Financial Center Research Articles

Innovating corporate share listing frameworks: a comparative study of SPAC regulatory regimes in the United Kingdom, Singapore, and Hong Kong

ABSTRACT In the 2020s, special purpose acquisition companies (SPACs) have swiftly emerged as an alternative vehicle for global corporations that seek a public listing. This article aims to critically analyse the regulatory frameworks governing SPAC listings in three prominent common law jurisdictions: the United Kingdom, Singapore, and Hong Kong. It evaluates the latest corporate share listing reforms from a comparative perspective, shedding light on how each jurisdiction adapts to the dynamic nature of SPACs and addresses rising challenges regarding investor protection under their new listing regimes. The discussion focuses on the influence of international best practices and the cooperation among global regulatory authorities. By providing an in-depth comparative analysis of SPAC listing rules in London, Singapore, and Hong Kong, this article offers valuable insights for researchers, legal practitioners, policymakers, public companies, and their investors who seek to understand the regulatory landscape for SPACs and innovative corporate regimes in leading financial centres. The findings enhance our understanding of the strengths and weaknesses of the SPAC regulatory frameworks in each of the three jurisdictions, thus assisting stakeholders in making informed decisions in the rapidly evolving global financial landscape.

Outward FDI, Profit Shifting, and Its Impact on the Tax Payments of the Parent Firm: A Case of Indian Manufacturing Firms

Outward FDI, Profit Shifting, and Its Impact on the Tax Payments of the Parent Firm: A Case of Indian Manufacturing Firms

Aplikasi Survei Kepuasan Peserta Diklat Berbasis Mobile Untuk Meningkatkan Pelayanan Diklat

Balai Diklat Keuangan Medan There is an Organizing and Learning sector which is tasked with carrying out learning related to State finances, facilitating the implementation of the Learning system and facilitating technical support for implementing learning needs analysis, learning evaluation, certification and competency tests as well as providing assistance services for implementing knowledge processes and learning organizations in the work area of the Financial Education and Training Center. This research was created to create a mobile-based training participant satisfaction survey system to improve training services. The aim is to improve training services that can be accessed easily by training participants. With the survey application, participant satisfaction data can be accessed and analyzed in real-time and this application makes the work of organizers easier in calculating satisfaction surveys and can provide data to the head of the Financial Training Center quickly. By using the waterfall method with Likert Scale calculations, this research produces an efficient information system through the stages of needs analysis, design, implementation, testing, maintenance and Likert scale calculations. The results obtained from this research are that the participant satisfaction survey application can make it easier for organizers to calculate survey results and make it easier for offices to improve office quality quickly.

MANAGERIAL AUDIT IMPROVEMENT OF FINANCIAL PERFORMANCE IN FOOD PROCESSING COMPANIES

The most important way to improve the competitiveness of organizations is the implementation of the managerial audit system for the financial results of economic activity.The article analyzes ways of improving internal control of financial results in food processing organizations from the point of view of introducing management audit. In particular, a methodology for evaluating the cost estimates and their deviations defined by the organization's financial responsibility centers within the framework of the managerial audit is proposed.

Financial center expertise, investors’ expectations and the new European anti-money laundering authority

The decision to establish the European authority for anti-money laundering and counter-terrorism financing (AMLA) in Frankfurt sets the stage for a natural experiment, offering insight into how the decision for the AMLA headquarter location and the future proximity to regulatory oversight influence the market value of financial institutions. Our results show that, while the introduction of a regulatory institution in Europe appears to have a significant positive impact on European markets, this effect, however, appears to be mitigated in countries directly affected by the decision of the geographical location of the new founded authority.

Exploring the Impact of Financial Literacy, Risk Tolerance, Job Satisfaction and Trust in Financial Institutions on Personal Investment Behaviors Among investment Company Employees in Shanghai, China

The purpose of the study is to examine financial literacy, risk tolerance, job satisfaction and trust in financial institutions on personal investment behaviours among investment company employees in Shanghai, China. Data from a total of 324 respondents were collected from personal investment company using survey. The results of multiple regressions demonstrate that financial literacy, risk tolerance, job satisfaction, and trust in financial institutions have significant predictive power in explaining variations in personal investment behaviours among investment company employees in Shanghai, China. Trust in financial institutions stands out as the most potent predictor in the model followed by risk tolerance, financial literacy and job satisfaction. These results confirm existing literature but add a layer of complexity by focusing on employees in the financial sector. The strong correlation indicates that even those with inside industry knowledge place high value on trust. The emotional assurance stemming from trust appears to act as a foundational pillar for making investment decisions, especially in a bustling financial hub like Shanghai. It seems that trust mitigates the inherent risks of investments, leading to more confident decision-making.

