Changes In Market Regulations Research Articles

Real estate investment funds: a proposal for dividend distribution in Brazil

This article discusses the current challenges faced by Real Estate Investment Funds (REITs) in Brazil, particularly regarding the mandatory dividend distribution based on the "cash" result, which can pose financial risks for managers, especially when future obligations exist. While this practice benefits passive income for investors, it may jeopardize the financial health of the funds. The Brazilian Securities and Exchange Commission (CVM) is keen on revising the current model but will have to overcome resistance from parts of the market. This article suggests a technological solution inspired by models used in developed countries such as the United States, the United Kingdom, and Spain, where dividends are distributed according to accounting profits with the option for dividend reinvestment. Implementing this model in Brazil would necessitate changes in market regulation and investors adapting to the investment platforms' modus operandi—proper accounting of distributions. This model would enhance transparency in resource management and financial stability for REITs. The article emphasizes the role of technological innovation in evolving Brazil's REIT market.

Community Pharmacies in Poland-The Journey from a Deregulated to a Strictly Regulated Market.

Community pharmacies are the primary entities providing drugs to individual patients in Poland. The pharmacy market has been changing for many years due to significant changes in market regulations. These changes significantly affect the profitability of pharmacies, which may impact the quality of pharmacotherapy. The small number of pharmacies, which resulted from changes in the law in 2017, can influence the level of patient care. The article presents the community pharmacies market in Poland. Particular attention is paid to the legal regulations affecting community pharmacies and the impact of these regulations on the overall shape of the market. The Polish system’s specificity, including the pharmacy market indicators, has been compared with data from other European Union countries.

Conditional accounting conservatism: Exploring the impact of changes in institutional frameworks in four countries

This study examines the links between conditional conservatism in financial accounting and certain changes in the institutional frameworks in Australia, France, Japan and the United States of America (US) during the period 1981–2008. We identify specific time periods where changes in market regulation and financing structure; harmonisation and convergence of accounting standards; and corporate governance occurred. We find that conditional conservatism, measured using the Basu (1997) model, decreased in all four countries over the study period. Indeed, by the end of the period studied, there was little support for the existence of conditional conservatism in any of the four countries. However, it is important to note that the pattern and timing of the changes varied across the four countries.

Evolution of demand for sugar in Polan

The accession of Poland to the EU resulted in significant changes in market regulations, and this had an important impact on the Polish sugar industry. The growth rate of demand was lower than that of production, and the sector became a net exporter. The structure of demand experienced significant changes as the consumption in households decreased, but demand is compensated for by the increased consumption in the food industry. The consumption of professional groups also varied strongly. The price increase due to EU accession, the influence of world market, and the supply fluctuations resulted in a high variability of sugar prices. The demand for sugar is characterised by low price flexibility.

Marketization, inequality, and institutional change: Toward a new framework for comparative employment relations

This article develops a framework for analyzing the social effects of marketization, defined as the imposition or intensification of price-based competition. The conceptual background is debates in comparative employment relations over the liberalization of markets and its consequences across Europe. Our central proposition is that marketization in its diverse forms leads to increased economic and social inequality via its effects on non-market institutions. We outline two mechanisms through which this happens. First, the means used by managers and investors to seek influence shifts from voice to exit, leading to the disorganization of industrial relations and welfare institutions. Second, economic activity shifts from productive toward non-productive activities, leading to changes in market regulation that are insulated from public scrutiny.

Institutions and Inequality in Liberalizing Markets

This paper examines cross-national differences in the development of sectoral collective bargaining in the European telecommunications industry following comparable changes in market regulations. The authors seek to explain why centralized, coordinated bargaining institutions were established in Austria and Sweden, both within incumbent telecommunications firms and at the sector level, while Germany and Denmark experienced decentralization and disorganization of bargaining at both levels. The authors argue that these outcomes resulted from differences in institutional loopholes employers were able to exploit to avoid centralized bargaining and past union structures that influenced patterns of interunion cooperation. These two explanatory factors were interrelated: the presence or absence of institutional loopholes affected the basis for cooperation between unions, while labor cooperation was an important power resource unions could draw on to close emerging loopholes. Findings demonstrate the importance of sector-level political dynamics for the construction or erosion of solidaristic bargaining structures under pressure from market liberalization.

Who bets on sports? Some further empirical evidence using German data

Given the rapid expansion of the German sports-betting market and recent changes in market regulations, it is interesting to reexamine the socioeconomic profile of German sports bettors: Who bets on sports? In order to analyse this question, this study used an online survey to collect data on sports-betting behaviour ( N=634). It modelled participation in sports betting by means of a logit model that recovers determinants of a person’s propensity to participate in sports betting. Results show that the typical sports-bettor is 32 years old and male, has a low household income, is highly interested in sports, and is willing to take risks.

