Nancial Market Research Articles

Based on Financial Accounting Perspective Analysis of Financial Risk Prevention Strategy

<div>In recent years, the development of financial market in our country is very rapid, and has got remarkable achievements. Along with</div><div>the sustainable development of our economy, our country’s financial industry has also got great development. While the rapid development</div><div>of China’s financial industry, some problems have also emerged, which have had a serious impact on China’s economic development and fi</div><div>nancial market order. Therefore, we must strengthen the guard against financial risks to ensure the normal operation of financial markets. This</div><div>article starts from the financial accounting Angle, analyzes and discusses the existing problems in China’s financial risk prevention, and pro</div><div>poses corresponding measures to ensure the stable operation of the financial market in our country.</div>

The Russian market of international money transfers and payment systems in March-April 2022

The defi ning trend in the development of the global economy of the XXI century has become an increase in the intensity of money transfers. Today, international transfers are one of the dynamically developing segments of the fi nancial market, which determines the key trends in cooperation between countries. In about 30 countries of the world in 2014, transfers of citizens abroad (both in developed and developing countries) amounted to more than 10 % of gross domestic product (GDP) or were approaching this threshold. The subject of the author’s scientific interest was the mechanism of international money transfers from Russia abroad in the conditions of sanctions restrictions in 2022. Using the methods of observation and evaluation of expert opinions, the author analyzed the ways of money transfers by Russian banks and electronic payment systems. The material can be useful to fi nanciers, bankers, users who send transfers from and to Russia to relatives, employees, contractors. The author recognizes the need to promptly search for legal ways to implement international transfers for Russian users.

한국 주식시장의 기원 - 개항기에서 1950년대까지

This paper attempted to analyze the substance of stocks issued and traded in Korea from the late 19th century to the 1950s. This was a period when the stock market as a capital market did not function. Starting with a fundraising campaign to raise a small amount of funds to establish a corporation in the late Joseon Dynasty, Korean stock investment was used to build the foundation of the colonial economy such as railway and development company. It was also mobilized for wars from the Sino-Japanese War to the Korean War. Stock trading, which does not have an infrastructure for the stock market to function normally, turned into a speculative gambling place that predicts with initial margin. Until the 1950s, these colonial systems and trading methods were maintained. Such an impact has confused the stock market and forced it to close for a long time. is is because the stock market is a high-level nancial market that can function only when a foundation is established to guarantee trust in issued stocks and protect savings funds.

Determinants, principles and perspectives of cooperation between the polish fi nancial supervision authority and the police in economic security and prevention of economic crime — a quest for synergies

The Polish Financial Supervision Authority (hereinafter: KNF) is the key element of the economic security system of the Polish State. By establishing the KNF, the Polish legislator applied the concept of integratedfi nancial supervision (covering bank supervision, insurance supervision and capital market supervision) located outside the central bank. The KNF has been vested with a broad mandate, including powers to supervise authorised entities. However, the scope and nature of measures available to the KNF in the prevention of economic crime are determined by the institutional position of the KNF, which has not been established as a law enforcement authority or a uniformed or special service but rather an institution engaged in the fi ght against economic crime by providing expertise, supporting other state services specialised in this area. The KNF and the Offi ce of the Polish Financial Supervision Authority (hereinafter: UKNF) actively support, among others, the police units that fi ght crime in the fi nancial market and work to increase the economic security of the Polish State. Therefore, it is imperative to ensure broad and effi cient cooperation between the police and the KNF. However, such collaboration must not be limited to relations between the institutions’ management; it should also involve, as far as possible, working and operational activities carried out at both institutions by individuals responsible for day-to-day tasks. This paper provides a closer perspective on the formal and organisational framework of said cooperation and discusses its examples.

IMPACT OF DATA ANALYTICS IN FINANCIAL MARKETS

Analysing the data in a specic goal oriented manner can yield great insights which be used to ensure smooth running and regulation of the markets while avoiding manipulations which can have adverse impact on other market participants and damage the integrity of nancial market framework. Large institutional players often use unethical methods to move the markets in there favour, one of the the example is freak trades. This issue can be countered by making it mandatory for brokers to share live trade data which can be thrown into manipulation detecting models specially for freak trades. Machine Learning and deep learning models can be made for detection of manipulative occurences which includes fake news detection, manipulation of bid ask depth. Data analysis shows immense potential for the process of regulation of nancial markets

Новое в законодательстве о валютном регулировании и валютном контроле

Th is year, Federal Laws No. 499-FZ, No. 9-FZ and No. 224-FZ entered into force in Russia, which introduced serious changes to the legislation on currency regulation and currency control, caused by the requirements of the time and the developing fi nancial market.