URBAN RESONANCE: Reconsideration of Public Art and Civic Spaces in Financial Districts in the Post-COVID-19 Era

In the post-COVID era, global financial centers are facing significant transformations, challenging traditional notions of urban space. This paper critically examines the public art and urban spaces of London's Canary Wharf, exploring how new forms of public art can serve as potential avenues for enriching civic spaces within these financial districts. We argue that outstanding public art not only mirrors the dynamic evolution of the urban financial landscape but also acts as a bridge fostering communication between commerce and community.

‘All brilliant gloss’: the liminal visual in Softley’s The Wings of the Dove

Abstract This article examines Ian Softley’s 1997 adaptation of Henry James’s 1902 novel The Wings of the Dove as a study in the representation of liminal sociocultural moments, specifically through its infusive representation of the character of Aunt Maud, played in the film by Charlotte Rampling. James’s Maud is the financial centre of the narrative, a complex and contradictory weaponization of philistine convention and vulgar immorality, a collage of surfaces repeatedly described as gloss on a double-sided coin. James felt that the diffusiveness of Maud’s power was the novel’s structural problem, because it inhabited a liminal space where the desires of the individual coextend with the desires of the market, and thereby dislocated the centre of critique and control in the text, moving the reader further and further away from the commercial trappings of their cultural moment. The filmmakers claimed that eliminating Maud allowed them to update the novel’s language, costumes, etiquette, and environment for a younger audience, but the film was dismissed as a pandering cash grab, an attempt to make Henry James a brand. In this way, the film diminishes Maud’s presence but empowers her narrative agency; resituating James’s brand of displacement, alienation, and loss into a liminal environment makes Maud’s commercial influence so inescapable and self-reflexive that it makes the film look like one of her many enterprises.

The London money market and non-British bank lending during the first globalisation: evidence from Brazil

AbstractThis study examines the relationship between the London money market (LMM) and the credit provision of non-British overseas banks in peripheral economies during the first wave of globalisation. Using monthly data between 1889 and 1913, we find a positive relationship between the amount of credit authorised by the German Brasilianische Bank für Deutschland in Brazil and the spread between the London market and floating rate. Our results suggest that increased demand for foreign bills and/or decreased borrowing costs in the LMM leads to an increase in credit supply. We use the impact of annual tax payments on the spread between the market and floating rate as an instrumental variable (IV) to show that this relationship is causal. Although there is a significant amount of literature on London’s historic role as a global financial centre and a growing number of studies on foreign banking history, little quantitative evidence is available about the connection between the two. This study bridges this gap.

Empirical Analysis of Stock Patterns in the Hong Kong Stock Market Based on Asset Pricing Models and Prospect Theory

COVID-19 impacts hundreds and thousands of people globally while increasing volatility in the Hong Kong stock market, Asia’s financial hub. This paper aims to investigate whether prospect theory and COVID-19 can help illustrate variations in stock returns on the market based on asset pricing models. The empirical findings demonstrate that the pandemic triggers volatility in the Hong Kong stock market. The return of Portfolios is highly correlated to Hong Kong’s broad stock market. Five factors of Fama French models help improve the model’s performance by capturing cross-sectional anomalies such as firms’ size, profitability, etc. Prospect theory reinforces the accuracy of the model’s prediction, although explanatory power is minimal. Stocks with the highest previous monthly returns have higher returns in the current month. Momentum exists in the Hong Kong stock market, particularly stocks with large market capitalization. Value-weighted portfolios perform better than equal-weighted. Asset pricing models reach precise results because of R-square and are applicable to reflect stock returns’ patterns in the Chinese stock market.

Globalization in Practice: Does political participation change a financial centre’s competitiveness?