Entrepreneurial processes in new company creation

Purpose – This paper aims to verify the positive impact of legislative changes aimed at decontrolling the market on the entrepreneurial process of new companies’ creation. The entrepreneurial process has been analysed in the context of innovation, risk and market opportunities, which represent the three main approaches to entrepreneurship theories. The analysis is focussed on the social service sector in Finland. Design/methodology/approach – The study is based on an ex post facto research design. The data are based on official statistics and the data bank of legislation. The case of Finland is used as an example for explaining the determinants of new company creation. Findings – Legislative changes aimed at decontrolling the market seem to have a positive impact on the entrepreneurial process of new company creation. This influence is manifested in the form of market opportunities, risk bearing and the introduction of innovation. Of these three factors influencing the start-up process, the opportunities for market exploitation seem to have the greatest impact. In the Finnish social service sector, entrepreneurial opportunities are based on changes in the political structures that influence the market conditions. Entrepreneurs have also contributed to the opportunities by being active and innovative in filling any new gap in the market structures. Practical implications – These results might be useful in the debate on policies supporting entrepreneurship. The example of the Finnish social service sector indicates that political changes in market regulations are a very effective method of supporting the process of entrepreneurship. Originality/value – The paper is among the first to analyse both legislative changes and market changes affecting the entrepreneurial process, which indicates that the research is comprehensive. Second, legislative political actions to decontrol the market are a starting point in the discussion on the determinants of the entrepreneurial process. Third, the contribution of legislative changes in terms of market opportunities, innovation and risk bearing as avenues of influence on the entrepreneurial process is analysed.

The Investigation of the Efficient Market Hypothesis: Evidence from an Emerging Market

Abstract This study examines the weak-form efficiency of the Iranian capital market after changes in market regulations. Some events after 2005 have fundamentally changed the environment of the Iranian capital market, and we expect those reforms to increase its market efficiency. Therefore, this study examined the behavior of daily returns in Tehran Stock Exchange (TSE) utilizing autocorrelation and augmented Dickey-Fuller for the period of 2005-2013. The results of all the tests do not support that TSE daily returns follow a random walk. Therefore, we conclude that it is possible to use technical skills to attain abnormal gains.

SPATIAL COMPETITION WITH CHANGING MARKET INSTITUTIONS

SUMMARYCompetition across space can be fundamentally altered by changes in market institutions. We propose a framework that integrates market‐altering policy changes in the spatial analysis of competitive behavior and incorporates endogenous breaks in explanatory variables for spatial panel datasets. This paper fills a gap in the literature between work focusing on spatial price responsiveness of agents and work on changes in market regulations that affect competition. We apply the framework to an important current fishery management policy to explore how a change from aggregate to individual fishing quotas affects the spatial price responsiveness of fish processors. Copyright © 2012 John Wiley & Sons, Ltd.

Modeling of interactions between market regulations and behavior of plug-in electric vehicle aggregators in a virtual power market environment

A market regulator is considered to increase the market efficiency and hence several regulations are tried to achieve this target. In many of such regulations, special conditions of renewable energies have been introduced. Accordingly, it is observed that some changes in regulations may have indirect undesirable effects on involved companies. In this paper, effects of the changes in market regulations on the behavior of both plug-in electric vehicle owners and their aggregators have been studied. A hybrid method is proposed to simulate the behavior of the market players from both regulator and aggregator's point of views. In addition, behavior of electric vehicle owners has been modeled considering type of the contract with aggregator. The result shows that a clever aggregator can convert some threats to changes in market regulations and there have been opportunities to increase the profit, enhanced the costumers and even the market efficiency.

The determinants of investment in information and communication technologies

In this paper, we assess the determinants of information and communication technology (ICT) investment at the macro-level, for a panel of 10 advanced countries, in the period 1992–2005. We investigate the idea that, since ICTs are general purpose technologies, the decision to invest in these technologies is strongly affected by the general business environment in which the investment takes place. The empirical results are consistent with this idea: facilitating factors such as changes in market regulation, amount of human capital, expenditure on R&D, and the share of the dynamic services sector in the economy, positively influence investment in ICT.

Entry Deterrence in Postal Service Markets

In this paper we analyze the incentive of the German postal service (Deutsche Post AG, DPAG) to increase quality in the light of the upcoming liberalization of the postal services market. Currently, there would be no incentive for DPAG to increase its quality if the market were not to be liberalized in six months. Therefore, we suggest that the current changes in market regulation have motivated this quality improvement. In particular we show that this rise in quality is only profitable to DPAG because it renders entry less profitable or even impossible. However, consumers benefit from higher quality, whether entry is deterred or accommodated.