Новое в законодательстве об инвесторах — физических лицах

In July of this year, the Russian Parliament adopted Federal Law No. 306-FZ, which signifi cantly increased the level of protection of the rights and business interests of individual investors in the fi nancial market.

World fintech: main trends

Recently, digital technologies in the fi nancial sector have been actively developing. The pandemic of a new coronavirus infection COVID-19 only spurred this process. The result of these events was the structural transformation of the global fi nancial services market, which is the object of this study. The subject of the study is the processes taking place in this market as a result of its digital transformation and the development of fi nancial technologies. Analysis, synthesis, induction, deduction were used as research methods. The multidisciplinary nature of the study should be noted due to the interconnection of sectors such as information technology, fi nancial technology, economic aspects. The study examines the basic characteristics of fi ntech solutions introduced into the practice of the world business, an ecosystem of fi nancial services, reveals the features of such models of the development of fi nancial innovations as USChinese, European and Russian. The impact of the pandemic of a new coronavirus infection of COVID-19 on the fi nancial services market was analyzed, it was noted that fi nancial and technological leaders of this sector of the economy can benefi t from the current situation. New criteria for the optimality of fi nancial services are highlighted, in particular, international nature, round-the-clock access, instant conversion with minimal costs and the presence of both fi at money and cryptocurrency. The volume of the global fi ntech market was analyzed, as well as forecasts regarding its development in the future, the volume of global investments in fi ntech in the fi eld of mergers and acquisitions was considered. The main directions of the fi ntech segment development according to the results of the 2019 study were considered and the countries in which this segment is developing most actively were highlighted. The evolution of traditional banks and revealed fi ntech trends in the banking industry in 2020.

Theoretical aspects of collective investment in the international financial market

The global fi nancial crisis of 2008–2009 and the crisis of the end of 2014–2015 had a negative impact on the state of the collective investment market, which became a constraining factor for its development. These problems of the formation and development of the market for collective investments in Russia, including mutual funds, dictate the need for theoretical research on these issues and their practical implementation. This determined the relevance and signifi cance of the chosen research topic. The concept of «collective investment» has not been suffi ciently researched in the works of Russian and foreign economists, it is not contained in the regulatory documents of the Russian Federation. That is why this topic is relevant: there are a large number of unexplored issues that need to be considered. The purpose of this research is to study and generalize the theoretical and practical aspects of the formation and development of mutual funds and ETFs as one of the most promising forms of collective investment. The main research methods used a systematic approach, statistical and economic analysis, and other general scientifi c methods. The article examines the aspects of collective investment in the international fi nancial market, as well as the mechanism of the collective investment market functioning. Moreover, a comparative description of mutual funds and ETFs are presented. In the course of research activities, directions for the development of mutual funds and ETFs were proposed as important elements of the collective investment system. The implementation of these proposals will increase the role of mutual funds and ETFs in the collective investment market in Russia and abroad, stabilize their reliability and attractiveness for investors.

Long-Term Bias


 
 
 An emerging consensus in certain legal, business, and scholarly communities maintains that corporate managers are pressured unduly into chasing short-term gains at the expense of superior long-term prospects. The forces inducing manage- rial myopia are easy to spot, typically embodied by activist hedge funds and Wall Street gadflies with outsized appetites for current quarterly earnings. Warnings about the dangers of “short termism” have become so well established, in fact, that they are now driving changes to mainstream practice as courts, regulators and practitioners fashion legal and transactional constraints designed to insulate firms and managers from the influence of investor short-termism. This Article draws on ac- ademic research and a series of case studies to advance the the- sis that the emergent folk wisdom about short-termism is in- complete. A growing literature in behavioral finance and
 
 
 
 psychology now provides sound reasons to conclude that corpo- rate managers often fall prey to long-term bias—excessive op- timism about their own long-term projects. We illustrate sev- eral plausible instantiations of such biases using case studies from three prominent companies where managers have argua- bly succumbed to a form of “long-termism” in their own corpo- rate stewardship. Unchecked, long-termism can impose sub- stantial costs on investors that are every bit as damaging as short-termism. Moreover, we argue that long-term managerial bias sheds considerable light on the paradox of why short- termism evidently persists among supposedly sophisticated fi- nancial market participants: shareholder activism—even if unambiguously myopic—can provide a symbiotic counter-bal- last against managerial long-termism. Without a more defini- tive understanding of the interaction between short- and long- term biases, then, policymakers should be cautious about em- bracing reforms that focus solely on half of the problem.
 
