………………...16 Basic macroeconomic indicators for Slovenia……………………………………………………………...17 Ljubljana Stock Exchange operations in 2011………………………………………………………………17 LJSE Activities in 2011…………………………………………………………………………………………..21 LJSE promotion and development campaigns in 2011………………………………………………………..22 -
Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials
Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Curtis, Daryl. 2019. Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials. Master's thesis, Harvard Extension School. Citable link https://nrs.harvard.edu/URN-3:HUL.INSTREPOS:37365395 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA Sustainability-related Indices Should be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials Daryl D. Curtis A Thesis in the Field of Sustainability and Environmental Management for the Degree of Master of Liberal Arts in Extension Studies Harvard University April 2019 1 Copyright 2019 Daryl D. Curtis 2 Abstract This research explored to what extent sustainability-related indices are attuned to millennial investor’s interests. Current and projected growth in millennials’ wealth, increases in sustainably-invested assets, millennials’ interests in sustainable investing, ESG integration in the investment profession, and the United Nations’ implementation of sustainability initiatives are amongst several factors which indicate there’s a demand for sustainability-related indexed products for retail and institutional millennial investors. The basis for this research is product issuers can only develop and bring to market sustainability-related index-based products (e.g., Exchanged Traded Funds (ETFs), mutual funds, tracker funds, and derivatives) for the millennial cohort if index providers construct indices based on millennial investors’ interests.