What role does polyarchy (and thus increased democracy) play in aiding the development of an international financial centre? We find support for decades of theorising, in the globalization literatures as well as in others, that some jurisdictions use autocracy (less polyarchy) to help grow out their financial centres. We look at the growth of these financial centres as the extent to which they attract more funds from abroad (cross-border bank liabilities). Polyarchy decreases as other international financial centres’ centrality in the global financial centre network expands. Polyarchy increases in most jurisdictions over time because some financial centres rely on increasingly polyartic governance as a way to foster financial innovation through increased participation by non-previously powerful sectors. Namely, the growth of an international financial centre’s centrality in global financial networks relies on tapping down on polyarchy. Yet, such polyarchy – when used by some very central jurisdictions to remain central – “spreads.” We model such a relationship between polyarchy and centrality in the global financial network, basically as a process of the process of globalization itself. These results could impact decisions ranging from Brexit to Hong Kong’s autonomy in its post-2047 period.

Bad manors: Bergerac as anti-heritage polemic

The BBC’s Bergerac (1981–91) premiered less than a week after ITV’s Brideshead Revisited, which codified the core elements of heritage productions. Heritage and preservation were subjects of contentious cultural and political debate during Margaret Thatcher’s time as prime minister, which largely coincided with Bergerac’s run. While its case-of-the-week stories offer little generic innovation for the police procedural, Bergerac’s content and visual style anticipate the backlash to 1980s–90s heritage productions that emerges near the end of the decade. Jersey’s history, Offshore Financial Center status and its idiosyncratic relationship to the United Kingdom make it ideal for exploring intense scepticism towards unfettered capitalism, the privileges of wealth and the need for a more inclusive definition of heritage, one that accounts for people of economically marginalized status, which, on Jersey, tends to be anyone who is not a millionaire. Practically every episode of Bergerac concentrates on wealthy lifestyles, class disparity and action located at stately country houses. The goal, though, is not to romanticize them, but to critique them through its disapproving protagonist, Detective Sergeant Jim Bergerac. Bergerac operates as a polemic against wealth, consumption and Thatcherism. In doing so, it consistently advocates for a less exclusive definition of ‘heritage’ that challenges the one associated with Thatcher, lavish television adaptations, like Brideshead, and Merchant-Ivory’s films.

FACTORS IMPACTING FINANCIAL LITERACY OF FARMERS IN KALABURAGI, KARNATAKA

The empirical study was conducted in 2023 in Kalaburagi, Karnataka. This reseacrh evaluated farmers’ ‘’financial literacy’’ levels and their impact on financial management. The financial literacy of farmers was assessed through a standardized knowledge index. Financial literacy was measured according to the OECD Toolkit (Organization for Economic Co-operation and Development). In the study area, 29 percent of farmers were high financial literate, 32 percent were moderate, and 39 percent were low financial literate. The financial literacy of farmers needed to improve. It was noted that was significant, implying 67 percent of the variation. Moreover, the significant F ratio (18.52) indicated that thefarmers’ financial literacy was impacted by age, education, farm income, and bank accounts. Farmer’s financial literacy significantly affected crop insurance, investment, KCC, mobile banking, crop loans, and other agriculture loans. To reach the farmers, better coordination should be with financial literacy centers and banks.

THE COURT OF ASTANA INTERNATIONAL FINANCIAL CENTER AND PUBLIC-LEGAL REGULATION MATTERS

To attract foreign investors, around 50 agreements on the promotion and mutual protection of investments has been concluded by the Republic of Kazakhstan, where the parties undertake to create favorable conditions on their territory. By the Decree of the President of the Republic of Kazakhstan of May 19, 2015, the «Astana» International Financial Center was established in the city of Astana, which has been operating since 2016. One of the main tasks of the «Astana» International Financial Center is to attract investment in the sphere of financial services of our country. In addition, with the involvement of excellent judges, and recognized lawyers the «Astana» International Financial Center Court and the International Arbitration Center were established. However, the «Astana» International Financial Center Court does not conduct administrative or criminal proceedings. At the same time, this court has exclusive competence to interpret the acts of the «Astana» International Financial Center. In this connection the question arises about the expediency of consideration of disputes with the state bodies within the framework of the Code of the Republic of Kazakhstan «Administrative Procedural Code of the Republic of Kazakhstan», where the sources of the law of the «Astana» International Financial Center include principles, norms, and precedents of the English law. Are local administrative courts sufficiently qualified to adjudicate disputes under the common law? This article will examine the structure of the «Astana» International Financial Center Court, its jurisdiction, and public-law relations under the current law of the «Astana» International Financial Center, the legislation of the Republic of Kazakhstan.