 
 
 
 

ОСОБЛИВОСТІ КРЕДИТНО- ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ НА ФІНАНСОВОМУ РИНКУ УКРАЇНИ

У статті розглянуто питання взаємозв’язку інвестиційної та кредитної діяльності, визначено рівнозначність відносин «емітент – інвестор» та «позичальник – кредитор». Зазначена важливість статистичного аналізу кредитно-інвестиційної діяльності для забезпечення сталого розвитку економіки та покращення інвестиційного клімату. У результаті проведеного дослідження визначено «банкоцентричність» фінансового сектору, розглянуто основні проблеми, що притаманні сучасному фінансовому ринку та перешкоджають сталому розвитку економіки в цілому і фінансовому ринку зокрема, в тому числі визначено причини гальмування розвитку кредитно-інвестиційної діяльності та сповільнення темпів зростання активів банківської системи. На основі даних НБУ, НКЦПФР та Фінмоніторингу України проведено детальний статистичний аналіз ряду показників, що характеризують динаміку економічного розвитку і розвитку фінансового сектору. З використанням методів статистичного та графічного аналізу визначено взаємозв’язок між цими показниками. Проведено кореляційних аналіз цих показників і визначено істотну кореляційну залежність між ними. З урахуванням отриманих у результаті дослідження результатів зроблено висновок про важливість дослідження питання управління ризиком боргових інструментів у межах комплексної системи ризик- менеджменту фінансових установ.

Pracownicze Plany Kapitałowe w praktyce. Opłacalność programu — jego główne wady i zalety

Employee capital plans in practice. The program’s profi tability — its main advantages and disadvantagesThe aim of the article was to present the basic assumptions of the Pracownicze Plany Kapitałowe program and to draw attention to the issue of its success and profi tability for future pensioners. This program advertised as a pro social one by the ruling party in fact may not be one. The article tried to fi nd the answer to the question of what are the intentions of the government and what the main purpose of the program is. Is it aimed at fi nancial security for future pensioners or at feeding the declining fi nancial market? So far, attention was drawn to the main advantages and disadvantages of this program, analyzed from the point of view of “who will benefi t the most from it.”

Financial Imperfection and Outsourcing Decision

The relation between productivity level and the mode of organization remains on unsolved puzzle in international trade theory. As pointed out by Antras and Helpman (2004), while some studies indicate that low productivity …rms choose to outsource, other studies have derived results to the contrary. This paper attempts to solve the puzzle by taking into account the imperfections of …nancial markets. If the enforcement level of the …nancial market in the South country is low, only low productivity …rms choose outsourcing in the South. On the other hand, if the enforcement level is su¢ ciently high in the South country, high productivity …rms choose outsourcing in the South and low productivity …rms choose integration in the North country. Thus, :

The Collateral Channel of Monetary Policy: Evidence from China

Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy counterfactuals, however, makes it di?cult to empirically identify their causal e?ects on the ?nancial market and the real economy. We exploit a quasi-natural ex-periment in China, where dual-listed bonds are traded in two mostly segmented markets: the interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy shift in our study period, China’s Central Bank included a class of previously ineligible bonds in the interbank market to become eligible collateral for ?nancial institutions to borrow money from its Medium-Term Lending Facility (MLF). This policy shift allows us to implement a triple-di?erence strategy to estimate the causal impact of the collateral-based unconventional monetary policy. We ?nd that in the secondary market the policy reduced the spreads of the newly collateralizable bonds in the treatment market (the interbank market) by 42-62 basis points. We also ?nd that there is a pass-through e?ect from the secondary market to the primary market: the spreads of the treated bonds newly issued in the interbank market were reduced by 54 basis points.

Zakaz missellingu jako przykład zastosowania behawioralnej koncepcji prawa?

This article concerns the institution of misselling introduced recently to the Polish legal system. Misselling has been commonly defi ned as dishonest sale. Currently, the solution adopted by the Polish legislator applies only to fi nancial services provided by fi nancial institutions to consumers. This regulation is not extensive but it has already stirred a lively debate among the representatives of legal practice and doctrine. This article is a voice in the discussion and its purpose is to identify the public law aspect of the solutions adopted and propose certain actions to be taken at the level of the regulated and the regulating entities and which would account among other things for the new, behavioural way of perceiving a consumer as an informed subject even if not always rational. The need for the evolution of the paradigm of a rational consumer, which is a challenge for the contemporary legislator, has been dictated by the experience gained so far as well as by the changing reality. The market today off ers a range of new fi nancial instruments which while being innovative very frequently carry extreme risk. The intensive and sometimes intrusive advertising of these instruments off ered to ”rational consumers” uses diff erent persuasive marketing techniques and may in eff ect result in a potential loss of stability and security of the fi nancial market. Therefore while implementing the stabilisation narrative promoted within the European Union, legislative bodies in Member States adopt solutions like misselling which are intended to reduce at least partly the risk of another crisis in the fi nancial sector. Its sources go back to the conception of homo oeconomicus, that is a rational consumer who based on the information provided is capable of making a rational decision that is best for him. However, as experience and history show, this attitude is too idealistic and needs being redefi ned. Developing an optimal conception of an informed consumer requires an interdisciplinary approach which apart from the legal and economic elements will take into account the experiences of other branches of science, such as sociology or psychology as well.

Зарубіжний досвід правового регулювання депозитарної та клірингової діяльності на фондовому ринку

Стаття присвячена вивченню зарубіжного досвіду правового регулювання депозитарної та клірингової діяльності на фондовому ринку, здійснено аналіз складу власників центральних депозитаріїв цінних паперів у країнах ЄС, звернуто увагу на основну проблему щодо врегулювання депозитарної та клірингової діяльності між Європейським Союзом та Сполученим Королівством Євросоюзу, яка виникла під час підготовки до офіційного виходу Великобританії з Євросоюзу, так званий Брекзіт (Brexit), що відбувся 29 березня 2019 року, виокремлено позитивний зарубіжний досвід Німеччини та Польщі у цій сфері та можливості напряму його імплементації в Україні.

ТЕОРЕТИЧНІ ЗАСАДИ СТРАХОВИХ І ПОВ’ЯЗАНИХ З НИМИ ПОСЛУГ

У статті досліджено сутність послуги, її тлумачення у національних і міжнародних нормативно-правових актах. Встановлено, що послуги необхідно визначати та класифікувати відповідно до функціонального призначення фінансового сектору (сектору фінансових корпорацій), де виробляються страхові та пов’язані з ними послуги. Запропоновано класифікацію страхових і пов’язаних з ними послуг за відповідними ознаками. Визначено сутність індустрії страхових і пов’язаних з ними послуг, а також страхової послуги, продукту та комплексу послуг. Запропоновано етапність процесу їхнього впровадження на ринок страхових послуг.

Green corporate social responsibility on the capital market - can eco-responsibility be profitable?

Purpose: The hereby thesis aims at an analysis of the effectiveness of green CSR on the fi nancial market and, more precisely, eco-ethical SRI investments in the form of investment funds and stock market indices. The studies presented will be correlated to research hypotheses regarding SRI portfolios. Methodology: The paper was written after an in-depth analysis of the literature of the subject, thereby applying the literature review research method, focused mainly on studies measuring the efficiency eco-ethical investing on the example: investment funds and stock market indices. Findings: The results show that green CSR can lead to gains for the investors, outperforming the benchmarks. The conclusion is made with a high degree of distrust but if “gains” are understood as the totality of benefi ts for the investor, the thesis becomes more certain. CSR and SRI have a number of other advantages, such as reduction of investment risk or improvement of the image and the natural environment. According to scientists, there is usually no diff erence between the viability of eco-ethical and traditional investments, what confi rms the “no effect” hypothesis. Implications/limitations: The paper presents eff ectiveness of eco-ethical investments in the light of scientific literature and ma y constitute a basis for further research. In addition, the author suggested specific directions for future analysis. The paper may have its weak points, referring to comparative analysis of studies by different authors which, due to multifarious guidelines, e.g. sample size, time horizon, are sometimes diff icult to be confronted with one another. Originality: The activity of financial institutions has an undisputed ecological dimension. Therefore, when making investment decisions, it is advised to take environmental factors into consideration. The number of researches referring to the eff iciency of SRI investments, mainly those ecologically oriented, is not that large – especially in Poland. Moreover, the aim of the author was to present the most geographically and temporally diverse ranges of analyses possible. Therefore, this article can be valuable for further research.

Shadow banking a prawo karne gospodarcze

Shadow banking and criminal economic lawThe article attempts to answer the question whether in the current legal state theactivity of shadow banking in Poland is subject to criminalization. The limits and scope of criminalization of entities of this element of the fi nancial market is also presented. The reflections are supplemented by a review of the defi nition of parallel banking, and also discussed the economic crimes that can be traced back to parallel banking activities.

Процессы финансового оздоровления банков станут прозрачнее

Taking into account the needs of the fi nancial market of the country and law enforcement practice, the Parliament of Russia adopted a law on the creation of additional mechanisms for fi nancial recovery of credit institutions (Federal Law No. 84-FZ of 01.05.2017).