Innovation in Hong Kong Offshore RMB Products Based on Stablecoin,Blockchain,and Smart Contract

The rapid development of stablecoin has become one of the important issues of concern for central banks and governments around the world. As an international financial center, Hong Kong has launched many explorations on the issuance, supervision and operation of stablecoin-related digital products. This article suggests that Hong Kong can create a stablecoin anchored to the offshore RMB and, based on this stablecoin, use limited distributed blockchain technology and smart contracts to establish a new digital financial infrastructure platform. The above platform. will have broad application prospects in three aspects: advancing the construction of the Guangdong-Hong Kong-Macao Greater Bay Area international financial center cluster, promoting the internationalization of RMB, and enhancing national security in the financial sector.

Development of the UAE financial system in a rapidly changing economic landscape

The UAE financial system is the country’s leading non+hydrocarbon sector which has shown good growth in the post–pandemic period. The country’s ability to become a leader in innovative technology not only among the GCC countries but also among the countries in the MENA region is beyond doubt. After the global financial crisis, which also affected the wealthy emirates of Dubai and Abu Dhabi, the UAE government took the vector to create a risk–oriented innovative financial system. The creation of major international financial centers, such as Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM), was the logical concept for creating the above system. Islamic financial institutions represented in the UAE operate within the framework of clear rules and standards that have been implemented by supervisory and regulatory authorities, precisely to build high–quality and transparent relationships between counterparties not only within one country, but also at the international level.

Research on the Construction of Financial Shared Service Centers for Group Companies

With the rapid development of economic globalization and information technology, the number of global enterprises is growing rapidly, and the scale of enterprises is also constantly expanding. More and more enterprises are expanding their business overseas. The increasing complexity of business management is caused by the increase in business. The models of traditional financial management can no longer meet the development needs of modern enterprises. In order to strengthen internal control and improve market competitiveness, enterprises have begun to apply the financial shared service center model to solve problems in the development process. This article introduces the meaning, role, goals, and differences of financial shared service centers, and explores how to build a financial shared service center model. Finally, a summary is provided.

Bank competition, government interest in green initiatives and carbon emissions reduction: An empirical analysis using city-level data from China

Finance plays a pivotal role in the transition to a sustainable economic development model. In China, the banking sector, a key component of its financial landscape, operates within an increasingly competitive environment, exerting profound effects on the efficient allocation of resources. This paper employs instrumental variables regression and text analysis techniques to meticulously examine the impact of bank competition on carbon emissions and elucidate the underlying mechanisms. We also investigate the synergistic influence of government engagement in green initiatives and bank competition on carbon emissions reduction, drawing insights from data encompassing Chinese cities during the years 2006 to 2019. Our empirical analysis unveils a significant carbon emissions reduction effect resulting from bank competition. This effect is primarily driven by the facilitation of green innovation and the promotion of manufacturing servitization. Notably, this impact is more pronounced in cities that are not dependent on resource extraction and those situated outside regional financial centers. Additionally, the level of government interest in green initiatives amplifies the carbon reduction effect of bank competition. This paper contributes to the enhancement of the banking market structure, aligning it with eco-friendly development goals.

Remembering the Recession: Marketplace and Status Quo Journalism

Ten years after the 2008 Great Recession, US media recalled the experiences and lessons learned from its aftermath. Among these was Marketplace's Divided Decade project, which spanned calendar year 2018 and included 66 discrete stories covering the impact on individuals and different sectors. The project cut across both Marketplace Morning and its evening broadcast Marketplace, both syndicated by American Public Media (APM). Marketplace appeals to a public radio audience of elite, educated listeners who are located away from financial power centers but still wield influence. This audience is larger than any other U.S. broadcast business program. Using theories of affect, this paper will demonstrate how Marketplace's recollection of a critical event continued to shape attitudes about the economy. By using critical discourse analysis (CDA), I unearth how power is reified through financial news reporting practices. Marketplace's focus on individual narratives decoupled the crisis from its structural context, while its reliance on economic policy leaders emphasized their affective memories and justified official responses. Divided Decade upheld the status quo by separating the impact of the crisis from the lives that were affected, while foreclosing alternative approaches to the problems the 2008 crisis laid bare.

What have we learned about political participation changing a financial centre’s competitiveness?

What have we learned about political participation changing a financial centre’s competitiveness?